First-Time Home Buyers

We help to make owning your first home possible.

We know as a first-time home buyer that you may have questions and want an expert to be there to guide you through the mortgage and home buying process. Our Mainstreet advisors will be there by your side helping you step-by-step in finding the right home and mortgage for you.

In this competitive market you need a mortgage and financial provider that will give you good advice, a great mortgage-rate, and flexible payment options.

Things to consider when purchasing your first home.

What are you looking for?

Decide what you are looking for in your new home. Create a list of needs and wants to help you see what is important to you.

Get "Pre-approved/Pre-qualified"

Pre-approval will help you to understand what price range to search within when shopping for your first home and allows you to be prepared so you can act quickly when you find the right home and want to make an offer. We will help you with this step and help outline what the mortgage costs and payments will be with different house prices and mortgage options.

Get House Hunting

Discover what your area has to offer for real estate and find the perfect home to suit your needs.

Finalize your Mortgage

Once you find your home sweet home and the sellers have accepted your offer, its time to finalize your mortgage. If your offer is accepted (and we have already done the pre- approval process), you or your realtor just need to send your Mainstreet advisor the accepted offer paperwork and we will finish the mortgage process from here.

Protect your home

Insure your most expensive asset! Ensure your home is insured for fire, theft, and more. Talk to a Mainstreet advisor for a referral or speak to an insurance representative in your area.

Mortgage Choices

There are many mortgage options to choose from when you are building your perfect mortgage. Learn more here and have a Mainstreet advisor walk you through the options as well.

Fixed rate

The interest rate and amount of your payment will not change during your mortgage term.

Perfect for people who like to budget and know payments are consistent.

Variable rate

With choosing a variable interest rate the amount you pay can go up and down depending on changes to interest rates/prime rate.

Perfect for people who want to take a chance that rates will go down and have some flexibility in what they will pay.

Fixed & variable rate

A mortgage with a combination of fixed and variable rate components

Perfect for those who want the security of a fixed rate and the flexibility of a variable rate

Monthly

You make 12 mortgage payments annually that land on the same date from month to month.

Perfect for people who want only one payment a month

Semi-monthly

The amount that you would monthly is divided into 2 payments that you would pay twice monthly or 24 times annually

Perfect for anyone paid on a semi monthly pay schedule

Bi-weekly

The amount that you would pay monthly is divided into biweekly payments or 26 times annually.

Perfect for those paid bi weekly who are interested in paying more interest off on their mortgage. The greater the payment frequency, the less interest you pay overall.

Accelerated bi-weekly

The amount that you would pay monthly is divided into biweekly payments paid 26 times annually. With this option payments are increased slightly to amount to roughly one extra mortgage payment annually, resulting in paying off your mortgage more quickly.

Perfect for those who like to make consistent payments while paying a little extra off their mortgage. A little extra goes a long way.

Weekly

Your monthly payment amount is divided for equal weekly payments

Perfect for people who like regimented payments. The frequent payments help to pay down your interest resulting in paying your mortgage more quickly.

Accelerated weekly

Your monthly mortgage payment is divided by 12 multiplied by 12 months and divided into 52 equal weekly payments. With this option payments are increased slightly to amount to roughly one extra mortgage payment annually, resulting in paying off your mortgage more quickly.

Perfect for people who like regimented payments and want to pay off their mortgage faster than anticipated.

Amortization Period

The total length of time it will take to pay off a loan.

This will vary based on how long you want to have a mortgage and what you can afford. A 25 year amortization period is popular among first time home buyers.

Term lengths

The length of time you are agreeing to the current mortgage conditions including rate, payment schedule etc.

A popular term length is usually 5 years at which time you would start up another mortgage term with what the rate is at that time. This would continue until your mortgage amount is paid in full. When your term is up for renewal this is often the time when people check rates at various providers to make sure they have the best mortgage, rate and advice for their needs.

Mainstreet mortgages can be customized to you and your unique needs.

Apply and lock-in a great rate for 90 days! If the rate lowers during that time you automatically get the better rate!
Have a Mainstreet advisor available to walk you through all the steps, provide advice, and easy to reach for any of your questions along the way.
Mainstreet mortgages have built in flexibility. Switch your variable rate to fixed rate mortgage at any time. Planning to move or make other life changes? Speak to your advisor about porting your mortgage and other available options to fit your needs.
Payment flexibility. Maybe you'll go with smaller payments weekly, or the full amount once per month (or something in-between). There are also options for the overall length of time you'll take to pay your mortgage off (amortization period).
Choose from a selection of free chequing accounts, with a mortgage, or any combined business at Mainstreet, of over $100,000.
Get mortgage-free sooner, and save money, with Mainstreet's generous pre-payment options. Pay up to 20% of the original principal of your mortgage each year and increase your regular payment amount.

Featured Rates

5-year fixed

2.39%

5-year variable

2.05%

More Rates

The mortgage experience can be tough as a young couple, Mainstreet was good at making things effortless for us, plus we found a financial advisor who really worked with us on our future plans and helped us move from our starter condo to our dream home.

— Derek & Andrea More Stories

Mortgage Calculators

Calculate home and mortgage affordability, mortgage payments, mortgage length and compare mortgage pricing and payment options.

TRY OUR MORTGAGE CALCULATORS

Check out these helpful resources:

What is a Fixed Rate Mortgage?

Deciding whether to go with a fixed or variable rate mortgage can be confusing. Read more.

How to save for a down payment to buy a home

Watch a video of one of our Mainstreet Financial Advisor's speaking on how to save for a down payment to buy a home. Watch now.

Why you should get pre-approved when shopping for your first home

Mortgage Insurance

For most families the biggest debt and the biggest monthly expense are one and the same thing: the mortgage. Mortgage life insurance, available on all Mainstreet mortgages, helps ensure the security of your family home in the event of loss of life.

Talk to a Mainstreet advisor about adding mortgage insurance to your home.

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