First-Time Buyers
Your first purchase, without the overwhelm.
Pre-approval, down payment options and a realistic price range — explained in plain language, so you walk into your first purchase informed instead of anxious.
Buying your first home shouldn't feel like a second job.
Between rates, down payment rules, insurance premiums and closing costs, first-time buyers face a stack of unfamiliar terms and decisions — usually while competing for a property.
I break it down step by step so you always know where you stand, what it costs, and what happens next.
Pre-approval first
Know your real budget before you start touring homes — no guesswork, no disappointment.
Down payment strategy
From minimum down payment rules to using registered savings through the Home Buyers' Plan.
Insurance & closing costs
What mortgage default insurance costs, when it applies, and what to set aside for closing.
Rate & term guidance
Fixed versus variable, and which term actually matches your plans for the next few years.
From first conversation to keys
Discovery call
Income, savings, timeline and goals — the full picture before any numbers.
Pre-approval
A real budget and a rate hold, so you can shop with confidence.
Offer accepted
I move your file to full approval and coordinate with your lawyer and realtor.
Closing day
Funds released, keys in hand, and a clear picture of your payments.
Programs that lower what you need up front.
Most first-time buyers qualify for more than one of these, and they stack. Combined, they can put six figures toward a purchase in Ontario.
FHSA — First Home Savings Account
Up to $8,000 per year, $40,000 lifetime ($80,000 for a couple with two accounts). Contributions are tax-deductible, withdrawals for a qualifying home are tax-free, and nothing has to be repaid.
RRSP Home Buyers' Plan
Withdraw up to $60,000 per person from your RRSP tax-free toward a down payment. Funds must have been in the account 90 days, and are repaid over 15 years.
Land transfer tax rebates
In Ontario, up to $4,000 back on provincial land transfer tax — plus up to $4,475 on the municipal tax if you're buying in Toronto.
First-Time Home Buyers' Tax Credit
Claim up to $10,000 on your return for a qualifying home, worth up to $1,500 off your tax payable. Non-refundable, and can be split with a partner.
GST relief on new builds
Federal relief on the 5% GST for first-time buyers of newly built homes up to $1M, phasing out to $1.5M — worth as much as $50,000. Still moving through final approval, so we confirm status before you count on it.
If you're new to Canada
You can use the same programs. Lenders will want status documents and Canadian credit history — and there are insurer programs built for thin credit files. Ask me in Spanish or English.
The minimum down payment, exactly.
It's set by the purchase price, not by whether it's your first home.
5%
On homes under $500,000.
5% + 10%
$500,000 to $1,499,999: 5% on the first $500,000, 10% on the rest.
20%
$1,500,000 and above — default insurance isn't available at that price.
Under 20% down, mortgage default insurance applies: roughly 4.20% of the mortgage at 5–9.99% down, 3.30% at 10–14.99%, and 3.00% at 15–19.99%. It's added to your balance — I'll show you what that does to the payment before you commit. Figures current as of August 2026.
Insured, or 20% down?
Your down payment decides which of these you have. Neither one is the “right” answer — it's a trade between getting in sooner and paying less over time.
Insured · under 20% down
Also called high-ratio. Default insurance lets you buy with as little as 5% down, and the premium can be added to your mortgage instead of paid up front.
You get into a home sooner with less cash. You also carry a larger balance, and insured mortgages come with their own set of rules.
Conventional · 20% or more
With 20% down you generally avoid default insurance entirely, borrow less, and pay less interest across the life of the mortgage.
The cost is time — saving to 20% can mean waiting, and waiting has its own price in a rising market.
These minimums and insurance rules aren't set by any one lender — they apply across the board. My job is helping you decide which side of the line makes sense for your situation.
The costs nobody warns you about.
Closing costs sit on top of the purchase price, and they're due at the finish line. Budget for them from the start and closing day is uneventful — which is exactly what you want.
Land transfer tax — the largest closing cost in Ontario, and doubled inside Toronto. First-time buyer rebates reduce it.
Legal fees and disbursements — your lawyer's fee plus title searches, registration and title insurance.
Home inspection and appraisal — one protects you, one is for the lender. Sometimes the lender covers theirs.
Home insurance — must be active on closing day. Lenders confirm it before funding.
Adjustments — property tax or utilities the seller prepaid get reimbursed at closing.
GST/HST on new builds — applies to newly built homes, with rebates available on qualifying purchases.
Your deposit — usually needed as a bank draft within 24 hours of an accepted offer. Keep it reachable.
After you move in — property tax, utilities, condo fees and maintenance become monthly reality.
Before you make an offer, I'll put a written estimate of these in front of you for your target price range — not a rule of thumb.
Have these ready and nothing stalls.
Once your offer is accepted, the file moves fast — and the only thing that slows it down is a missing document. This is the list I send every client at the start.
Keep them in one folder, in their most recent versions. Make sure your tax filings are current; a CRA online account makes those easy to pull. If you're applying with a co-signer, share the list with them too.
Photo ID — valid and unexpired: licence, passport or PR card.
Income confirmation — recent pay stub or deposit record, plus T4s, notices of assessment or a year-end stub.
If you're self-employed — two years of T1 Generals with matching notices of assessment, and business documents. More on that here.
Down payment source — savings or investment statements, a gift letter, or proceeds from a sale.
Assets and liabilities — accounts, investments, loans and lines of credit.
Purchase documents — the signed agreement of purchase and sale, plus the MLS listing.
Family arrangements — child or spousal support obligations, where they apply.
"Maryuri Herrera was very helpful and professional. I felt very supported and she was amazing. She made my overall experience go very smoothly. I would recommend her to anyone."
★★★★★ — Claudia Vernazza · Google review
Questions first-time buyers ask
How much down payment do I need?+
The minimum is 5% on the first $500,000 of the purchase price, with a higher requirement on the portion above that. I'll walk you through the exact numbers for your target price range.
What is mortgage default insurance?+
It's required when your down payment is under 20%. The premium protects the lender and is normally added to your mortgage balance — I'll show you exactly what it adds to your payment.
How far ahead should I get pre-approved?+
Ideally 60–90 days before you start seriously house-hunting. That protects a rate while you shop and keeps your budget realistic from day one.
How much should I budget for closing costs?+
It depends heavily on price and whether you're buying in Toronto, since land transfer tax is the biggest piece. Rather than a percentage, I'll give you a written estimate for your actual target range — land transfer tax net of rebates, legal fees, title insurance, inspection and adjustments.
My income is self-employed or commission-based. Does that change things?+
You can still be a first-time buyer with every program available to you — the documentation is what differs, and lenders read your income differently. That's a whole conversation of its own: see self-employed mortgages.
Fixed or variable rate?+
It depends on your risk tolerance, your timeline and how much payment certainty you need. We'll compare both with real numbers on your file rather than a rule of thumb.