Hawk Mortgage | Compare Canadian Mortgage Rates & Get Personalized Mortgage Quotes

Get Canada’s Best Mortgage Rates — Starting as Low as 2.49%

Apply Now

First-Time Home Buyers Guide

Your Path to Homeownership

There’s nothing like owning your first home. If you’re a first-time homebuyer, the process can feel overwhelming, but with the right guidance, you can turn your dream of homeownership into reality. At Hawk Mortgage, we specialize in helping first-time home buyers find the perfect mortgage, the best rates, and a smooth, stress-free experience from start to finish.

Understanding New Insured Mortgage Rules for First-Time Buyers

Effective December 15, 2024, several changes can benefit first-time home buyers:

  • Higher home price cap: The eligibility for insured mortgages increased from $1M to $1.5M, meaning you can now buy more expensive homes with less than 20% down.

  • Extended amortizations: First-time buyers can now extend insured mortgage amortizations to 30 years instead of the standard 25.

  • Newly-built homes: Insured mortgage purchases of new builds can also extend to 30 years.

Note: Additional insurance premiums apply for 30-year amortizations. Speak with a Hawk Mortgage broker for expert guidance.

Why Choose Hawk Mortgage as Your First-Time Home Buyer Partner

Buying your first home is a milestone, and it’s vital to work with brokers who prioritize your needs. Hawk Mortgage has over 19 years of experience helping first home buyers across Canada. Our non-commissioned, salaried brokers offer unbiased advice, checking all lenders to ensure you get the lowest rates and the mortgage that fits your situation perfectly.

We make it easy to:

  • Compare first-time home buyer mortgage options

  • Access first-time home buyer programs and incentives

  • Secure pre-approval for your first mortgage quickly

  • Understand variable vs. fixed rates and which payment type suits your lifestyle

First-Time Home Buyer Programs & Incentives

There are several programs designed to help first-time home owners save money and make the buying process easier:

  • First Home Savings Account (FHSA): Save and withdraw tax-free funds for your first home down payment.

  • RRSP Home Buyers Plan (HBP): Borrow from your RRSP interest-free to put toward your first home purchase.

  • First-Time Home Buyers Tax Credit: Federal tax credit offering up to $1,500 toward closing costs.

  • Provincial rebates & GST/HST relief: Additional funds may be available to lower upfront costs.

Our brokers can help you identify which government programs for first-time home buyers you qualify for and integrate them into your mortgage plan.

The Step-By-Step Home Buying Process for First-Time Buyers

Buying your first house involves several key steps:

  1. Calculate your budget: Use our mortgage calculators to estimate what you can afford.

  2. Get pre-approved: A first-time home buyer pre-approval locks in a rate and shows sellers you’re a serious buyer.

  3. Start house hunting: With a pre-approval in hand, explore first-time buyer homes for sale within your price range.

  4. Make an offer: Include a condition day and schedule a home inspection.

  5. Finalize your mortgage: Our brokers handle all paperwork and ensure you secure the best first-time home buyer mortgage terms.

  6. Close the deal: Sign the necessary documents, transfer funds, and get the keys to your first home!

Choosing the Right Mortgage as a First-Time Buyer

Not all mortgages are created equal, and the lowest advertised rate may not always be your best option. Hawk Mortgage helps first-time home buyers find a mortgage that balances low rates, flexible terms, and manageable penalties. Options include:

  • Cash Back Mortgages: Available for both variable and fixed rates.

  • Traditional Mortgages: Competitive rates with reliable terms.

  • Co-ownership or guarantor strategies: Innovative ways to get into homeownership sooner.

Testimonials from First-Time Home Buyers

“I had an amazing experience with Hawk Mortgage. They answered all my questions, guided me through the process, and helped me get the best rate for my first home.” – Gurdip, Alberta

“As a first-time buyer, I needed someone knowledgeable and patient. Hawk Mortgage went above and beyond. I highly recommend them!” – Toni, AB

Additional Tips for First-Time Home Buyers

  • Consider government first-time home buyer incentives early.

  • Keep an eye on mortgage pre-approval timelines to avoid surprises.

  • Explore new home buyer programs and 1st time homeowner programs.

  • Work with a trusted first-time home buyer realtor for guidance on listings.

Additional Tips for First-Time Home Buyers

  • Whether you’re exploring 1st time home buyer programs or looking for the best mortgage for first-time buyers, Hawk Mortgage is here to help every step of the way. From pre-approval to closing, we ensure your first home buying experience is smooth, stress-free, and rewarding.

    • Apply online easily

    • Schedule a callback with an expert broker

    • Connect with us in-store, by phone, or email anywhere in Canada

    Your first home is a big step — make it the right one with the best rates, programs, and guidance.

Submit The Application