Your first home, explained in plain English
Down payments, insurance, stress tests, closing costs. It's a lot the first time. Mitch walks you through each piece, finds the programs you qualify for, and gets you a pre-approval you can trust.
What happens next.
Hover a step. Every file is different, but this is the path.
Get the basics clear
We map out your budget, down payment, closing costs and monthly payment so nothing on closing day is a surprise.
Use every program
We check the FHSA, the RRSP Home Buyers' Plan, Ontario's land transfer tax refund and the 30-year insured amortization option.
Pre-approve and shop
You get a pre-approval with a rate hold, then shop with your realtor knowing exactly where your ceiling is.
Close with support
Mitch handles the lender, the conditions and the paperwork, and keeps you updated until you have the keys.
Is this you?
- Renters ready to stop paying someone else's mortgage
- Buyers using an FHSA or RRSP for the down payment
- Couples buying their first place together
- Buyers getting help from family with the down payment
- Anyone who's never had a mortgage and has questions
How we can structure it.
First Home Savings Account
Contributions are tax-deductible and qualifying withdrawals for your first home are tax-free. Annual and lifetime limits apply.
RRSP Home Buyers' Plan
Withdraw from your RRSP toward your first home and repay it over time. You can combine it with the FHSA.
Land transfer tax refund
Eligible first-time buyers in Ontario get a refund on provincial land transfer tax. Toronto buyers may also qualify for a municipal rebate.
30-year insured amortization
First-time buyers can stretch an insured mortgage to 30 years for a lower monthly payment. Total interest goes up, so we'll show you both.
Gifted down payment
Family can gift part or all of your down payment with a signed gift letter. Lenders will want to see the funds in your account.
How much house can I afford?
Uses the same debt-service ratios and stress test lenders use, so the number is realistic.
- Mortgage amount
- Qualifying (stress test) rate
- Amortization used
- Payment at example rate
Estimate only, using Canadian semi-annual compounding. Example rates are for math, not an offer. Your actual rate and APR depend on your approval.
What you'll need
- Government-issued photo ID
- Recent pay stubs and a job letter
- Last two years of T4s or Notices of Assessment
- 90 days of statements for your down payment accounts
- FHSA or RRSP statements if you're using them
- Gift letter if family is contributing
Don't have it all yet? Start anyway. We'll tell you exactly what's missing.
Worth knowing first
- A 30-year amortization lowers your payment but means you pay more interest over the life of the mortgage.
- With less than 20% down you'll pay a mortgage default insurance premium. It's usually added to your mortgage balance.
- Lenders want to see where your down payment came from. Large unexplained deposits slow things down, so keep a paper trail.
- The FHSA, Home Buyers' Plan and land transfer refund each have their own eligibility rules. Confirm yours before you count on them.
Good questions.
Do I qualify as a first-time buyer?
Usually yes if you haven't owned a home you lived in recently, though each program defines it differently. Mitch will check you against each one.
How much do I need for a down payment?
5% on the first $500,000 of the price and 10% on the portion above that, up to $1.5 million. At $1.5 million and up, you need 20%.
What's the stress test?
Lenders check that you could still afford your payments if rates were higher than your contract rate. It applies to most new mortgages and affects your maximum budget.
Can I use the FHSA and RRSP together?
Yes. You can use both toward the same qualifying first home, which can make a real difference to your down payment.
Will it cost me anything to work with Mitch?
For most first-time buyers, no. The lender usually pays the broker when your mortgage funds. Any fee on an unusual deal is disclosed upfront.
Learn before you call.
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