Buying your first place in Simcoe County
What you need, what it costs, and every program you are entitled to. No jargon, no pressure.
You do not need to have it all figured out before you start. That part is literally my job, to walk you through it in plain words, at your pace, with zero pressure.
You are allowed to feel nervous
When I bought my first place, I was scared of getting in over my head too. That feeling is normal, and honestly it is a good sign, because it means you are taking this seriously. My job is to take the mystery out of it, so the nerves settle and the excitement gets to take over.
Start with the few numbers that actually matter
Most first-time buyers think they need a finance degree just to begin. You really do not. We start with a small handful of numbers: what you have saved, what you earn, what you owe, and what a comfortable payment looks like for your actual life. From there the picture comes together faster than you would expect.
A little test that takes the fear away
Here is something I did myself, and I suggest it to nervous first-timers all the time. For a few months, try living on what your home payment would actually be, and tuck the difference into savings. You get a real feel for the payment before you commit, and you build a cushion at the same time. Either way you come out ahead, and you go in with your eyes open.
What the process really looks like
We get you pre-approved first, so you know your true budget before you fall in love with a place. Then you shop with confidence, I line up the right mortgage, and I hold your hand through every step to closing. No jargon, no surprises, and I will happily explain anything as many times as you need.
You will never be sold to
There is no such thing as a basic question in my office. A lot of my clients do not know much about their finances when we start, and that is completely okay. You will get your options, the honest pros and cons, and the room to decide for yourself. Once you are my client, you are my client forever.
Thinking about buying your first home?
Let’s talk it through, no pressure.
This is where I explain most of this
Short, plain-language answers to the questions homeowners actually ask, plus a fair amount of the lake.
Follow along on InstagramGeneral education, not financial advice. Any figures are illustrative only and subject to lender approval (O.A.C.). Lora Fenn, Mortgage Agent Level 1, Lic. #M25003153, Dominion Lending Centres YBM Group (FSRA #11129). 705-881-2780 · lfenn@dominionlending.ca · lorafenn.ca
\n\n\nFirst-time buyer questions, with no judgement attached
There is no basic question in my office. Here are the ones people are usually nervous to ask out loud.
How much do I actually need for a down payment?
The minimum in Canada starts at 5 percent of the purchase price, with a higher percentage required on the portion above a set threshold. Anything under 20 percent down means mortgage default insurance, which adds a cost you should know about upfront. The rules do get updated, so ask me for the current numbers for the price range you are shopping in.
What is a pre-approval, and do I need one?
A pre-approval tells you what you can borrow and usually holds a rate for a set period. It matters because it turns a vague budget into a real one, and because sellers take an offer more seriously when it is in place. It costs you nothing.
What if my credit is not perfect?
Your credit score is a snapshot, not a verdict. I have helped plenty of people in exactly that spot. Sometimes we go ahead as is, and sometimes a few months of specific steps make a real difference, and I will tell you honestly which one you are looking at.
What costs should I budget for besides the down payment?
Legal fees, a home inspection, land transfer tax, title insurance, and moving costs are the usual suspects. Closing costs commonly land somewhere in the range of one and a half to four percent of the purchase price. Plan for the high end and be pleasantly surprised.
I am scared of getting in over my head. Is that normal?
Completely normal, and I felt it too when I bought my first place. Two things help. Build an emergency fund, and try living on your projected budget for a few months before you commit, so you find out what it really feels like. Worst case you end up with savings.
What programs am I actually entitled to?
More than most people expect. The Ontario land transfer tax rebate can lower or eliminate the tax on a first home up to a certain purchase price. The First Home Savings Account lets you save toward a down payment tax free, going in and coming out. The RRSP Home Buyers’ Plan lets you borrow from your own RRSP for a down payment, without a tax hit, as long as you pay it back on schedule. Which ones apply to you depends on your situation, and the thresholds change, so I will walk you through exactly what you qualify for today.
How do I even start?
One conversation, no cost and no pressure. We look at your numbers, talk about what you actually want, and I tell you plainly where you stand. Many of my clients knew very little about their finances when we started, and that is completely okay.
General education, not financial advice. Rules, rates and lender policies change, and every figure here depends on your own situation and lender approval (O.A.C.). Ask me for the current numbers before you plan around any of them. Lora Fenn, Mortgage Agent Level 1, Lic. #M25003153, Dominion Lending Centres YBM Group (FSRA #11129).
