First-Time Homebuyer Checklist – What You Must Know Before Applying

Introduction

Buying your first home is one of life’s biggest milestones. It’s exciting — but it can also be complex without the right guidance. Whether you’re buying in Abbotsford, Mission, or Chilliwack, a trusted mortgage broker can simplify the process and help you avoid costly mistakes.

At Sandhu & Sran Mortgages, we specialize in helping first-time homebuyers navigate every step of the mortgage journey — from credit preparation to closing day.

1. Check Your Credit Score

Your credit score is one of the first things lenders look at. It determines how much you can borrow and the rate you’ll get. Aim for a score above 680 for the best options.

If your score needs improvement, pay down revolving debts and avoid applying for new credit cards before your mortgage application.

2. Save for Your Down Payment

In Canada, you’ll need at least:

• 5% down for homes under $500,000

• 10% on the portion above that

Remember to budget for closing costs, which can include property transfer tax, lawyer fees, and home inspection expenses.

Local insight: In Abbotsford, where the average home price exceeds $800,000, your down payment strategy plays a key role in mortgage approval.

3. Get Pre-Approved

A mortgage pre-approval gives you clarity on your price range and locks in your rate for up to 120 days. This protection can make a big difference if rates rise during your home search.

At Sandhu & Sran Mortgages, we work with multiple lenders to find the most competitive offers.

4. Choose the Right Mortgage Type

Decide between a fixed or variable rate. Fixed offers peace of mind; variable offers potential long-term savings. Your Abbotsford mortgage advisor can help you evaluate which aligns best with your budget and goals.

5. Understand the Total Costs of Ownership

Beyond your mortgage payment, consider property taxes, insurance, utilities, and maintenance. Use a mortgage calculator to estimate total monthly obligations.

6. The Role of a Mortgage Broker

Unlike banks, brokers shop around on your behalf. At Sandhu & Sran Mortgages, we negotiate directly with lenders to secure better rates, more flexible terms, and smoother approvals.

Conclusion

Your first home should be a source of pride, not pressure. With the right preparation and a local mortgage expert by your side, you’ll step into homeownership with confidence.

Contact Sandhu & Sran Mortgages today to begin your homeownership journey.