Buying your first home is exciting — but it can also feel overwhelming if you don’t understand the process or what lenders expect from you. Preparation is the key to staying confident, organized, and financially ready as you enter the market for the first time.

See how these seven fundamentals can help you buy smarter and avoid costly mistakes. 👇

These tips will help you strengthen your approval, protect your budget, and prepare for long-term homeownership success.

1️⃣ Strengthen Your Credit Score

A higher credit score unlocks better rates and more lender options. 

✔️ check your credit report for errors 

✔️ pay every bill on time 

✔️ keep balances below 30% of limits 

✔️ avoid applying for new credit 

Improving your credit early makes qualifying easier and reduces your borrowing costs.

2️⃣ Determine How Much You Can Afford

Your home should fit comfortably within your budget. 

✔️ lenders expect housing costs within 32–39% of income 

✔️ total debts should stay within 38–44% of income 

✔️ test-drive your future payments by saving the difference 

A mortgage broker can help you calculate a realistic price range and secure a firm pre-approval.

3️⃣ Plan to Stay in the Home for 3–5 Years

Buying and selling too quickly can be costly. 

✔️ legal fees and closing costs 

✔️ real estate commissions 

✔️ potential market fluctuations 

If you’ll need to move again soon, waiting may be the better financial choice.

4️⃣ Buy the Right Amount of Home

Too big or too small can both create problems. 

✔️ small homes may require moving again 

✔️ large homes come with higher taxes and utilities 

✔️ location often matters more than size 

Choose a home that meets your needs now and accommodates future lifestyle changes.

5️⃣ Build a Strong Savings Cushion

Savings matter beyond the down payment. 

✔️ aim for 20% down to avoid mortgage insurance 

✔️ maintain 3–5 months of emergency savings 

✔️ show financial stability to lenders 

A solid savings history strengthens your application and reduces risk.

6️⃣ Budget for Closing Costs

These expenses can add up quickly. 

✔️ legal fees 

✔️ appraisal 

✔️ insurance 

✔️ provincial land transfer tax (rates vary by region) 

Expect closing costs to fall between 1% and 3% of the purchase price.

7️⃣ Choose the Right Realtor

A great realtor advocates for your best interests. 

✔️ interview multiple agents 

✔️ seek referrals from trusted sources 

✔️ choose someone experienced in your target area 

A strong realtor helps you avoid bad properties and negotiate confidently.

💬 Final Thought

Your first home purchase becomes far less stressful when you prepare in advance, strengthen your finances, and surround yourself with the right professionals. With proper guidance, the process becomes clear, manageable, and rewarding.

If you’d like us to walk you through your buying strategy and secure a strong pre-approval, send The Frontline Mortgage Group a message anytime.