Buying your first home is exciting, and it can feel like a lot at once. We walk you through budgeting, pre-approval, down payment options and first-time buyer programs so you know exactly where you stand before you start shopping.
First-Time Buyers at a glance
Guide
Minimum down payment
Amortization
Lenders we compare
Cost to you
*Depends on your situation, the property and lender or program rules.
Clear communication at every step, so you always know what's happening next.
We learn about your goals, timeline and finances — no pressure, no obligation.
We shop the market, hold a rate and give you a clear budget to shop with.
When your offer is accepted, we move quickly to secure final approval.
We coordinate with your lawyer and stay in touch well after you get the keys.
A few key points we'll walk through with you before you make any decisions.
You need at least 5% on the first $500,000 and 10% on the portion between $500,000 and $1.5M. Homes at $1.5M or more need 20% down.
The FHSA, the RRSP Home Buyers' Plan and Ontario land transfer tax rebates can all help. We'll show you how they fit together.
Budget roughly 1.5%–4% of the purchase price for legal fees, land transfer tax, title insurance and adjustments.
Don’t see your question here? Give us a call — we’re happy to talk it through.
At minimum, your down payment plus closing costs. For a $700,000 home, the minimum down payment is $45,000 (5% of the first $500,000 plus 10% of the remaining $200,000).
For most standard residential mortgages, the lender pays our fee, so there's typically no cost to you. If a fee ever applies, we'll tell you upfront.
First-time buyers with an insured mortgage may qualify for a 30-year amortization, which lowers the monthly payment. We'll show you both options side by side.
This page is for general information only and isn’t financial advice. Mortgage rules, program limits and lender requirements change and depend on your situation; all financing is subject to lender approval. Koru Financial Group Inc. — FSRA #12726.