Mortgage options
Your first home, with a clear plan and no surprises.
Buying your first home should feel exciting, not terrifying. Tisha walks first-time buyers through the budget, the programs you qualify for, and a pre-approval you can shop with, in plain language and at your pace.
What first-time buyers in Ontario should know before they shop
Most first-time buyers are surprised by two things: how many programs exist to help them, and how much paperwork a lender actually wants. Tisha handles both. She starts with a realistic budget using the same ratios and stress test the lender will apply, so the number you shop with is a number that will actually get approved.
Then the programs. The tax-free First Home Savings Account (FHSA) lets you save up to $8,000 a year, to a $40,000 lifetime limit, with contributions deductible like an RRSP and withdrawals tax-free for a first home. The RRSP Home Buyers' Plan lets each buyer withdraw up to $60,000 from their RRSP, tax-free, repaid over 15 years. Ontario first-time buyers may also receive a land transfer tax rebate of up to $4,000, and insured mortgages for first-time buyers can run on a 30-year amortization, which lowers the monthly payment.
Finally, the down payment. It can come from your savings, an FHSA or RRSP, or a gift from an immediate family member with a signed gift letter. Tisha will tell you exactly which documents the lender needs to prove it, so there is no scramble the week before closing.
"Nobody should sign a mortgage they do not understand. We go line by line until it makes sense."
Who this is for
First-time situations Tisha helps with
Renters ready to buy
A clear comparison of rent versus a mortgage payment on homes you can actually afford.
Gifted down payments
Parents helping out? Tisha prepares the gift letter and the paper trail the lender needs.
Co-signers and co-buyers
Buying with a partner, a sibling or a parent on title. Structured so everyone understands their obligations.
Newcomers buying their first Canadian home
Programs for permanent residents and work permit holders. See New to Canada.
Thin or bruised credit
A short plan to get your credit lender-ready, and lenders who will look at the whole picture.
New builds and pre-construction
Longer rate holds, deposit structures and insured 30-year amortizations on new construction.
How it works
Your first purchase, step by step
- 01
Budget and pre-approval
Income, debts, credit and down payment. You leave the conversation knowing your number and your monthly payment.
- 02
Down payment and programs
FHSA, RRSP Home Buyers' Plan, gifts, and the land transfer tax rebate. Tisha makes sure nothing is left on the table.
- 03
Shop and offer
Your realtor knows you are approved. Tisha is a text away when you need to confirm a number before an offer deadline.
- 04
Close and move in
Lawyer, insurance, final documents and funding, with a checklist so nothing is missed.
What credit score do I need for a first mortgage?
For insured mortgages, lenders generally look for a credit score around 680 or higher, although files in the 600s can still be approved with the right lender. If you are below that, Tisha will give you a short, specific plan to get lender-ready.
Can my parents gift my down payment?
Yes. A gift from an immediate family member is accepted by virtually every lender, with a signed gift letter confirming that the funds do not have to be repaid, and proof the money has landed in your account before closing.
How much are closing costs on a first home?
Plan for roughly 1.5% to 4% of the purchase price. The biggest item is land transfer tax, which the first-time buyer rebate can reduce by up to $4,000. Add legal fees, title insurance and a home inspection. The calculator gives you a quick estimate.
Who counts as a first-time buyer?
It depends on the program. The Ontario land transfer tax rebate requires that you have never owned a home anywhere in the world. The RRSP Home Buyers' Plan and the FHSA use a four-year look-back on owning a home you lived in. Tisha confirms which programs apply to you.
Related mortgage options
Free consultation
Find out what you can afford, and what you qualify for, in one conversation.
Tell Tisha what you are trying to do and she will come back with options, not a sales pitch. Free, no obligation, no credit check to start.
- Over 20 years in retail banking
- Former mortgage underwriter: she knows what lenders want
- Banks, credit unions, monoline and alternative lenders
- Lender-paid on most residential mortgages