What You Need to Know as a First-Time Buyer

Purchasing your first home is one of the biggest financial steps you’ll ever take. Between lender options, down payments, and approval requirements, it’s easy to feel lost. That’s where I come in.

At Myplace Mortgages, I’ve built a streamlined process that helps you understand every step clearly — without endless paperwork or confusing bank jargon. You’ll know exactly how much you qualify for, what your payments will look like, and which lender options fit your goals best.

From your first conversation to the day you get the keys, you’ll have a trusted local expert guiding you the entire way.

Down Payment & Costs Explained

Here’s a quick breakdown of what most first-time buyers in BC can expect right now:

• 5% down payment on the first $500,000 of a home’s price
• 10% down on any portion between $500,000 and $1,500,000
• 20% down usually required on homes over $1,500,000

I’ll help you confirm which tier you fall into and what funds you can use — savings, a gift from family, or your RRSP through the Home Buyers’ Plan.

We’ll also go over closing costs such as legal fees, property tax adjustments, and inspections so there are no surprises on possession day.

Your Verified Approval Advantage

In a competitive market, a simple pre-qualification isn’t always enough. That’s why I offer a Verified Approval — a lender-reviewed confirmation of your financing power that gives you the confidence to make a strong offer when you find the right home.

This isn’t a basic calculator result; it’s a complete, underwritten approval so sellers and realtors know you’re ready. It helps you shop smarter, negotiate stronger, and close faster.

First-Time Home Buyer Incentives in BC

There are several programs designed to make home ownership more accessible. I’ll guide you through each one and help you determine your eligibility.

• Federal First-Time Home Buyer Incentive (FTHBI) — shared-equity program with the Government of Canada
• Property Transfer Tax Exemption (BC) — removes a major upfront cost for eligible buyers
• RRSP Home Buyers’ Plan — use up to $35,000 from your RRSP tax-free toward your down payment

Each program has its own requirements, and combining them effectively can save you thousands.

Learn more about BC’s First-Time Home Buyer Incentives »

How to Get Pre-Approved Quickly

Getting started doesn’t need to take weeks. My process is designed for efficiency and accuracy.

1. Quick discovery call or text – Tell me what you’re buying, your price range, and your timeline.
2. Secure online document upload – Simple and private.
3. Verified Approval – Usually within a business day, so you can shop confidently.

You’ll always know what stage you’re at and what comes next — no chasing, no surprises.

Common Mistakes First-Time Buyers Can Avoid

Many first-time buyers fall into the same traps:

• Shopping without a true pre-approval
• Forgetting to budget for closing costs
• Focusing only on rate, not overall lender fit
• Making large financial moves right before closing

I’ll help you avoid every one of these. My job is to protect your approval, not just process it.

Your Local Mortgage Expert in the Kootenays

I live and work right here in Cranbrook, and I know what makes our local market unique — from smaller lenders who understand rural properties to appraisers and realtors I trust.

Whether you’re buying in Kimberley, Fernie, Invermere, Creston, or anywhere across BC, I’ll guide you through your first purchase with the same personal attention that’s made Myplace Mortgages the best-reviewed brokerage in the Kootenays.

Ready to Get Started?

Buying your first home doesn’t have to be complicated — you just need the right plan and the right broker in your corner. Text me your situation or email me and I’ll tell you exactly what you qualify for.