First-Time Buyers
First-Time Home Buyer Guide: Hamilton & Southwestern Ontario
Buying Your First Home Is One of the Biggest Decisions of Your Life.
We specialize in working with first-time homebuyers and understand the questions, concerns, and excitement that come with this milestone. Let's break down the process into manageable steps so you can buy with confidence.
The First-Time Buyer Timeline
Get Pre-Approved
Before you start looking, get a mortgage pre-approval from a lender. This shows sellers you're serious, gives you a realistic budget, and prevents you from falling in love with a home you can't afford.
Get Your Offer Ready
Once pre-approved, you're ready to look. We'll show you homes that match your budget and preferences. When you find the right one, we'll prepare your offer.
Make an Offer
We'll research recent sales and guide you on a competitive offer price. Your offer will include conditions (subject to inspection, appraisal, financing).
Home Inspection
If your offer is accepted, hire a home inspector. This is your chance to identify any major issues before you commit.
Final Walkthrough
You'll do a final walkthrough to ensure promised repairs were made and the home is in agreed-upon condition.
Closing
Your lawyer handles the legal documents, title search, and closing coordination. You sign papers, get keys, and officially own your home.
First-Time Buyer Mistakes to Avoid
Making a Large Purchase Before Getting Approved
Don't buy a car or take on new debt before your mortgage closes. Lenders re-check your credit and debt levels before final approval. New debt can disqualify you.
Not Getting a Home Inspection
This is not a place to save money. A $400 inspection can uncover $10,000+ in needed repairs. Always inspect.
Offering Too Much
Don't get emotionally attached before making an offer. We'll help you price competitively without overpaying.
Ignoring Closing Costs
Budget 1.5-4% of your purchase price for closing costs (legal fees, title insurance, land transfer tax, property tax adjustments). This is in addition to your down payment.
Skipping Mortgage Pre-Approval
You may think you know what you can afford, but lenders have strict qualification criteria. Get pre-approved first.
Key Numbers for First-Time Buyers
Down Payment
Minimum 5% of purchase price (though larger down payments reduce mortgage insurance costs).
Mortgage Stress Test
You must qualify at a higher interest rate than you'll actually pay. This is a lender requirement.
Closing Costs
Typically 1.5-4% of purchase price. Factor this into your budget on top of your down payment.
Property Tax + Insurance
Factor this into your monthly affordability calculation—not just the mortgage payment.
First-Time Buyer Programs
Some programs offer down payment assistance or tax credits—ask your lender what's available to you.
Ready to Buy Your First Home?
Let's talk through your budget, your timeline, and the neighbourhoods that fit your life. No pressure—just clear guidance from a local expert.