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First-Time Home Buyer

Cashin Mortgages network of lenders, appraisers, lawyers and investment advisors is remarkable. Our partners are valuable guides for first-time home buyers unfamiliar with the mortgage process. Our network of dedicated individuals will apply their extensive knowledge to ensure your experience is the best it can possibly be. We’ll find you the best interest rate in the market place.

At Cashin Mortgages, there is no such thing as a stupid question. We answer any question you have clearly and ensure that you understand the answer in its entirety. With Cashin Mortgages, first-time homebuyers leave their mortgage experience with confidence and the ability to share their newfound knowledge with others . Here are some key factors of the home-buying experience explained:

first time home buyer ontario

1. Pre-Approval

Pre-approval is the first official step of mortgage application. One of our Mortgage Consultants will help you with your mortgage application and then research the market to find out which Bank/Mortgage Lender offers what you need, how much you can qualify for and the best interest rates available to you. Our skilled team can get you an official pre-approval within hours. The strength of our relationships with lenders allows us to hold your interest rate at its lowest point for up to 120 days without rate increases.

2. Find a home - Offer to Purchase

A pre-approval does not lock you into a mortgage. It serves to outline your price range and to secure an interest rate while you find your home. Once you find your home, you submit an Offer to Purchase (your Real Estate agent will cover this). When your offer is accepted, your Offer to Purchase becomes conditional. The standard life span of a conditional Offer to Purchase is 7 days. During this period, the home purchaser(s) obtain a full mortgage approval, have the potential property inspected and ensure there are no underlying issues with the home.

3. Full Approval

Once you are confident you’ve found your home, our team locates a lender that will loan you the money to purchase the home at your pre-established interest rate. A full mortgage approval usually takes between 24 and 48 hours. Yes, it’s that fast, our relationships with the Banks and Mortgage Lenders are for your benefit.

Cashin Mortgages places most mortgages in Canada compared to any other mortgage-brokerage firm. As a result, your mortgage application gets placed at the top of the pile and is processed quickly. In a short time, it’s in your hands and ready to sign.

4. Appraisal and Down Payment

An appraisal is only needed for Conventional Mortgages. A Conventional mortgage is when, as the buyer, you put 20% or more down on your home’s purchase price.

Don’t have 20%? Don’t worry. For buyers that don’t put 20% or more down on the purchase price, the mortgage is subject to CMHC or GE (Genworth) Insurance premiums that the Banks and Mortgage Lenders obtain for your mortgage.

This premium is intended to protect the lender from higher risk mortgage loans. As a first-time home buyer, you have the ability to put as little as 5% down and even $0 down, provided you meet the necessary qualifications. For more information, please call us – a mortgage consultant will outline your mortgage options.

5. Paperwork

Paperwork is an essential aspect of the mortgage process – you can’t avoid it. The amount of paperwork you’ll be required to complete will vary and depends on your mortgage type and your mortgage lender. Prior to joining Cashin Mortgages, we will review in full detail all required paperwork. Necessary paperwork usually relates to employment, income and down payment confirmation.

5. Lawyer

A Lawyer is required to represent you when you purchase a home. Your lawyer receives and pays out the money you borrow and closes your mortgage on the assigned date. Your lawyer informs you of your legal responsibilities in the mortgage process and manages your closing costs (i.e. transfer taxes and property tax set-up).

You will find that your first-home purchase both excites and overwhelms. Thankfully, Cashin Mortgages strives to make your mortgage experience positive and is by your side from the day you start through to the day you’re mortgage free.


Ready to take the next step?  Book a call with us today and let’s discuss your financial goals. Your future starts now! Or, give us a call at 416.655.CASH (2274) directly for immediate assistance.

A first-time homebuyer is someone who has never owned a home or has not owned one in the past three year.

First-time homebuyers may qualify for special mortgage programs with lower down payment requirements and potentially lower interest rates

The First-Time Home Buyer Incentive is a program initiated by the Government of Canada to help first-time homebuyers enter the housing market. It provides eligible individuals with a shared equity mortgage, reducing the upfront costs associated with purchasing a home.

Under the FTHBI, the government contributes a certain percentage towards the purchase price of the home, effectively reducing the amount you need to borrow and lowering your monthly mortgage payments. The incentive is repayable over time but only when you sell your home or after 25 years.

Tools & Resources

Looking for Homebuying resources?

Check out all of Cashin Mortgages homebuying tools and resources to help you with your homebuying journey.


  • Mortgage Calculator – explore interest rates, payment frequency, amortization choices, and more
  • Mortgage Refinance Calculator – our mortgage refinance calculator to assess potential savings, monthly payment changes, and your refinancing options.


  • Mortgage Glossary – Our Mortgage Glossary Page is your ultimate reference for all things mortgage-related. 

Ready to make your dream of homeownership a reality?

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