Advice & resources for first-time homebuyers.

Buying your first home is an exciting, whirlwind experience. It may be the biggest purchase you make in your lifetime, so it’s important to take the time to ensure you’re making the right decisions. To help you do that, we’ve put together a collection of information, tools and resources designed to guide you through every step of buying your first home. If you have any questions along the way, we’re here for you – just reach out to one of our Mortgage Experts.

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Step 1: researching home ownership.

Before you make an offer on your dream home, it’s important to do your ‘homework’ by analyzing the market, determining if you’re ready for the responsibility, assessing affordability and figuring out how much you’ll need to save up for a down payment.

How much mortgage can you afford?

There’s a difference between what you qualify for and what you can afford when it comes to your mortgage. Our Northern Financial Survival Guide will show you the formula to financial comfort.

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To rent, or to buy?

When it's time to find a home, renting vs. buying is the first question that pops up in many people's minds. Which is right for you? Here are some key things to consider.

How big should my down payment be?

Buying a new home is one of the most exciting purchases a person can make. marks the beginning a new chapter for growing families, or it can mean the realization of a dream in retirement.

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Am I ready for homeownership?

Home ownership is a big decision that shouldn’t be taken lightly. Before you even start looking for a new home, it’s important to consider the responsibilities involved, weigh the pros and cons of purchasing a home and ensure you’re in the right position financially.

Mortgage calculators

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Home-buying guide

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Home-buying checklist

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Step 2: choosing the right mortgage

Discover all you need to know to pick out the mortgage that’s perfect for you. We’ll cover everything from understanding the basics and mortgage options, to government programs for first-time homeowners.

Fixed vs variable rates.

Hunting for a mortgage? Our Northern Financial Survival Guide takes aim at the biggest question that all first-time buyers will ask themselves: should I go with a fixed or variable rate?

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Choosing your mortgage.

Class is in session and today we're tackling mortgages! Learn everything you need to know about buying a home-from rates and down payments, to open vs. closed mortgages and everything in between.

Open vs. closed mortgages.

Choosing the right type of mortgage can be a lot like choosing the right fishing lure. Find out how in our lastest financial survival guide explaining the difference between open vs. closed mortgages.

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UNDERSTANDING MORTGAGES

Have you ever asked yourself any of the following questions: What exactly is a mortgage? What does amortization mean? What is the difference between open and closed mortgages? How much is needed for a down payment? We’ll answer all those questions and more as we take your through some of the basic terminology and features of mortgages.

PROGRAMS FOR FIRST-TIME HOMEBUYERS

There are several government programs designed to make purchasing your new home more affordable and manageable for first-time homebuyers. From using your RRSPs towards your down payment, to shared-equity mortgages and tax credits, discover ways to save.

Mortgage rates

We have some of the most competitive rates around. Find out for yourself!

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Types of mortgages

Planning renos? Building your home? Self-employed? We have all types of mortgages.

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Step 3: closing the deal on your first home.

You’re almost there! But before we start celebrating, there are a few things to consider around placing your offer, finalizing the deal, extra costs to keep in mind and protecting your investment.

Prep before placing an offer.

Check all the boxes as you prepare for what might be the biggest purchase in your lifetime

Extra costs to keep in mind.

Jake and Jane bought their dream house. It was a bit over their budget, but they couldn’t resist. It was exactly what they’ve always wanted. Before they purchased the home, they worked out how much their monthly mortgage payment would be. It was more than they used to pay for rent, but they thought if they budgeted carefully, they could manage the payments.

Finalizing the deal.

The day you purchase your home is very exciting and there’s a lot happening in a short period of time. Here are some of the things that you’ll be taking care of as you close the deal.

Protecting your investment.

Your home isn’t just a place to live, it’s also potentially the largest single investment you’ll ever make, and that’s worth protecting. Here are a few ways that you can ensure that the investment in your home remains financially healthy:

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Advice & resources for first-time homebuyers.

Step 1: researching home ownership.

How much mortgage can you afford?

To rent, or to buy?

How big should my down payment be?

Am I ready for homeownership?

Handy home-buying resources.

Mortgage calculators

Home-buying guide

Home-buying checklist

Step 2: choosing the right mortgage

Fixed vs variable rates.

Choosing your mortgage.

Open vs. closed mortgages.

UNDERSTANDING MORTGAGES

PROGRAMS FOR FIRST-TIME HOMEBUYERS

Mortgage rates

Types of mortgages

Step 3: closing the deal on your first home.

Prep before placing an offer.

Extra costs to keep in mind.

Finalizing the deal.

Protecting your investment.

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