First-time home buyer
mortgage rates —
insured and often lowest.
Today’s best 5-year fixed purchase rate is 4.14% and variable 3.00%. With under 20% down your mortgage is insured — we shop that pricing across 100+ lenders.
As of Oct 24, 2026. Your rate depends on your file. O.A.C.
First-time buyer mortgage rates are typically the lowest available because insured mortgages (<20% down, CMHC-backed) remove default risk from lenders — they price these files more aggressively. A first-time buyer with a 680+ score, stable employment, and 5–19.99% down can access the same rate sheet as a fully documented salaried buyer. A broker submits one application across 100+ lenders to secure the lowest insured rate for your file.
Four reasons your first
mortgage can be your cheapest.
Insured pricing, stacked down-payment programs, and 30-year amortization — stack them right.
Insured rates are often the lowest
With under 20% down your mortgage is insured (CMHC/Sagen/Canada Guaranty). Insurance lowers the lender's risk, so insured pricing frequently beats uninsured rates on the board. We shop it across 100+ lenders.
5% down gets you in
5% on the first $500,000, 10% on the portion from $500,000 to $1.5M. Sources include savings, an FHSA, the RRSP Home Buyers' Plan, or a gift — we build the stack before you offer.
Stack the FHSA and HBP
The FHSA gives $8,000/year ($40,000 lifetime, tax-deductible and tax-free out). The HBP adds up to $60,000 from your RRSPs. Both per person — a couple can combine all four, up to ~$200,000.
30-year amortization available
Since December 15, 2024, insured first-time purchases (and new builds) qualify for a 30-year amortization. Lower monthly payment makes it easier to qualify without a rate penalty.
Four steps to your
first mortgage.
Stress test first, rate hold second,
keys third.
Get a ballpark — no bureau pull
Share your income, debts, and target price. We model the stress test (your rate + 2% or 5.25%, whichever is greater) and tell you your qualifying range — before anything touches your credit file.
Plan your down-payment stack
We map your FHSA and RRSP HBP timing so contributions are maximized before your qualifying withdrawal. Both per person — a couple stacks all four accounts for up to ~$200,000.
Pre-approval + rate hold
A formal pre-approval locks your rate for 90–120 days (lender-set). If rates drop before closing, most lenders honour the lower rate. You shop knowing your ceiling and your rate.
Close — keys in hand
We handle the lender submission, condition clearance, and lawyer coordination. Most A-lender files close in 3–5 weeks from approval. We also budget first-time land-transfer-tax rebates into your full cash-to-close.
We help first-time buyers
across every scenario.
Tap your situation to see how we approach it.
If you’re…You have 5% saved and want to buy now
You have 5% saved and want to buy now
Insured pricing is often the lowest on the board because the insurance lowers the lender's risk. We shop it across 100+ lenders and model the all-in cost including the CMHC premium.
Get my insured rateIf you’re…You're building your down payment with an FHSA
You're building your down payment with an FHSA
The FHSA gives $8,000/year ($40,000 lifetime). Contributions are tax-deductible; qualifying withdrawals are tax-free. We build the contribution and withdrawal timing into your plan so every dollar counts.
Plan my FHSAIf you’re…You want to combine the FHSA and the RRSP HBP
You want to combine the FHSA and the RRSP HBP
They stack. FHSA gives up to $40,000 tax-free and the HBP adds up to $60,000 per person — a couple can combine all four accounts for up to ~$200,000 toward a down payment.
Model my stackIf you’re…You're unsure how much home you can afford
You're unsure how much home you can afford
You qualify at the greater of your rate + 2% or 5.25%, not your actual rate. We simulate the stress test before you write an offer so your pre-approval holds when it matters.
Run the affordability calculatorIf you’re…You're a newcomer buying your first Canadian home
You're a newcomer buying your first Canadian home
Several lenders accept international credit history and offer newcomer programs for first-time buyers. We match your file to the right lender — often without a Canadian credit score.
See newcomer optionsIf you’re…You want to understand the full cash-to-close
You want to understand the full cash-to-close
Beyond the down payment: CMHC premium (financed in), land transfer tax (with first-time rebates), legal fees, and ~1.5–4% in closing costs. We budget every line before you offer.
Calculate land transfer tax5% down now vs.
waiting to save 20%.
Appreciation can outpace the cost of the CMHC premium — and insured rates are often lower.
- Purchase price$700,000
- Down payment$35,000 (5%)
- CMHC premium~$26,600 (financed)
- Illustrative rate4.14% (insured)
- Monthly payment~$3,640
- In the home nowToday
- Target price (at 5% annual growth)~$810,000
- Down payment required$162,000 (20%)
- CMHC premium$0
- Illustrative rate4.39% (uninsured)
- Additional rent paid~$36,000 (2 yr)
- In the home by~2 yrs later
Illustrative only — assumes 5% annual property appreciation and does not account for individual tax, market, or rate changes. Try the down payment calculator.
Common questions,
clear answers.
Insured rates, stress test, FHSA, HBP — answered plainly.
Do first-time buyers get better mortgage rates?
Often, yes. Buyers with under 20% down take an insured mortgage, and insured rates are usually the lowest on the market because the insurance lowers the lender's risk. So a 5%-down first-time buyer frequently beats a 20%-down rate (the insurance premium is the trade-off). We shop insured pricing across 100+ lenders.
What's the minimum down payment for a first-time buyer?
5% on the first $500,000 of price and 10% on the portion from $500,000 up to $1.5M; at $1.5M or more you need 20% down1. Sources can include savings, an FHSA, the RRSP Home Buyers' Plan, or a gift. See our down payment calculator.
How do I lock a first-time buyer rate?
Get a pre-approval. Most lenders include a rate hold, commonly 90 to 120 days depending on the lender, so a rising market can't catch you while you shop, and many lenders will honour a lower rate if rates drop. No bureau pull for a ballpark with Maya.
What programs help first-time buyers?
The main ones are the FHSA (tax-deductible contributions, tax-free qualifying withdrawals), the RRSP Home Buyers' Plan, first-time-buyer land-transfer-tax rebates, and 30-year amortization on insured first-time purchases3. The federal First-Time Home Buyer Incentive closed to new applications on March 21, 20246. See our first-time buyer page.
What rate am I actually qualified at — the stress test?
You qualify at the greater of your contract rate + 2% or 5.25%2. For example, an illustrative 4.39% contract rate is tested at 6.39%. That qualifying rate, not your real rate, sets your maximum. With under 20% down (an insured mortgage) the same test applies at every lender, credit unions included. We simulate it before you write an offer so your pre-approval holds.
Can I stack the FHSA and the RRSP Home Buyers' Plan?
Yes, they stack. The FHSA gives up to $8,000 of room a year ($40,000 lifetime), tax-deductible going in and tax-free coming out on a qualifying withdrawal4. The HBP lets you withdraw up to $60,000 from your RRSPs, repaid over 15 years5. Both are per person, so a couple can combine all four. We build the contribution and withdrawal timing into your plan.
First-time buyer rates by city
Our first-time buyer specialists serve markets across Ontario — find a broker in your city.
We’ll try to beat your rate.
If we can’t, we pay you $500.¹
¹ Rate Beat: eligible Big-6 bank written offers only · same product, term & amount · $500 paid to you or your nominated charity at closing · conditions apply