Hours: Mon-Fri 8:30-5:00 (Evenings & Weekends by Appointment)

Mortgages for First Time Home Buyers

  • Home
  • Mortgages for First Time Home Buyers

Planning to buy your first home in BC?

Life is full of exciting firsts: your first birthday, your first day of school, your first love, your first home. Whether you’re just moving out of your parents’ house, want more room to grow a family, or are simply tired of renting, buying your first home is a big step. It’s one of the largest financial investments you’ll ever make, and if the thought of signing on the dotted line terrifies you, you’re not alone.

Buying your first home doesn’t have to be a stressful experience!

With a trusted professional like Auxilium Mortgage by your side, you can break into the real estate market with confidence. Our professional team is here to walk you through each step and provide sound, quality advice to get your new life started on the right foot.

"*" indicates required fields

Start the Conversation Now

I would like to:

Submitting this form does not involve a credit check

Name*
Phone type
Auxilium needs the information you provide to us to contact you about our products and services. You may unsubscribe at any time. For information, please review our Privacy Policy.
This field is for validation purposes and should be left unchanged.

Commonly asked questions from first-time home buyers:

Can I afford a mortgage in BC? What additional costs are involved in owning a home?

Purchasing a house isn’t as simple as signing on the dotted line. In addition to your monthly mortgage payment, you have to factor in additional costs such as insurance, property transfer tax, home inspection fees, appraisal fees, lawyer fees, and bills, bills, bills.

The best way to figure out if you can afford to buy a house is to take your budget for a test drive. Pretend you already have that mortgage payment and those additional costs, and take that extra money and put it into your savings. By doing this, you’ll build up your confidence because you know you can handle a bigger payment. You’ll also build up your savings account, which is always a good thing.

What is the minimum down payment I need for a first-time mortgage?

In Canada, the minimum down payment required is 5%. And the bigger your down payment, the better off you will be in the long run. You’ll pay less interest, have lower mortgage insurance fees, and have a bigger equity buffer if home prices slide.

But the truth is, most first time home buyers struggle to save up a down payment. While some may have the Bank of Mom and Dad to withdraw from, others may not have that option.

Luckily, there are a few other ways to get a down payment. If you don’t have your savings or monetary gifts to fall back on, you can always look at The First Time Home Buyer’s Plan (HBP), government grants and incentives, flex equity, or vendor take backs.

Can I qualify for my first mortgage even if my credit isn’t perfect?

Don’t let bad credit stop you from buying your first home. If you have low credit or bruised credit, your home-buying dream isn’t necessarily over. Even if you experienced bankruptcy, but have been discharged with reestablished credit, you can get into a new house with as little as 5% down. If you don’t have the re-established credit but have a larger down payment, there are a few creative financing options you can explore!

What can I expect working with a mortgage broker?

There are a few questions you should ask about working with a mortgage broker for the first time. Everything from what a broker does to the details of your financing will be new to you. But you can rest assured that mortgages are what our specialists handle, day in and day out. Ultimately, our team provides you a service by shopping the market for the best mortgage terms and solution for your situation.

We’ve also put together a short video about getting started with the first step of the mortgage process and your pre-approval:

What resources are available if I have more questions?

As mortgage brokers, these are just a few of the questions we hear from first time home buyers. We know you have many more, which is why we created an instantly downloadable eBook that answers the most frequently asked questions in an easy-to-understand way. The First Time Home Buyer’s Handbook is an indispensable tool that explains everything you need to know to reap the rewards of homeownership. Download the First Time Home Buyer’s Handbook here!

"*" indicates required fields

Start the Conversation Now

I would like to:

Submitting this form does not involve a credit check

Name*
Phone type
Auxilium needs the information you provide to us to contact you about our products and services. You may unsubscribe at any time. For information, please review our Privacy Policy.
This field is for validation purposes and should be left unchanged.

Speak with us today about a mortgage for your first home

If you want to know more about buying a house in Victoria BC for the first time, or would like to meet with a mortgage broker, feel free to give us a call at (250) 590-6520, submit an online contact form or drop by our office.

More Resources for First Time Home Buyers