A first mortgage should feel clear, not intimidating
Buying your first home in Toronto can feel like learning a new language under pressure. FairChoice turns the process into plain steps: what you can afford, what lenders will ask for, what the monthly payment means, and where the risks sit.
We help you prepare before you fall in love with a property, so your offer strategy, documents, and expectations are aligned.
Your first-time buyer checklist
- Confirm your income, debts, credit profile, and available down payment.
- Review insured and conventional mortgage options.
- Understand closing costs before choosing your maximum offer price.
- Compare payment comfort, not just approval math.
First-time buyer questions
When should a first-time buyer get mortgage advice?
Before serious house hunting. A pre-approval conversation helps you understand budget, documents, down payment options, and what a comfortable monthly payment may look like.
Do first-time buyers need a full 20% down payment?
Not always. Many first-time buyers use insured mortgage options with less than 20% down, subject to lender and insurer rules.
What costs should I plan for besides the down payment?
Plan for closing costs, legal fees, land transfer tax, moving costs, insurance, and a buffer for repairs or furnishings.
FairChoice will help you compare your options without pressure.
Related FairChoice resources
Information is general and not financial, legal, or mortgage approval advice. Rates and approvals depend on lender criteria and borrower circumstances.