Getting ready to become a first-time homeowner

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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.

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Should you rent or buy? Do the test

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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?

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How does the Home Buyers’ Plan work?

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What’s the FHSA? And is it the right account for me?

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.

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Learn more about mortgage pre-approval

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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.

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Annual fees asssociated with a home

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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.

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Estimate your borrowing capacity

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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.

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Buying a home: 9 fees to consider besides your mortgage

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Fixed or variable rate?

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Our team is here to answer all your questions.

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If you have any questions about your mortgage, fill out our form to receive a call from an advisor.

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Find a mortgage expert in your region

Need more personalized advice? Select one of our mortgage experts to guide you through every step of your project.

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You can also speak to one of our mortgage experts by calling us at 1-855-755-9533

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.

 

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Getting your project off on the right foot 

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Ask us your questions

Make an appointment with an advisor if you have any questions. 

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Use our mortgage calculator tools

Want to know how much you can borrow, calculate your payment amounts, or find out the fees for early repayment? We can help. 

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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), SagenTM (formerly known as Genworth) or Canada GuarantyTM 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.