First mortgage? We’ve got you.
It’s completely normal to feel excited and overwhelmed when buying your first home. We make the process simpler with easy-to-use mortgage tools. Determine what you can borrow, plan your payments and start your search knowing exactly what you can afford. With us and your broker by your side, you’re never left to figure it out alone.
Four steps to your first home.
From figuring out what you can afford to the moment the house is finally your home, here’s everything you can expect.
How much can you afford?
Our free, simple online tools can help you figure out your budget before you begin your home search.
Connect with a broker
Mortgage brokers spend time understanding your goals, budget and lifestyle, so they can recommend the mortgage option that offers the most value for you.
Find a broker
Finalize your mortgage
Once you know what you can afford, you can find the house that will become your home and finalize the mortgage details with your broker.
Welcome home
Make the most of your mortgage
Your mortgage and your new home are just the beginning. Make the most of all the features, flexibility and value built into your First National mortgage.
Manage your mortgageMake sure you’re mortgage ready
The more prepared you are, the smoother the mortgage process will be. With these four items checked off your list, you’ll have everything in place to begin your home search.
- I’ve used online calculators to figure out how much I can afford for my mortgage.
- I’ve saved enough for the downpayment and closing costs for a home within my budget.
- I’ve found a reputable mortgage broker to help me secure the best mortgage.
- I’ve collected all the necessary documents that my broker will need to submit to the lender.
Not sure what you can afford?
Our affordability calculator takes your income, debts, and down payment into account to give you a realistic picture.
What first time home buyers need to know
Here are the questions we hear most from first-time buyers, answered simply and clearly.
How much is the minimum amount for a down payment?
In Canada, the minimum down payment amount is 5% of the purchase price. Down payments of less than 20% require mortgage default insurance.
What is mortgage default insurance?
If your down payment is less than 20% on your home purchase, you will need mortgage loan insurance. Mortgage loan insurance protects the lender in case you have trouble making your payments. With the protection of mortgage loan insurance, you can put a minimum of 5% of the purchase price down as your down payment. This amount is incorporated into your total loan balance. Canadian mortgage default insurers include CMHC, Sagen or Canada Guaranty.
What documents are required to obtain a mortgage?
Your mortgage broker and lawyer/notary will require the following documents to verify your identity and your ability to support the credit you are applying for:
- Government-issued ID
- Pay stubs
- Tax returns
- Employment letter
- Employment contract
- Credit report
- Proof of down payment and;
- Purchase property documents.
What are closing costs?
Closing costs are additional to your down payment and can include:
- land transfer tax
- legal fees
- home inspection
- appraisal fees or property tax adjustments.
Besides my mortgage broker, who else will I be dealing with to purchase my home?
In addition to your mortgage broker, you will likely work with a realtor, a lawyer or notary and a home inspector. If you need a recommendation for any of these professionals, your mortgage broker can connect you with experts they know and trust.
Real people. Real mortgages. Real value.
First National keeps everything simple and accessible! As a first-time home buyer, it made things a little easier to be able to understand and work with!
– Jessica G., British Columbia