Buying your first home can turn a simple question—“Could we do this?”—into dozens of decisions. There is the property itself, but also the deposit, monthly costs, paperwork and timing. A useful starting point is to separate the decisions you can prepare for now from the ones that depend on a specific property and lender.

This guide is a planning framework. It is not an estimate of what you will be approved to borrow. The aim is to help you arrive at your first mortgage conversation with a clearer picture of your own priorities.

Start with the life you want to afford

Before working backwards from a house price, write down a monthly housing amount that feels sustainable. Keep your everyday spending visible: groceries, transport, childcare, savings and the activities you want to keep. A home can be affordable on paper while leaving very little room for the way you actually live.

Try building three versions of your budget: comfortable, stretched and unexpectedly expensive. In the last version, add a repair or a temporary income reduction. This is a personal planning exercise, not a lender calculation. It helps identify which assumptions you would want to discuss before committing.

Separate your down payment from the rest of your cash

Canada’s minimum down-payment rules depend on the purchase price, and mortgage insurance requirements may also apply. Check the current FCAC guidance linked below and have the requirements confirmed for your transaction. A minimum down payment is not the same as your complete purchase budget.

Create separate amounts for the down payment, closing expenses, moving and a reserve after you receive the keys. Ask for a transaction-specific estimate of legal costs, adjustments and other charges. A lump sum labelled “house savings” can hide how little would remain once those items are paid.

Use preapproval as a planning step

A preapproval can help you understand a potential borrowing range, but it does not guarantee final mortgage approval. Your circumstances and the selected property still matter. Ask what has actually been reviewed, what conditions remain and whether any rate hold has an expiry date.

Write the answers in a short note you can revisit during your property search. “We have spoken to someone” is not as useful as “these documents have been reviewed, these questions remain, and this is our next deadline.”

Give your search a clear set of boundaries

List three things you need, three things you would like and three things you can compromise on. Include location and travel costs as well as the building. This does not determine your mortgage eligibility; it makes it easier to avoid a property that only works if every other part of your budget changes.

Keep a small comparison sheet for shortlisted homes. Add the purchase price, estimated ongoing costs and any unanswered questions. Compare the whole picture rather than the asking price alone.

Questions to ask before an offer

  • Which financing conditions should I discuss with my real estate and legal advisers?
  • What documents are still outstanding, and who needs them?
  • What happens if the property appraisal or review raises a concern?
  • How much cash should remain available after closing?
  • What changes in my circumstances should I report immediately?

A simple way to prepare this week

Set aside one hour to organise your budget and your questions. You do not need a perfect spreadsheet. A readable summary of income, regular spending, savings and goals is a useful starting point. Keep financial documents private and ask how to share them securely when they are requested.

The objective is not to make every decision before speaking with someone. It is to make the first conversation specific enough that you can leave with a realistic next step.

Your next step

If you would like to talk through your own situation, contact Aky Abrol at Artisan Mortgages. Bring your questions and your priorities; a useful first conversation starts with understanding what you want to achieve.

Further reading

Prepared using official resources checked on 19 October 2026. General educational information, not a lending commitment or personalised financial, tax or legal advice. Rules and lender requirements can change. Have Aky review this draft and its sources before publishing.

This article provides general information. Mortgage options and eligibility depend on your circumstances and lender requirements. Speak with Aky about your situation.