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First-time Homebuyer

 

Stop Renting. Start Owning.
with mortgage rates as low as 5.29%*!

Buying your first home is an exciting milestone, but also one of the most important financial decisions you will make in your life. We're here to help make the home buying process simple!
*Some conditions apply. 
Contact us today!

STEP 1: Get a True Pre-approval

Home purchasing doesn’t just start with “H”, it starts with a mortgage pre-approval! In all seriousness, when you first decide you want to purchase a home, it is wise to get a pre-approved mortgage.

Our true pre-approval process will tell you how much of a mortgage you qualify for, ensuring you are looking at homes in your price range. At Cornerstone, we can get you pre-approved in 24 hours, ensuring you only have to worry about the fun stuff - searching for your dream home! 

Mortgage Checklist

Get Pre-Approved

STEP 2: Select a Realtor

Buying a home is one of the most important financial decisions you’ll make in your life, so choosing the right real estate agent can make or break your home buying experience.  

We strongly recommend working with a licensed Real Estate professional to get the best advice and service when purchasing a home. A Real Estate Agent is there to represent you during the homebuying process, assessing the value or red flags of a home, putting in an offer or negotiating, facilitating paperwork for purchasing offers, etc. Need a referral? We know some pretty great realtors, and would be happy to introduce you! 

STEP 3: Make an Offer

Once you’ve found the home you are interested in, it's time to make an offer! The offer to purchase is more than what you're willing to purchase the home for. It may also include other conditions, such as a satisfactory home inspection or the review of condominium board minutes. Don't worry - your Real Estate Agent will help you through this process.

STEP 4: Completed and Accepted Offer to Purchase

Once the offer is accepted, provide a copy of the Offer to Purchase and property features to your Advisor. We'll work with you on obtaining the required documentation needed (such as appraisal, removal of conditions, etc.) to get you a final approval on your mortgage.

STEP 5: Sale & Signing

Once you have met all your financing conditions, after discussions with your Real Estate Agent, you may choose to remove the conditions on your offer. Once all the conditions are removed, you have a firm sale, pending possession. You'll sign the mortgage application with us, and instructions will be sent to your lawyer’s office at that time. Your lawyer will call you in to sign the formal mortgage documents, usually about two weeks prior to the completion date (the day that the money is given to the sellers and the property is transferred to your name).

Congrats! After 5 easy steps, you are now a homeowner! Now go get that classic “We Bought a Home” picture you’ve always dreamed of! 
Get pre-approved now!
What are you waiting for? Let's get you house shopping! Call us today or fill in our form and we'll contact you to get your mortgage pre-approval rolling.
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Added incentives for purchasing your first home.

If you're considering buying a home for the first time, you should also consider the programs, plans and incentives that are available to you and whether you qualify for these as a first-time homebuyer. 

First Home Savings Account

An investment arrangement available to Canadian residents aged 18 or older, that gives first-time home buyers a tax advantage option to save for a down payment.

Learn More
The Home Buyers' Plan (HBP)
The Home Buyers' Plan (HBP) allows you to withdraw from your registered retirement savings plans (RRSP's) to buy or build a qualifying home for yourself or for a related person with a disability.


Learn More
First-Time Homebuyer Incentive
The First-Time Homebuyer Incentive was put in place to help make homeownership more affordable for Canadians. The program offers 5 or 10% of a home's purchase price to put toward a down payment. 
Learn More


Expert advice that's relevant to you.

Mortgage products to suit your needs.


Straight Rate Variable with Cap
Our Straight Rate Mortgage, only it includes the flexibility of a floating rate and the added security of a capped rate. 
Flex Rate Variable with Cap
Offers all of the convenience of our Flexible Mortgage but includes the added benefit of a floating rate with the security of a capped rate. 


Straight Rate

A straightforward mortgage offering the lowest rate and prepayment flexibilities, without any extra perks.


Flexible Mortgage

An all-in-one product. All of your transactional, mortgage, loans and line of credit are in one convenient account.


Fixed Rate

Offers peace of mind as your rate is fixed throughout your term.


Calculate Your Savings

These calculators are made available to you as tools for independent use and are not intended to provide financial advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us for personalized advice from qualified professionals. 

What to bring to your appointment

All borrowers / guarantors must bring: 
  • If you're new to Cornerstone - one piece of photo - government issued identification
  • Three recent paystubs or T4s; and one current paystub
  • Three years personal income tax
  • Offer to purchase
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