Buying Your First Home

Buying your very first home is something you’ll always remember. Getting the keys and walking in is something to be savoured. There’s a lot to know as a first-time homebuyer, so here are some helpful insights to get you going.

It’s important to have safeguards in place when it comes to your mortgage. A useful consideration to keep in mind is mortgage credit insurance because it can help you in unexpected situations. But what is mortgage credit insurance? Well, it’s a type of insurance offered by mortgage lenders that we simply call Credit Protection.

TD Mortgage Protection can help financially protect your family should you pass away as a result of a covered condition, get a terminal illness or suffer a covered accidental dismemberment1. It could also help protect you and your family if you suffer an unexpected but covered critical illness2. While every case is different, and critical illnesses must be specifically covered, there is a wide range of situations in which a portion, or all, of your mortgage may be covered by TD Mortgage Protection1.

Let’s also look at other factors, tips and useful information that first-time homebuyers may want to know.

Mortgage types and rates

There are various types of mortgages and rates to consider when buying a home. To any first-time buyer, getting to know all of them can all seem a little intimidating. But, just like with anything else, it gets easier as you learn. To learn about different types of mortgages, check out the collected information from the Financial Services Commission of Ontario. We’d recommend first getting acquainted with the difference between a fixed- and variable-rate mortgage. Starting with a solid base concept like this is a good first step for any learning endeavour.

Purchase fees and first-time buyer discounts

As a first-time homebuyer, it might feel like there’s a huge collection of mortgage knowledge that’s working against you. And while that might be true until you familiarize yourself with it, there is available help already. The Government of Canada offers an incentive to help first-time buyers finally buy their first home — and it can help you too.

But beyond all that, it’s also useful to learn the various fees and taxes associated with buying a home. Things like legal fees, land transfer tax, GST/HST and adjustment costs might sound intimidating at first, but once you come to understand what they mean and how they impact your home-buying process, they become much less of a barrier.

Speak to the specialists

Getting some reassurance could make your buying decision a little easier. That’s where a mortgage professional can come in handy. Speaking to a TD Mortgage specialist can really help you get a handle on how mortgages work.

They’ll be able to provide you with all the right information and help you learn more about buying a home and choosing a mortgage that’s right for you.

Consider mortgage credit insurance

When you’re buying a home, it’s always good to have the right insurance coverage.

Since a mortgage is often your biggest monthly expense, doesn’t it make sense to have coverage for it? TD Credit Protection could help by covering the cost of all, or part, of your mortgage — helping to alleviate your biggest financial obligation for either you or your loved ones during an extremely difficult time.

Use our Credit Protection Assessment Tool to better understand what your needs are when it comes to mortgage credit insurance and how a covered critical life event could impact your finances.

Thinking ahead

Using reliable resources to improve your mortgage knowledge, speaking to the right specialists and purchasing mortgage credit insurance like TD Credit Protection are all good steps to take when you’re a first-time homebuyer. In fact, why not talk to a TD Mortgage specialist or schedule a call today and help make mortgages more familiar to you.