First-Time
Home Buyers Guide
Buying your first home is one of the most exciting — and most complex — financial decisions you'll ever make. This guide walks you through every step of the process, from understanding your finances to picking up your keys.
As a benefit member, you have access to preferred mortgage rates, real estate commission rebates, and a dedicated team of licensed professionals — all at no cost to you.
What you need to know upfront
Minimum down payment
5% of purchase price (under $500K)
Minimum credit score
680 for most insured mortgages
Typical timeline
3–6 months from search to closing
Closing costs
1.5–4% of purchase price
Stress test rate
Contract rate + 2% or 5.25% (higher of)
Amortization
Up to 30 years (insured, first-time buyers)
Your step-by-step roadmap
Six clear steps from financial readiness to closing day — with expert guidance at every stage.
Understand your finances
Review your income, debts, credit score, and savings. Know your numbers before you start shopping.
Key actions
- Check your credit score (aim for 680+)
- Calculate your total monthly debts
- Determine how much you have saved for a down payment
- Understand your gross debt service (GDS) and total debt service (TDS) ratios
Get pre-approved
A mortgage pre-approval tells you exactly how much you can borrow and locks in your rate for up to 120 days.
Key actions
- Gather income documents (T4s, pay stubs, NOAs)
- Provide 90 days of bank statements
- List all current debts and monthly obligations
- Avoid major purchases or new credit during this period
Find your home
Work with a real estate ambassador to find properties that fit your budget, lifestyle, and long-term goals.
Key actions
- Define your must-haves vs. nice-to-haves
- Research neighbourhoods and commute times
- Attend open houses and schedule private showings
- Consider future resale value and neighbourhood growth
Make an offer
Your real estate ambassador will help you craft a competitive offer with the right conditions to protect you.
Key actions
- Include a financing condition to protect your deposit
- Add a home inspection condition
- Understand what's included in the sale (chattels and fixtures)
- Be prepared to negotiate — it's normal
Finalize your mortgage
Once your offer is accepted, your mortgage ambassador finalizes your financing and submits to the lender.
Key actions
- Provide any additional documents requested by the lender
- Review your mortgage commitment carefully
- Confirm your interest rate, term, and amortization
- Understand your prepayment privileges
Close and move in
Work with your lawyer to complete the transaction, pay closing costs, and receive your keys.
Key actions
- Budget 1.5–4% of purchase price for closing costs
- Arrange home insurance before closing
- Do a final walkthrough before closing day
- Confirm utilities are transferred to your name
Your Advantage
What benefit members get that others don't
Your employer has partnered with My Home Benefits to give you access to tools and savings that aren't available to the general public.
Preferred Mortgage Rates
Access rates negotiated exclusively for benefit members — not available to the general public.
Real Estate Commission Rebate
Receive a cash rebate at closing when you use a My Home Benefits real estate ambassador.
Confidential Guidance
Your employer never sees your personal financial information. Every consultation is completely private.
Dedicated Expert Team
Licensed mortgage agents and real estate professionals who work exclusively for benefit members.
No Obligation
Free consultations with zero pressure. Explore your options at your own pace.
End-to-End Support
From pre-approval to closing day — and beyond — we're with you every step of the way.
Budget for closing costs
Beyond your down payment, plan for 1.5–4% of the purchase price in closing costs. Here's what to expect.
Cost Item
Typical Range
Land Transfer Tax
Varies by province and purchase price
Legal Fees & Disbursements
$1,500 – $2,500
Home Inspection
$400 – $600
Appraisal Fee
$300 – $500
Title Insurance
$150 – $350
Moving Costs
$800 – $3,000+
Mortgage Default Insurance
2.80% – 4.00% of mortgage
Property Tax Adjustment
Varies
Closing costs vary by province, municipality, and transaction. This table is for general guidance only. Your mortgage ambassador will provide a detailed estimate based on your specific purchase.
Frequently asked questions
Common questions from first-time home buyers in our program.
Down Payment Assistance Programs
FHSA, Home Buyers' Plan, land transfer tax refunds and more.
Ready to start your homeownership journey?
Book a free, confidential consultation with one of our mortgage ambassadors. We'll review your situation, explain your options, and help you build a plan — at no cost and with no obligation.
Completely confidential — your employer never knows
No obligation, no sales pressure, ever
Free 30-minute consultation with a licensed professional
Dedicated ambassadors serving benefit members exclusively