First time buyers
Enjoy the satisfaction of saving money with our great rates and access to the best mortgage products - the first time!
Sherwood Mortgage Group has helped thousands of first time buyers find the right mortgage for their needs & budget!
Congratulations! You've decided to dive into the world of home ownership. Home ownership is one of the biggest and most important milestones in your life. With Sherwood Mortgage Group, you can have confidence you're making the right mortgage decisions the first time.
As a first time buyer, a dedicated mortgage broker & agent will guide you with expert advice and options to help you on your new journey.
Sherwood's expert mortgage agents keep the financial side of the home ownership journey simple and straightforward, providing exceptional service, ongoing guidance, and access to exclusive mortgage rates in Canada.
We'll help you finance the perfect property - so you can focus on making it a home.
A stress-free process from beginning to end
We've broken down your first time buyer experience into 7 main points
- Obtain a mortgage pre-approval - we can't emphasize this enough! Getting a mortgage pre-approval prior to house hunting will help you stay within your budget
- Make an Offer: Fantastic -you found your dream home! A deposit will be required when your realtor submits an offer
- Home Inspection: we highly recommend ordering a home inspection as a condition on purchase
- Mortgage approval & Appraisal - we'll review the mortgage commitment with you and help you decipher the small print
- Down Payment
- Closing Costs - remember to budget for legal fees, taxes and moving costs
- Beyond possession - It's moving day!
This is our neighbourhood
Learn why Sherwood Mortgage Group is the preferred mortgage brokerage for thousands of Canadians. Contact us today to learn more about the mortgage process, and how a Sherwood mortgage broker can help you find the best rates and mortgage product for your needs
FAQ
Do I really need a mortgage pre-approval?
The short answer: yes. We firmly believe that a mortgage pre-approval will not only identify the exact amount you can safely qualify for, it will also provide invaluable information associated with any mortgage conditions, supporting documents required and closing costs.
What are the costs to consider when saving for my first home?
Your biggest cost: the downpayment. Which is actually not a cost at all. Think of it as shifting your investments over to real estate. You're investing in your home!
Other costs involved with purchasing your first property:
- a home inspection
- an appraisal
- legal fees
- title insurance
- land transfer tax (depending on the province you're buying in)
Are there any first time homebuyer incentives or assistance programs?
Yes. These may come in the form of tax credits and incentives. Currently, there is the Tax-Free Home Savings Account (FHSA) and the Home Buyers Plan. Some provinces have their own incentives, like the Land Transfer Tax Refunds available in Ontario.
What's the difference between a home inspection and an appraisal?
We recommend a home inspection as part of the home buying process. A certified home inspector can assess the condition of the home, and provide reports detailing areas that require repair or attention.
An appraisal, usually an essential component of mortgage financing, is requested by the lender upon approval. Lenders gauge the actual value of the home based on the appraisal report.
What documents will I need to provide when I apply for a mortgage?
Every mortgage application is unique and will require different documents. In general, there are 3 categories:
1. income verification
2. downpayment verification
3. property details
Get the mortgage help you need
We're here to assist Canadians with one of the most important financial decisions of their lives