VISHVESH PATELMORTGAGE STRATEGIST
MORTGAGE SERVICES — ONTARIO

First-Time Homebuyer Mortgages in Ontario

A first-time homebuyer mortgage is a home loan for someone who has not owned a home before, or who qualifies as a first-time buyer again under federal program rules. It helps you buy a home with as little as 5 percent down on the first $500,000 of the price, with access to programs like the First Home Savings Account (FHSA) and the Home Buyers' Plan.

I walk first-time buyers in Ontario through every step in plain language: how much you can afford, what lenders check, which programs fit your situation, and what happens between pre-approval and closing day. There is no cost to you for my service. The lender pays me when your mortgage funds.

Who this is for

How it works

1

Free strategy call

We talk about your income, savings, debts, and timeline. You get honest numbers on what you can likely afford, with no obligation.

2

Pre-approval

We prepare your documents and submit to a lender for a pre-approval, which confirms your price range and holds a rate for a set period.

3

House hunting and offer

You shop with a real estate agent inside your approved budget. When you make an offer, I confirm the financing details still fit.

4

Final approval and closing

Once your offer is accepted, we complete the full approval, sign with your lawyer, and your mortgage funds on closing day.

Documents you will likely need

Exact requirements depend on the lender and your situation. I confirm your list on our first call so you gather everything once.

Common mistakes to avoid

Shopping before pre-approval

Looking at homes before you know your real price range leads to heartbreak or rushed decisions. A pre-approval takes little time and makes your offer stronger.

Forgetting closing costs

Your down payment is not the only cash you need. Land transfer tax, legal fees, and other closing costs usually add 1.5 to 4 percent of the purchase price.

Making big financial changes mid-process

Changing jobs, buying a car, or taking on new debt between pre-approval and closing can change your approval. Talk to me before any big move.

Skipping first-time buyer programs

The FHSA offers up to $40,000 in tax-advantaged savings room, and the Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP. Using the wrong order can waste real money.

Frequently asked questions

How much down payment do I need as a first-time buyer in Ontario?
The minimum is 5 percent on the first $500,000 of the purchase price and 10 percent on the portion above that, up to $999,999. At $1,000,000 or more, you need at least 20 percent down. Rules can change, so we confirm the exact figures for your price range when you apply.
What is the FHSA and should I open one?
The First Home Savings Account lets qualifying first-time buyers contribute up to $40,000 over time, with tax deductions on contributions and tax-free withdrawals for a first home. If you plan to buy within the next several years, opening one early starts your contribution room growing, even before you add money.
How does the Home Buyers' Plan work?
The Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP tax-free to buy a qualifying first home. The money must have been in your RRSP for at least 90 days before withdrawal, and you repay it over 15 years starting the second year after you withdraw.
Can I qualify if my credit score is not perfect?
Often, yes. Many lenders accept scores in the mid-600s, and some alternative lenders through my brokerage consider lower scores with a larger down payment. What matters is your full picture: income stability, debts, down payment, and how recent any credit problems are. Eligibility always depends on lender criteria and your circumstances.
Does it cost anything to work with you?
No. My service is free to you as the client. When your mortgage funds, the lender pays me broker compensation, which is standard practice in Canada. If a file ever involves a lender that does not pay compensation, I would tell you about any fee in writing before you commit to anything.

Related services

Home Purchase Mortgages

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Mortgage Pre-Approval

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Mortgage Renewals

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