First-Time Home Buyer Guide for Alberta

Everything you need to know before buying your first home.

Buying your first home is exciting — but figuring out mortgages, down payments, closing costs and what you can actually afford can feel like a lot.

I've put together a free guide to help make the process simpler.

What’s Inside

✓ How mortgage qualification works
✓ Fixed vs. variable rates
✓ Down payment options
✓ The FHSA & Home Buyers' Plan
✓ Closing costs to prepare for
✓ What documents you'll need
✓ Mortgage terms you'll hear along the way
✓ What happens from pre-approval to getting your keys

Your Mortgage Planning Guide from Mortgage Architects and Prairie Key Mortgages.

  • DeYour minimum down payment depends on the purchase price of the home. There are also different ways your down payment can be sourced, including savings, an FHSA, the Home Buyers' Plan or, in some situations, a gift from family.scription text goes here

  • DescripFirst-time buyers may be able to take advantage of federal programs such as the First Home Savings Account (FHSA) and the RRSP Home Buyers' Plan. Which options make sense for you depends on your individual situation.tion text goes here

  • Yes. If you qualify, you can use funds from both an FHSA and the Home Buyers' Plan toward the same home purchase.n text goes here

  • Yes. A mortgage pre-approval gives you a much better idea of the price range you can comfortably consider and can uncover potential issues before you make an offer.

  • You don't need to wait until you're ready to buy. If homeownership is 6–12 months away, talking to a mortgage broker early can give you time to work on your credit, down payment, debt or other areas that may affect your qualification.