First-time Homebuyers

Borrowing Basics

Why Rent When You Can Buy?

Unlike renting, buying a home is an investment that can appreciate over time and help you accrue some equity and long-term financial security. If you are renting—or have rented—just think about how the money you've already spent could have gone towards your mortgage.

Consider Your Down Payment

The more you can put towards a down payment, the less you'll need to borrow and the more you'll save in interest over the years. By law, Canadian banks can only provide mortgage financing if you have a minimum 20% down payment, unless the mortgage is insured against default. Mortgage default insurance can help you purchase a home and begin building equity sooner. Learn More

Get a Pre-Approved Mortgage

Once you've made the decision to become a homeowner, it helps to go house hunting with a pre-approved mortgage. Scotiabank's Pre-Approved Mortgage gives you the power to make an offer on the spot when you find the home you want at the price you know you can afford.

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Be mortgage-free faster 2:02 min | Transcript
See how many thousands you could save, by paying off your mortgage faster.

First-time Homebuyer Tips to Seize the Moment
It’s wise to take some preparatory steps before getting deep into the house hunt. Here are some tips to help you be ready when you spot the perfect house.

Choosing your Home-buying Team
When buying a home, it’s important to choose the right mortgage provider, real estate agent, lawyer, home inspector and mortgage insurance broker.

The Borrowing Process
Thinking about applying for a mortgage? Learn how a mortgage application is assessed and what information is needed to qualify for a mortgage.

Tips to Build a Good Credit History
If you hope to someday buy a home and get a mortgage, it’s important to have a good credit history because a mortgage provider will take this into consideration.

Tools It's easy to achieve your goals.

Podcast: Tips for Having a Home Inspected

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Mortgage-Free Faster Calculator

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'What can I afford?' Tool

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Watch the 'Diversify your mortgage' video Diversify your mortgage 1:17 min | Transcript
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