5 Things Every First-Time Buyer in Canada Should Know

Thinking About Buying Your First Home in Canada?

If you’re like most first-time buyers, you’re probably excited and a little overwhelmed. Between mortgage terms, down payments, and figuring out if you’re really ready, it’s easy to feel lost.

At Indi Mortgage, we specialize in helping first-time home buyers in communities like Pembroke, Petawawa, and across the Ottawa Valley. We’re here to make the process smooth, clear, and maybe even fun.

Here are 5 essential things every first-time buyer in Canada needs to know before signing on the dotted line.

1. You Don’t Need 20% Down

One of the biggest myths we hear is that you need 20% down to buy your first home. While that’s true if you want to avoid mortgage insurance, you can buy with as little as 5% down on homes under $500,000.

In fact, many first-time buyers use 5% to 10% down and still get great rates.

Pro Tip: The smaller your down payment, the more important it is to get pre-approved and work with a mortgage broker who can shop multiple lenders.

2. Pre-Approvals Are Your Best Friend

Before you start browsing homes on Realtor.ca, get pre-approved. This gives you:

• A realistic budget
• Locked-in interest rates for 90–120 days
• Confidence when making an offer

At Indi Mortgage, we walk you through a stress-free pre-approval process with no confusing bank lingo or pushy sales tactics. Just real advice.

3. There Are Incentives Just for First-Time Buyers

Did you know you might qualify for tax breaks as a first-time buyer?

Some options include:

• Home Buyers’ Plan (use your RRSPs tax-free!)
• Land Transfer Tax Rebates (federal and provincial)

We help our clients take advantage of every available program so you don’t leave money on the table.

4. Your Credit Score Matters (But It’s Not Everything)

Yes, lenders look at your credit score. But you don’t need perfect credit to qualify. We’ve helped buyers with average or even low credit scores find mortgage options that work for them.

What really matters:

• Consistency in paying bills
• Debt levels relative to income
• Employment stability

A good broker will find the right lender for your situation, not just the big banks.

5. Working With a Mortgage Broker Can Save You Thousands

Unlike banks, mortgage brokers:

• Have access to multiple lenders (not just one)
• Can often find better rates or lower penalties
• Work for you, not the lender
• Are usually paid by the lender, not by you

At Indi Mortgage, we’re local, independent, and 100% focused on your success, especially if it’s your first time buying.

Have Questions? We’re Here to Help

There’s a lot to consider when buying your first home, but you don’t have to do it alone. At Indi Mortgage, we’ve helped countless first-time buyers in Pembroke, Petawawa, Renfrew, and across Canada get into their dream homes with confidence.

📲 Ready to start or just have a question?
Message us anytime, or use our contact form here. We’d love to chat!

At Indi Mortgage, we offer a fresh, modern approach! One that’s simple, transparent, and built entirely around your needs and long term goals. We believe getting a mortgage shouldn’t feel overwhelming. It should feel empowering and exciting!