Buying your first home is a big deal, and we’re here to make your dream of owning a home come true. It might feel a bit confusing at first, but don’t worry, we’re with you through every step. We’ll help you understand things like mortgages and real estate in simple terms. Think of us as your experts, guiding you on this journey to buying your first home.

Your step-by-step guide to buying your first home

The step-by-step guide below is a comprehensive guide tailored to support you at every stage of your homebuying journey - from research to buying. While some may prefer a hands-on approach, remember that we're here for you every step of the way. Feel free to dive into the process independently, but don't hesitate to reach out to us whenever you need guidance. Together, let's navigate through each step, starting with the first, and transforming your dream home into reality.

Step 1

Assess your finances

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You need a credit score of at least 600 to get a mortgage (700 or more is even better). You can access your credit report online for free from Equifax and TransUnion.

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Use our budget calculator to see what you may be comfortable spending on a mortgage payment each month.

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Save at least 5% of the home price for a down payment. You’ll also need to show you have 1.5% of the purchase price of a home for closing costs (e.g., lawyer fees, etc.). Consider saving this money in a First Home Savings Account to benefit from income tax deductions and tax-free savings.

Step 2

Think about your budget

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Use our Mortgage Affordability calculator to see how much money you can potentially borrow to buy a home. The calculator looks at your income, debt and living expenses and is for illustration purposes only.

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Think about the extra costs of owning a home including property taxes, home insurance, and maintenance.

Step 3

Get pre-approved for a mortgage

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Before you start house shopping, contact a Mobile Mortgage Specialist or financial advisor to help understand the types of mortgages available, how mortgages work, and to get pre-approved.

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Think about how long you want to take to pay off your mortgage and pick a payment schedule that you’re comfortable with.

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Choose between a fixed or variable mortgage and an open or closed mortgage.

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Lock in your mortgage interest rate for 120 days (about 4 months) with our 120-day rate guarantee.

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Consider saving for some of those extra costs such as home insurance and maintenance, using a savings account or short-term deposit.

Step 4

Hire a realtor and start house hunting

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Look for a local real estate agent by either asking your family and friends for recommendations or searching the Saskatchewan Realtor database.

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Share with your realtor:

Your pre-approved budget, so you don’t view houses that are too expensive.

Your must-haves, such as number of bedrooms or bathrooms.

The type of home you want, such as single-family home, condo, townhouse, etc.

The nice-to-haves, such as modern appliances, etc.

Your preferred neighbourhood(s). Consider things such as distance to different amenities, schools, etc.

Step 5

Finalize an offer and agreement

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Work with your real estate agent to submit an offer, which should include:

How much you’re willing to pay for the home.

The deposit amount and closing date.

Any items you want included with the home, such as blinds or appliances.

Any conditions, such as a title search or home inspection. 

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Connect with a lawyer to review the agreement terms, check property records, and help with title transfers when closing the deal.

Step 6

Finish your mortgage application with us

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Contact your Mobile Mortgage Specialist or financial advisor to complete your mortgage application.

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Discuss the different types of insurance you can get, including fire insurance, mortgage protection insurance, etc.

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Confirm your amortization, payment schedule, and interest rate.

Step 7

Complete home inspection and remove conditions

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Hire a qualified home inspector to look at the home and prepare a report that outlines the home’s condition.

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If the report suggests making repairs, talk with your realtor, lawyer, and the seller about them. If all looks good, remove the conditions and the deal can go ahead to closing.

Step 8

Finalize all the steps to move in

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Review your closing disclosure to understand your closing costs, including any title transfer fees, lawyer fees, etc.

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Secure fire insurance.  

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Sign any extra paperwork needed for closing.

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Just before taking possession of the home, do a walk-through to make sure everything is okay. If not, work with your realtor to address the issue(s).

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Set up your utilities, such as power, water, and internet.

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Plan for ongoing maintenance and improvements, saving 1% of your home’s purchase price each year to a Savings Account or Tax Free Savings Account.

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Supports and grants for first-time homebuyers (including newcomers to Canada)

  • First Time Homebuyers’ Tax Credit (Saskatchewan)

  • CRA Home Buyers Program

  • Metis Nation – Saskatchewan First-Time Home Buyers Program

  • SAGEN New to Canada Program

Meet our Mobile Mortgage Specialists

As a first-time homebuyer, we understand the importance of flexibility. Our Mobile Mortgage Specialists bring the branch to you, accommodating your schedule and providing personalized service, ensuring you can easily navigate the journey to your first home without any unnecessary stress.

Tools & Resources


Calculate your payment or mortgage amount.

Money Advice for Life

Tips for reducing the stress of buying a house.

Have questions? That’s what we’re here for!

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Give us a call

Have questions about which mortgage option is most suitable for you?

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Connect with us

Ready to start your homeownership journey? Fill out this form and one of our Mobile Mortgage Specialists or Financial advisors will be in touch shortly.