Bianca Marijan

Broker of Record/Owner

First Time Home Buyer

Preparing to buy your first home can feel pretty overwhelming. The key to finding a happy home as a property virgin in Hamilton is working with an expert that can guide you through the process from start to finish. I’ve gathered a list of important steps, tips, and questions to consider to get you started as a first time home buyer. Once you’re ready give me a call!

We will have a face to face consultation and , as a friend always says “If it flows, it goes”.

Borrow to empower, not to enslave!

1. Improve Credit Score
  • Pay bills on time
  • Don’t make any unnecessary large purchases
  • Higher Credit Score = Lower interest rate 
2. Save
  • down payment
  • closing costs
  • moving costs 
3. Calculate & Get Pre-Approved
  • shop for the best deals
  • Choose a mortgage broker 
4. Decide
  • how many bedrooms and bathrooms do you need?
  • what size and type of property you are looking for? 
  • ideal location?
  • make a list!
5. Choose a Realtor
Choose a realtor
6. Visit Homes & Narrow Choices
  • look at photos and view virtual tours
  • visit properties that you have serious interest in
  • consider what the house has to offer currently and its resale value 
7. Make an Offer
  • your agent will help you write an offer on the property
  • book a home inspection
  • get financing & insurance in order 
8. Close & Move In!
  • Book your walkthroughs so you can take measurements and get an idea of furniture placement
  • schedule a moving company and/or truck
  • Moving day! 

1. improve credit score

2. Save

3.Calculate & get Pre-Approved

4. Decide

5. Choose a realtor

6. Visit Homes & Narrow Choices

7. Make an offer

8. close & move in!

Frequently Asked Questions

1. What is the minimum down payment required for buying a home?

The minimum down payment required depends on the purchase price of the home. For properties with a purchase price of up to $500,000, the minimum down payment is 5% of the purchase price. For properties with a purchase price between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000 and 10% of the remaining amount. For properties with a purchase price of $1 million or more, the minimum down payment is 20%.

2. How does the mortgage pre-approval process work?

Mortgage pre-approval involves a lender assessing your financial situation to determine how much they are willing to lend you for a mortgage. To get pre-approved, you’ll need to provide information about your income, employment history, debts, and assets. Pre-approval gives you a better idea of your budget and strengthens your offer when making an offer on a home.

3. What is the Land Transfer Tax, and how much will I have to pay?

The Land Transfer Tax is a tax charged by most provinces and some municipalities in Canada on the purchase of real estate property. The amount of tax you’ll pay depends on the purchase price of the property and the location. First-time homebuyers may be eligible for rebates or exemptions from the Land Transfer Tax in some provinces.

4. What are the ongoing costs of homeownership, aside from the mortgage?

In addition to the mortgage payment, homeowners in Canada are responsible for ongoing expenses such as property taxes, home insurance, utilities, maintenance, and repairs. It’s important to budget for these expenses to ensure you can afford homeownership in the long term.

5. What is mortgage insurance, and do I need it?

Mortgage insurance is typically required for homebuyers in Canada who have a down payment of less than 20% of the purchase price. This insurance protects the lender in case the borrower defaults on the mortgage. The cost of mortgage insurance depends on the size of your down payment and the purchase price of the home.

6. How do I choose the right type of mortgage for my needs?

There are several types of mortgages available in Canada, including fixed-rate mortgages, variable-rate mortgages, and hybrid mortgages. Each type has its own advantages and disadvantages, so it’s important to consider factors such as interest rates, payment stability, and your long-term financial goals when choosing a mortgage.

7. Are there any government programs or incentives for first-time homebuyers?

Yes, there are several government programs and incentives aimed at helping first-time homebuyers in Canada, such as the First-Time Home Buyer Incentive, the Home Buyers’ Plan, and various provincial programs offering down payment assistance or tax rebates.

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