Buying your first home? Let’s figure out the mortgage before you shop.
Your first home comes with plenty of questions. How much can you comfortably afford? What should you have saved? What happens after you make an offer? At POLARIS Mortgage Planners, we help first-time buyers in Edmonton and across Alberta understand their options and make a plan before the pressure of choosing a home begins.
You do not need to have a house picked out or know mortgage terminology. Bring your questions. We’ll work through them together.
Who this page is for
We work with first-time buyers who want to understand the numbers, ask questions and take an active role in their decisions. You might be saving for a down payment, comparing communities or wondering whether buying is realistic yet. Starting early gives us time to identify what needs attention, without rushing you into a purchase.
How we help you get prepared
Start with your situation. We talk about your income, savings, debts and plans, including a payment you would feel comfortable carrying.
Build your buying plan. We review your down payment, money needed beyond it and the paperwork relevant to your situation. We explain the difference between an estimate, a pre-approval and the remaining approval requirements.
Compare the whole mortgage. We explain rates alongside terms, prepayment privileges, penalties, portability and lender restrictions. You stay in control of the decision.
Work together through the purchase. We coordinate the financing side with your Realtor, explain the lender’s conditions and help you understand the next steps toward closing. We remain available for mortgage questions after you move in.
First-time buyer questions, answered
How much down payment do I need for my first home in Alberta?
For a typical owner-occupied home purchase, the Canadian minimum down-payment tiers apply in Alberta:
- $500,000 or less: 5% of the purchase price.
- More than $500,000 but less than $1.5 million: 5% of the first $500,000, plus 10% of the portion above $500,000.
- $1.5 million or more: at least 20%.
For example, the minimum down payment on a $600,000 home is $35,000. That does not include closing costs. These minimums are not an approval promise: your income, credit, property and lender requirements still matter. We’ll confirm what applies to your purchase.
How do the FHSA and Home Buyers’ Plan fit into buying my first home?
A First Home Savings Account (FHSA) offers generally tax-deductible contributions and tax-free qualifying withdrawals, which do not need to be repaid. The Home Buyers’ Plan (HBP) lets eligible buyers withdraw from their RRSPs for a qualifying home, with repayment obligations. You can use both for the same home if you meet each program’s conditions.
We’ll help you consider how these funds fit your down-payment plan. Before moving money, check eligibility and withdrawal timing with your account provider and tax advisor. Our deeper guides explain the details:
Read our Home Buyers’ Plan guide
What closing costs should first-time buyers around Edmonton expect?
Keep money available beyond your down payment. Depending on your purchase, costs can include legal fees and disbursements, land-title transfer and mortgage registration fees, a home inspection, an appraisal if required, title insurance and property-tax adjustments. Not every item applies to every purchase.
There is no single closing-cost total that fits every Edmonton-area buyer. Your property, closing date and service providers affect the amount. We’ll help estimate yours, and your lawyer can confirm the closing statement. Also leave room in your budget for moving, home insurance, utilities and maintenance.
Why get prepared or pre-approved before house hunting in Spruce Grove?
Preparation helps you search within a price range that makes sense for your finances, not just the highest amount a lender might consider. We can identify paperwork or financing questions while there is still time to work through them.
A pre-approval is not final mortgage approval. The lender still needs to accept the property and confirm its requirements. Before making an offer or removing a financing condition, talk to us and your Realtor about what remains outstanding.
How do you work with my Realtor in St. Albert or Sherwood Park?
We believe your mortgage planner and Realtor should work as a team. Your Realtor helps with finding a property, negotiating and the real estate side of the purchase. We focus on your financing options and lender requirements. With your permission, we communicate about the budget, financing timelines and outstanding conditions, so you understand the plan before important decisions.
Do you only help Edmonton buyers, or do you work throughout Alberta?
We help buyers in Edmonton and nearby communities, including Spruce Grove, Stony Plain, St. Albert, Sherwood Park, Leduc, Beaumont, Devon, Camrose, Ardrossan, Tofield, Calmar and Morinville. We also work with clients throughout Alberta. We can work with you by phone and video, so you can start preparing wherever you live in the province.
Will I need mortgage default insurance on my first home?
If your down payment is less than 20%, you will typically need mortgage default insurance. It protects the lender if you cannot make your mortgage payments; it does not protect you. The property and mortgage must meet insurer requirements. For CMHC homeowner mortgage insurance, the purchase price must be below $1.5 million.
We’ll explain whether insurance applies, what the premium means for your borrowing and how it affects your payment. It is a separate consideration from insuring your home and belongings.
What documents should I prepare for a first mortgage?
The exact requirements depend on your income, down-payment source and lender. Our Mortgage Documentation Guide includes employment letters, pay stubs, tax documents and bank-statement examples. Use it as a starting point rather than a one-size-fits-all checklist. We’ll tell you which documents apply to you and explain any additional lender requests.
View our Mortgage Documentation Guide
How should I choose a mortgage broker for my first home in Alberta?
Look for someone who explains the process clearly, welcomes your questions and discusses more than the rate. Ask how they will review your paperwork, explain mortgage restrictions and communicate with your Realtor. Our approach is to educate first and decide together. If you are not ready to buy yet, we’ll help you understand what needs to happen next.
Why work with POLARIS and Jim Sicotte?
Jim Sicotte is an Alberta Licensed Mortgage Broker with POLARIS Mortgage Planners at Indi Mortgage. He has been helping people with their mortgages since 2013. Our focus is practical preparation, plain-language explanations and a relationship that continues beyond your first purchase. We want to be the team you call when a mortgage question comes up, not just when you need an approval.
Let’s get you prepared
Thinking about your first home? Contact our team before you start seriously shopping. We’ll talk about where you stand, answer your questions and help you identify your next step.
Call us: (587) 410-1114
Email: yourteam@polarismortgageplanners.ca
General information only, not a mortgage approval or tax or legal advice. We’ll confirm current lender and program requirements for your situation.