Getting ready to become a first-time homeowner

Ready to buy a home? We’re here to help!

Picto d’une maison et d’une pancarte qui indique un achat de maison

6 Questions To Ask Before Buying Your First Home

1. Should I rent or buy?

Some people prefer to rent because it offers more flexibility. Others like the idea of a long-term investment. But which one is best for you? Take the test and read our article to find out.

Should you rent or buy? Do the test

Should I rent or buy my home? Read the article

2. How do I prepare my down payment?

On average, you should be saving between 5 to 20% of the value of the property you want to buy. If you put less than 20% down, the cost of loan insurance will be added¹. So what’s the best way to save? Stay informed by reading our articles and learning about the Home Buyer’s Plan ² (HBP).

How much do I need for a down payment?

Picto of a house with trees facing the mountain

How to buy a home with CMHC’s mortgage loan insurance?

3. What’s the point of getting pre-approved?

Pre-approval is a vital step in the home-buying process since it guarantees the amount that your bank is willing to lend you. It gives you a range of the properties you can afford, offers a credibility to your offers and freezes interest rates for 90 days. Start your free, commitment-free application online.

Learn more about mortgage pre-approval

Get pre-approved

4. How much does it cost to be a homeowner every year?

Buying a home is great, but don’t forget about the costs associated with your property. From insurance, to heating, electricity and gas, make sure to take everything into account when creating your budget.

Annual fees asssociated with a home

How to make a budget in just 6 steps

5. How much can I borrow?

After considering the annual costs of your future home, you’ll have a better idea of your overall budget. Check out our tools to estimate your actual borrowing capacity and mortgage payments. Learn more about the CMHC incentive for first-time buyers, and how to put together your budget.

Estimate your borrowing capacity

Calculate your mortgage payments

6. I found my dream home, what now?

Did you find the home of your dreams and want to make an offer? Now’s the time to apply for financing. But don't forget that buying a home comes with other costs. Planning for these expenses will help you keep control of your budget. Talk to one of our experts to learn more.

Buying a home: 9 fees to consider besides your mortgage

Fixed or variable rate?

Need some help with your project?

Our experts are here to answer your questions, no matter where you are in the process. Let us contact you to discuss your project.

Make an appointment

Future homeowner? We’re here to help

Buying your first home? Here’s an overview of what you should consider to achieve this goal with peace of mind.

Mortgage loan: Still browsing or ready to buy? Get your loan at a preferred rate, tailored to your risk tolerance.
Credit card: Need a little flexibility for your renovations, etc.? Learn more about applying for a line of credit and or credit cards.
Bank account: Secure your home savings and find the right bank account that suits you best.
Home equity line of credit: Get more financial flexibility for your home and stabilize your budget in the face of unforeseen circumstances.
Loan insurance: Insure your loan payments in the event of a disability, etc.
Systematic savings: Set up automatic transfers, save up for your down payment, and start planning tomorrow’s projects.

Illustration of a house between two apartment buildings with a price tag that says up to $4,400

Get your project off to a good start

Ready to buy?

Fill out our contact form to discuss your project and schedule an appointment with an advisor.

Contact me

Our calculators

Icône d'un cercle avec un point d'interrogation

Find answers

Little details that matter

^TM All-In-One is a trademark of National Bank of Canada.

1. Insurance premiums paid to Canada Mortgage and Housing Corporation (CMHC), Sagen^TM (formerly known as Genworth) or Canada Guaranty^TM are added to the total amount of your mortgage. Taxes on premiums must be paid separately.

^TM Sagen is a trademark of Genworth Financial Canada, the mortgage insurance company.

^TM Canada Guaranty is a trademark of Canada Guaranty Mortgage Insurance Company.

2. To be eligible for the Home Buyers' Plan (HBP), the property must be located in Canada, purchased or built before October 1 of the calendar year following the withdrawal from your RRSP for your primary dwelling, no later than one year after it is purchased or built. You and your spouse can each withdraw up to $35,000 from your RRSP. You'll have 15 years from the second calendar year following the withdrawal to repay the funds into your RRSP. Each year, you must repay 1/15th of the total amount withdrawn.

3. Subject to credit approval by National Bank of Canada. Certain conditions apply.

4. Subject to the terms and conditions of the insurance contract, including the period of coverage and the maximum protection limits. Details are available in the Frequently Asked Questions section and in the summary.