First-Time Home Buyer’s Guide

Buying your first home is exciting—but it can also feel overwhelming if you don’t know where to start. At SMM Mortgage, we make the process simple, clear, and stress-free. Our First-Time Home Buyer’s Guide walks you step-by-step through everything you need to know—from understanding your budget, to choosing the right mortgage, to getting the keys to your new home. Whether you’re exploring mortgage options, comparing interest rates, or preparing to apply, our guide is designed to help you make confident, informed decisions.

As a direct mortgage lender, we offer competitive mortgage products designed for first-time buyers. And when needed, we also provide access to top banks, credit unions, and private lenders to ensure you get your best mortgage rate and the most flexible approval options.

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Updated Rules, Bigger Opportunities — What First-Time Buyers Need to Know

The Canadian mortgage landscape continues to evolve, and first-time home buyers now benefit from new rules that expand purchasing power. Our updated First-Time Buyer’s Guide breaks everything down in simple terms, so you can understand how these changes affect your home-buying budget.

Key Updates for First-Time Buyers

  • Insured mortgage eligibility has increased from $1M to $1.5M, helping buyers purchase more expensive properties with less than 20% down.
  • First-time buyers can now access 30-year insured amortizations, giving them lower monthly payments and added financial flexibility.*
  • Newly built homes are also eligible for extended 30-year amortizations—ideal for buyers who want new construction with manageable payments.*

*Additional insurance premiums may apply. Your SMM Mortgage expert will explain which options work best for your situation.

These updates create major advantages for first-time home buyers, especially in higher-priced markets. Whether you’re exploring condos, townhomes, detached homes, or brand-new builds, we help you understand your eligibility and maximize your purchasing power.

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Everything You Need to Buy Your First Home — Tips, Tools, Worksheets & Expert Help

Our First-Time Home Buyer’s Guide is designed to simplify the process and help you stay organized from beginning to end. It includes practical tools, worksheets, and real-world tips so you can approach your purchase with confidence and clarity.

What’s Inside the Guide

  • The guide covers every stage of purchasing your first home
  • Step-by-step checklists for every stage of the buying process
  • Budgeting tools to help you figure out your finances
  • Worksheets that prepare you for offers, negotiations, and closing
  • QR codes and clickable links for deeper learning
  • A breakdown of mortgage terms, rates, and approval requirements
  • Guidance on home inspections, legal requirements, and property searches
  • Expert tips from mortgage professionals, realtors, and lawyers

The guide covers every stage of purchasing your first home:

  1. Figure Out Your Finances
    • Understand your down payment, credit score, debt ratios, and monthly affordability.
  2. Get Mortgage Ready
    • Learn how pre-qualification and pre-approval work, and what documents lenders require.
  3. Go Home Shopping
    • What to look for, how to compare neighbourhoods, and how to assess long-term value.
  4. Finalizing the Deal
    • Offers, conditions, appraisals, closing costs, and legal steps.
  5. Your Big Move
    • Moving checklists, utilities, insurance, and post-purchase planning.

With SMM Mortgage, you’re never alone. Our team is here to explain every step and give you the support you need to move forward confidently

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Conclusion — Start Your Homeownership Journey with Confidence

Your first home is more than a purchase—it’s your future, your stability, and your next big chapter. At SMM Mortgage, we’re committed to giving first-time buyers a mortgage experience that’s simple, transparent, and empowering. Our guide provides the knowledge you need, and our expert team provides the personalized support to make it happen.

As a direct mortgage lender, we offer competitive rates, flexible approval pathways, and fast mortgage decisions. And with our access to banks, credit unions, alternative lenders, and private lenders, we ensure you get the right mortgage, at the right rate, for your unique situation.

Start your journey equipped, informed, and confident. Start it with SMM Mortgage.


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