Mortgage Solutions for First Time Buyers

Our step-by-step mortgage assistance ensures that you understand every stage, from pre-approval to closing. Whether you need guidance on down payments or mortgage rates, our team is here to help.

Applying won’t affect your credit score

Your First Home Starts Here

Buying your first home is an exciting milestone, but it can also feel overwhelming. At The Source, we simplify the process by providing expert guidance and tailored mortgage solutions that help you secure your dream home with confidence.

Expert Support for First Time Buyers

Pre-Approval Help

Strengthen your home-buying power

Mortgage Rates

Competitive flexible options

Dedicated Service

Support along the whole way

Mortgage Pre-Approval

Strengthen Your Buying Power

A mortgage pre-approval shows sellers that you’re a serious buyer and helps you determine how much home you can afford.

Benefits of getting pre-approved with The Source:

  • Know your budget before you start shopping

  • Lock in an interest rate for up to 120 days

  • Make stronger offers with confidence in your financing

Our pre-approval process is fast, easy, and can be done online.

Curious About Mortgage Rates?

We help you assess your budget, risk tolerance, and financial goals to choose the best mortgage rate for your needs.

First Time Homebuyers FAQ

  • The minimum down payment required depends on the price of the home. In Canada:

    • 5% down is required for homes up

    • 10% down is needed on the portion of the home price between $500,000 and $999,999

    • 20% down is required for homes priced at $1 million or more

      If you’re a first-time homebuyer, you may qualify for government incentives and programs to help with your down payment.

  • Beyond your down payment, there are additional costs to consider when purchasing a home, including:

    • Closing costs (typically 1.5% to 4% of the home’s price)

    • Land transfer tax (varies by province, with rebates available for first-time buyers)

    • Legal fees for completing the transaction

    • Home inspection and appraisal costs

    • Mortgage insurance (if your down payment is less than 20%)

    Planning for these expenses will ensure a smooth homebuying process.

  • A mortgage pre-approval helps you determine how much you can borrow and strengthens your position when making an offer. The process involves:

    • Submitting basic financial details, including income and credit history.

    • Reviewing mortgage options and interest rates.

    • Locking in a rate (typically for 90-120 days).

    Pre-approval allows you to shop with confidence, knowing your budget and financing options.

  • Canada offers several programs to help first-time buyers enter the housing market, including:

    • First-Time Home Buyer Incentive – A shared-equity program that reduces your monthly mortgage payments.

    • Home Buyers’ Plan (HBP) – Allows you to withdraw up to $35,000 from your RRSP tax-free for a down payment.

    • Land Transfer Tax Rebates – Available in certain provinces and municipalities.

    Understanding these programs can help lower your upfront costs and make homeownership more affordable.

Get Started on Your Homebuying Journey

Owning a home is a major milestone, and The Source is here to help you every step of the way

  • Easy online mortgage application

  • Expert guidance from start to finish

  • Flexible mortgage solutions designed for first-time buyers

Take the first step toward owning your first home today.

What our customers say about us

  • "The Source helped me secure the funds I needed quickly and easily. The process was straightforward, and their team was fantastic to work with!"

    Sarah L.

  • "I was nervous about applying for an unsecured loan, but The Source made it stress-free. They explained everything clearly and got me approved in no time!"

    Mark T.

  • "Thanks to The Source, I’ve consolidated my debt into one manageable payment. It’s such a relief to finally feel in control of my finances -thank you!"

    Emily R.

  • "The Source's credit help services were a lifesaver. They guided me through improving my credit score and qualifying for better loan options."

    James K.

  • "Getting a HELOC with The Source was a game-changer for our home renovations. The terms were great, and the funds were there when we needed them."

    Lisa M.

  • "I needed a second mortgage for some big expenses, and The Source delivered. Their team made the process smooth and hassle-free."

    Hirad W.

  • "When an emergency came up, The Source came through for me. Fast approval, great service, and peace of mind when I needed it most."

    Jessica P.

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