First Time Home Buyer Mortgage
The Mortgage Girl can help you purchase your first home.
What Is a First-Time Home Buyer Mortgage?
A First-Time Home Buyer Mortgage helps Albertans purchase their first home with flexible down payment options and accessible qualification guidelines. The Mortgage Girl walks you step by step through the mortgage process, making it easier to move from planning to securing your home purchase mortgage with clarity and confidence.
How Does the First-Time Home Buyer Incentive Work?
The First-Time Home Buyer Incentive is designed to lower monthly mortgage payments by providing a shared equity contribution from the government. This payment-free loan is added on top of your minimum 5 percent down payment. Total borrowing under the program is limited to four times the applicant’s qualifying income, which is why reviewing your numbers before getting a mortgage pre-approval is so important.
When starting the process of buying your first new home, there are several important things to be aware of.
Understand the home-buying process and talk to a Mortgage Broker about your options.
Gather financial documents and secure pre-approval for your mortgage loan.
Find an experienced Realtor and share your pre-approval details with them.
Search for homes within your price range and ask questions if you're unsure.
First Time Home Buyer Mortgage FAQ
How much down payment do I need as a first-time buyer?
In Canada, the minimum down payment is 5 percent for homes under $500,000. Higher purchase prices require larger down payments. If you put down less than 20 percent, mortgage default insurance is required.
What is the First-Time Home Buyer Incentive?
It is a shared equity program that provides a government contribution to reduce monthly mortgage payments. The loan is payment-free but must be repaid when the home is sold or after a set period.
How long does mortgage pre-approval take?
Mortgage pre-approvals in Alberta can often be completed within 24 to 72 hours, depending on how quickly documents are provided and lender review times.
Do first-time buyers need good credit?
A stronger credit score improves approval chances and interest rates. However, alternative mortgage options may be available depending on your overall financial profile.
What costs should I budget for besides the down payment?
First-time buyers should plan for legal fees, home inspections, property taxes, and closing costs. These expenses are separate from your down payment and mortgage amount.
Happy House Hunting!
The Mortgage Girl offers mortgage services across Alberta, including Edmonton, Gibbons, St. Albert, Sherwood Park, Thorsby, Millet, Leduc, Stony Plain, Spruce Grove, Fort Saskatchewan, and surrounding areas, with the ability to assist clients anywhere in Canada.