The First-Time Buyer's Guide to Getting Mortgage-Ready

Start with your credit report, not your house search. Most lenders want to see a credit score of at least 600–680 for the best rates, and errors on credit reports are more common than people expect — check yours early enough to fix problems.

Next, figure out your down payment and where it's coming from. Gifted down payments from immediate family are generally accepted with a signed letter; borrowed down payments (outside of specific programs) usually are not.

Get a real pre-approval, not just a rate quote. A pre-approval involves a lender reviewing your income, debt and credit, and gives you a rate hold — typically 90-120 days — so you're protected if rates rise while you shop.

Look into first-time buyer programs: the Home Buyers' Plan lets you withdraw from your RRSP tax-free for a down payment, the First Home Savings Account (FHSA) combines RRSP-style deductions with TFSA-style tax-free growth, and most provinces offer a land transfer tax rebate for first-time buyers.