Tips for first-time homebuyers

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Save for your down payment.
Set a goal for your down payment, and create a plan to reach it. If you can accumulate at least a 20% down payment, you likely won’t have to pay a premium for mortgage loan insurance.
Determine how much you can afford.
Use our online calculator to help you determine how much you can afford.
Stay on top of your credit record.
Every time you pay a bill or apply for credit, two credit reporting agencies– Equifax canada and TransUnion Canada.
This information is used to arrive at your credit score, which is a key factor in getting a mortgage.
Get pre-approved.
If you’re serious about buying a new home, consider getting pre-approved for a mortgage.
Know all the costs of homeownership.
Buying a home is likely the biggest purchase you’ll ever make, so it’s critical that you do it knowing you can afford to keep and maintain this asset.