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First Time Homebuyer Mortgage

Whether it’s your first home or you’re looking to invest in a property, we make sure your rate is great. We don’t work on commission. We work to find the best loan for your needs, not ours. For these reasons and more Lower is Canadians’ go-to place for their mortgage.

  • Get pre-approved so you can buy with confidence
  • Shop for homes knowing you’ll get the best rate
  • Rely on our support for a stress-free experience

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Canadian mortgages

Lower is Canada’s premium mortgage broker offering mortgages for every type of new home, whether it's to live in or an investment.

  • See the lowest rates

    See the lowest rates

    We’ll check 40+ lenders and 10,000 products in the market.

  • Get expert advice

    Get expert advice

    Speak with your trusted Lower advisors anytime.

  • We do the hard work

    We do the hard work

    Lower advisors will do all the application admin.

Canadians love

Rated 4.9 / 5 on Google, Facebook, Trustpilot, Comparewise and others.

  • Brian Molnar
    Brian Molnar


    Buying a home for your family is so important. Ammar made us feel comfortable with at ease with this process. He took his time to understand our needs but was very quick with the process.

  • Karen Austin
    Karen Austin


    I bought my first home a few years back and used @lowerdotca. It was a great experience so I called them when I was ready to purchase my second house. Ammar and his team go above and beyond.

  • Valerie Fincher
    Valerie Fincher


    We had a great experience with Ammar and his team. He explained us all of our options without us feeling the pressure or rushed. I highly recommend.

  • Jeff Mahlum
    Jeff Mahlum


    I was extremely nervous being a first time home buyer in Toronto. With prices skyrocketing I wasn't sure this was the right move but after speaking to Ammar, he made me feel confident.

  • Clementine Mason
    Clementine Mason


    Ammar went above and beyond our expectations, answering all of our questions and securing us an even better rate that we'd hoped for! The entire process was very smooth and we will be recommending his mortgage services.

  • Averi Blackwell
    Averi Blackwell


    I was working with a broker before and it was a nightmare. Thank goodness I found Ammar. He was always quick to respond to help us. We will definitely be using Ammar when it’s time to renew our home.

  • Melissa Dodds
    Melissa Dodds


    I was anxious being a first-time home buyer in the Toronto market. Ammar was referred to me by a friend of the family and he definitely made the process much easier to work through!

  • John Hartman
    John Hartman


    We really appreciated Damien’s patience and compassion through this entire process. We are very happy with our rate and how easy he made our experience.

  • Ruben Gonzalez
    Ruben Gonzalez


    Ammar was amazing to work with from start to finish. Found us such an excellent rate. He went above and beyond for us.

  • Nicola Weber
    Nicola Weber


    @lowerdotca helped me with my purchase of my third business property. He found us the best rates. I would recommend Shawn if you need to speak to anyone.

  • Brooke Cheng
    Brooke Cheng


    My family member recommend @lowerdotca and to speak to Ammar. He doesn't disappoint. I was very satisfied with his service.

  • Fredy Pollich
    Fredy Pollich


    My previous mortgage broker retired so I had to find a new one. When I contacted Lower. The whole team is amazing. I was impressed right off the bat. Very professional.

  • Tricia Seward
    Tricia Seward


    @lowerdotca was recommended to me by a fellow business owner who used their services to refinance their property. I found Ammar to be knowledgeable and efficient in helping us to reduce our rate and liquidate the capital we needed to expand our business.

  • Judson Flatley
    Judson Flatley


    So glad I found Damien and Lower. The last time I had to renew my mortgage was a headache. Damine is familar with the challenges of applying as a self-employed individual and got our re-financing done without any trouble.

  • Josephine R
    Josephine R


    Lower gave us confidence in our purchase. I won’t even hesitate calling because they are just that great! Very easy to understand and work with.

  • Albert Taylor
    Albert Taylor


    I've worked with Lower many times. I highly recommend them to my clients who are in need. They work hard to get the best rates.

  • William Westley
    William Westley


    I was referred to Damien because I wanted to purchase the building my business is in when my landlord decided to sell. We went over all of my options and I ended up not only managing to purchase the building but also get extra funds to

  • Javier Garcia
    Javier Garcia


    Very reliable team. They are straight forward which I liked. They are honest but they also work very hard to find the best rates for you.

  • Michele Peers
    Michele Peers


    I had the pleasure of speaking to Shawn about a few things. Including purchasing property for my business and we got approved very quick. I will be using his services for my business in the future.

  • Donal Lynch
    Donal Lynch


    I used @lowerdotca to help with the purchase of my second investment property. Damien made the process quick and straightforward, which I appreciated as I have a hectic schedule.

FAQs about First Time Homebuyer Mortgages

Have a different question? Contact us today.

What Should First-Time Home Buyers Expect From a Mortgage Broker?

As a first-time home buyer, the mortgage broker works as an independent agent and liaises between you and the bank. They guide you in choosing a lender through the entire loan process. You need a mortgage broker to make things easier for you.

What Are the Types of Mortgage Insurance?

There are two types of mortgage insurance.

