In this episode of The Mortgage Den, host Nick Da Silva, Principal Broker at Northwood Mortgage, sits down with Brian Greenwood, one of Northwood’s top mortgage agents, to break down everything first-time home buyers in Canada need to know before buying a home. We cover the most common mistakes first-time buyers make, from underestimating down payments and closing costs to misunderstanding mortgage pre-approvals, debt load, and credit scores. Brian explains how early buyers should start planning, how much home you can realistically afford, and why budgeting for property taxes, insurance, and utilities is critical. This episode also dives into government incentives for first-time buyers, including land transfer tax rebates, 30-year amortizations for insured mortgages, RRSP withdrawals, First Home Savings Accounts (FHSA), and how interest rates impact affordability. Whether you’re buying now or planning for the next few years, this conversation gives you a realistic roadmap to homeownership.
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