First Home Mortgage | Steps to Buying a House

Let Us Help You Buy Your First Home!

When planning to purchase your first home, finding the house of your dreams isn’t the only tough part! Understanding the home buying process in Ontario is important and determining how you are going to finance your property purchase is key. Whether you live in Windsor and Essex County, London, the Greater Toronto Area, Kingston, Ottawa, or Thunder Bay, Kyle Pearce and Home Mortgage Ontario can help you every step of the way!

Steps to Buying Your First Home in Ontario

1. Save For a Down Payment
While Home Mortgage Ontario can offer cash-back mortgages for up to 5% of the value of the home, the best practice would be to save up a minimum of 5% for a downpayment. Cash back mortgages require very high credit scores as well as clean credit reports. The larger your down payment, the more likely a lender will be to finance your purchase.

Remember, a downpayment of 20% or more will avoid mandatory Canada Mortgage and Housing Corporation (CMHC) mortgage insurance and can save you thousands.

2. Create a Budget
It is important to understand how much mortgage you can afford. Creating a budget which outlines how much you spend on a monthly basis is a good first step in determining how much money you currently have left over at the end of each month.

3. Calculate your Maximum Mortgage Amount
Use our Mortgage Centre Calculators to determine how much you can afford for home financing.

4. Get Preapproved Before House Hunting
Contacting Home Mortgage Ontario to be pre-approved for a home mortgage will provide you with a low interest rate hold for 90 to 120 days (3 to 4 months) with a lender according to your financial situation.

A preapproval is a written commitment from the lender stating the maximum mortgage amount they are willing to lend you at a particular interest rate. There are no obligations to follow through with a pre approval, but gives comfort to the buyer before making an offer on a home. Also, the rate hold simply represents the highest rate they will offer. If interest rates are lower within 30 days of your purchased home closing date, you will receive the lower rate.

5. Find Your Dream Home & Make an Offer Conditional on Financing
Once a preapproval is in place, shop for that beautiful home you have been looking for. You’ll have comfort understanding how much you can afford and feel confident that you have taken appropriate action in preparing for this life changing event.

Although you have been preapproved for a mortgage, it is always important to make your offer conditional on financing. Since you have no obligation to follow through on the pre approval, the lender also has no obligation. Also, if your situation changes such as a change in income, hours worked per week, increase in debt on your credit cards or line of credit, the pre-approval would be no longer valid.

6. Get Approved for a Mortgage Commitment Letter
Once your offer is accepted, contact your Mortgage Specialist to get you officially approved by a lender. This step will get you a written commitment which guarantees the lender will finance your purchase, assuming all of the information you provided is true.

Questions? Contact Home Mortgage Ontario Today!

The steps to buying a house above are a basic guide to understanding how to go about getting your first home mortgage. While this will give you a general understanding of the process, we understand that there may be many questions still left unanswered. Don’t hesitate to contact me today, so we can discuss your particular situation and determine what type of mortgage would be most suitable for you and your family.

I’m looking forward to hearing from you!


Kyle Pearce

Home Mortgage Ontario Agent, M12000636
Phone 519-818-0078
Fax 519-966-6702
Email [email protected]
Office 2985 Dougall Avenue, Windsor, Ontario N9E 1S1
Contact Us and expect a response within 24-hours!

Located in Windsor, Ontario, we specialize in home mortgages of all types in Essex County and across Ontario.


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Use our secure online form to apply online and instantly have Kyle reviewing your application! Expect to be contacted via phone or email within hours of applying for a quick turn-around!

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The Mortgage Centre has decades of experience providing Canadians with mortgage financing through a team of nationwide independent Mortgage Centre offices. Because we’re local business professionals with roots in our communities, we are dedicated to helping our clients make well informed financing decisions.


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