  • Mortgage insurance
  • Mortgage default insurance
Mortgage insurance serves to protect your mortgage. The insurance protects you in cases of unfavourable life circumstances like job loss. Mortgage default insurance is available if you make a down payment of less than 20% on your home.

Are There Incentives for First-Time Home Buyers in Canada?

The Canadian government has made available some incentives for first-time home buyers in Canada. It is popularly called the First Time Home Buyer Incentive (FTHBI). Eligible first-time home buyers are given interest-free loans of 5% to 10% of the price of their choice of home.

How Can I Calculate My First Time Homebuyer Mortgage Repayment?

Calculating your first time homebuyer mortgage repayment may be really tricky. However, there are loan repayment calculators that will help you. Enter the following details

  • Home price
  • Down payment
  • Length of loan
  • Interest rate
When the above data are entered, your principal and interest will show.

Would Bad Credit Affect My First Time Homebuyer Mortgage Qualification?

Irrespective of the fact that a low credit does not necessarily affect the chances of qualifying for a first time home buyer mortgage. You will have a wide array of choices if your credit rating is fair. A credit rating of 640 and above is ideal and affords you better chances.

If you want your dream of owning a home to come true, a first time homebuyer mortgage is a great way to get assistance. It helps you get into the market for that perfect property while reducing the burden on your finances. But how does one go about getting this type of loan?

Contrary to the misunderstood notion, a first time homebuyer mortgage is not for everyone. As stated by the Canadian government, a set of criteria must be met.

The mortgage given out can either be from private lenders or the government with its attendant perks. Different mortgage types exist, and it’s left for you to pick the one that suits your needs.

The feeling that comes with getting your first home loan is indescribable. You’ve worked hard all these years to save money, and now you’re finally going to own something of your own!

However, there are certain things that you need to know before you take the plunge. This article will help you understand what a first-time home buyer’s mortgage entails, so read on!

first time homebuyer mortgage - source mortgages

Criteria for First Time Home Buyers in Canada

As a first time home buyer in Canada, there are some criteria that you have to meet. The criteria vary for different federal home buyer programs across the country. However, some variables are constant.

  • Age
  • How recently you purchased your home
  • Citizenship status
  • Home occupancy

Choosing an Ideal First Time Homebuyer Mortgage

There are several types of first time homebuyer mortgages, and they differ from each other. You can choose depending on your preferences. There is also an option to merge options to get the best fit desirable to you.

Long-term vs. Short-term Mortgage

One of the crucial parameters to look out for in a first time homebuyer mortgage is time. This mortgage can be for a period as short as six months or can last up to 5 years. These periods are lender specific.

Fixed Rate vs. Variable Rate

There are monthly payments usually attached to fixed-rate mortgages. The payments do not change throughout your loan term. If you are on a budget, this type of mortgage fits easily into your lifestyle.

The variable rate mortgage, like the name, has variable payment rates. The rates are usually dependent on the stock market. For someone who works with a budget, this mortgage type may only partially suit your preferences.

Open Mortgage vs. Closed Mortgage.

If you desire flexibility in your loan payments, then an open mortgage is your best bet. You can easily refinance your loan, make early payments, and much more. The downside is the higher interest rate it comes with.

A closed mortgage is the exact opposite of the open mortgage system. It does not afford you the same flexibility to refinance or make early payments as the open mortgage does. The interest rate is lower.

The first-time home buyer calculator also comes in handy for calculating rates where necessary.

mortgage for first time homebuyer - source mortgages

How to Compare Lenders as a First-Time Home Buyer

To get the best lenders suited to your needs, there are a variety of factors that you should look into.

Fees to Be Paid

The fees that you will pay must be put into perspective. The first-time home buyer’s rates should be analyzed appropriately. Some of these fees include prepayment fees, set-up fees, and much more. The fees can take up a large percentage of your home mortgage if left unchecked. This is why you need to consider lenders that have lower fees.

Interest Rates

Interest rates are usually the game changers in loans. Look out for lenders with lower interest rates for first time homebuyer mortgages. Going with cheaper interests can help you cut out unnecessary costs.

Amortization Period

This depends on the number of months or years you will take to repay the loan. The amortization period also affects the number of loan terms you need to renew, the size of your loan payment, and more. There’s an average amortization period of 25 years in Canada.

Loan Term Length

The term length you should choose should give you some flexibility. The most popular term length in Canada is about five years. They are also one of the cheapest.

Best First Time Homebuyer Mortgage Provider

Lower is a lender that gives first-time home buyers loans with up to 5 years in term length. Their repayment protocol is flexible to suit your needs. And you can receive funding within 24 hours.

Applying for a first time homebuyer mortgage through Lower is straightforward. And their experienced team will guide you through every step of the process. The best part is that Lower offers multiple financing options for homeowners. So, once you’ve purchased your first property, you can take advantage of home equity loans, mortgage refinancing, and more.

First Time Homebuyer Mortgage Conclusion

Owning a house is not without its attendant challenges. As your first time being a home buyer, Canada makes it somewhat easier for you to navigate the process. They have also made some government-backed incentives. The first time homebuyer mortgage would go a long way in achieving your dreams.