As a first-time homebuyer, where do I start?
Buying your first home is an exciting step that requires a lot of thought and planning. Ready to jump in? We provide expert advice and personalized services to help you each step of the way.
6 questions to ask before you buy
1 - Should I rent or buy?
Whether you’re a happy tenant or a future homeowner, it’s important to ask yourself the right questions. For some, renting means freedom, and for others, being a homeowner is the best investment. But what about you? Take the online test and read our articles to get a head start.
2 - How much do I need for a down payment?
A Down payment usually sits between 5% and 20% of the value of the house you want to buy. The percentage varies depending on the purchase price and your personal situation. If your Down payment is less than 20%, you’ll pay insurance premiums in addition to your mortgage1. Wondering how to save that kind of money? Check out our articles and learn more about the Home Buyers' Plan2.
4 - What’s the real cost of being a homeowner?
There are several types of fees associated with purchasing a home, and it varies from one case to another. There are, for example, inspection and notary fees, home insurance, property taxes, etc. Planning for all these expenses will help you maintain control of your budget.
5 - Why get a pre-approval?
A pre-approval guarantees the amount your bank will lend you. Among other advantages, it adds credibility to your purchase offer, gives you an idea of the properties within your reach, and guarantees your interest rate for 90 days. You can apply online, free of charge and without obligation to commit to a loan. One of our experts will help you finalize the request.
6 - Once I find my dream home, what’s next?
Already found your dream home and made an offer? It’s time to apply for financing. You will need to establish the value of the property and choose between a mortgage and a line of credit. Don’t worry! Our advisors are here to support you and answer all your questions.
Solutions to power your dreams
Little details that matter
TM All-In-One is a trademark of National Bank of Canada.
1. Insurance premiums are added to the total amount of your mortgage. File examinations fees charged by Canada Mortgage and Housing Corporation (CMHC) and SagenTM (formerly known as Genworth) and taxes on premiums must be paid separately.
TM Sagen is a trademark of Genworth Financial Canada, the 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, and intended as a 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.