Congratulations on your decision to purchase a home! As your mortgage broker, we are excited to help you finance your purchase. Before we get started, it is important that you understand the general process for financing a home and what you can do to get the best loan possible.

The pre-approval process—Before you start looking at homes, get pre-approved for a mortgage. With pre-approval, you know exactly how much house you can afford and what your payments will be.
Figuring out your down payment—You need a minimum of a 5% down payment to buy a home in Canada. There are also minimum down payment amounts that come into play depending on the price of the home you buy.
Saving for your down payment—Saving for a down payment takes discipline and determination. There are also many strategies to help you get to your savings goal.
The First-Time Homebuyer Incentive—Are you buying your first home? The First-Time Home Buyer Incentive is a federal government shared equity program designed to reduce mortgage payments for qualifying first-time buyers.
30-Year Amortizations—You can minimize your mortgage payments and free up cashflow by choosing a 30-year amortization, which you become eligible for when you put 20% or more down on your home.
Building your credit—Showing you are a responsible buyer with a solid credit score will help you get the best mortgage rate.
The mortgage process—Obtaining a mortgage is a multi-step process that involves filing an application, reviewing and planning, executing your options, and funding.
Verifying your income—Your lender will verify your income by getting pay stubs, tax documentation, and other forms from you.
Verifying your down payment—After you get approved for your mortgage, your lender will verify that you have not borrowed from another source for this funding.
Understanding rates—Even a minor reduction in your interest rate can mean significant savings over the lifespan of your mortgage.
Letting renters pay your mortgage—Having renters help pay your mortgage can be an appealing option to reduce your payments.
What you should and shouldn’t do before your mortgage funds—Even after you are approved for your mortgage, it doesn’t fund until the day you close on your new house.