5 Things First-Time Home Buyers in Calgary Should Know Before Getting a Mortgage

Buying your first home is one of the biggest milestones of your life. It’s exciting, but it can also feel overwhelming—especially when it comes to mortgages. As a mortgage broker here in Calgary, I work with many first-time buyers, and I’ve noticed a few common things that make the process smoother (and less stressful).

Here are five key things every first-time buyer in Calgary should know before getting a mortgage:

1. Get Pre-Approved Before You Start House Hunting

A mortgage pre-approval gives you a clear idea of how much you can afford and shows sellers you’re serious. In Calgary’s competitive housing market, having a pre-approval letter can give you an edge.

2. Know Your Down Payment Options

Minimum down payment: 5% of the purchase price (for homes under $500,000).

For homes between $500,000–$999,999: 5% on the first $500,000 and 10% on the remainder.

Over $1 million: 20% minimum.

If you’re buying in Calgary, where detached homes average higher prices, planning your down payment is essential.

3. Understand the “Stress Test”

Even if you qualify for a lower mortgage rate, lenders must test your ability to pay at a higher “benchmark” rate. This ensures you can handle future rate increases. Many buyers are surprised by how this impacts their affordability, so it’s important to plan for it early.

4. Don’t Forget About Closing Costs

Besides the down payment, you’ll need to budget for closing costs—usually 1.5%–4% of the purchase price. This includes legal fees, home inspections, land transfer costs, and title insurance.

5. Work With a Local Mortgage Broker (Like Me!)

Every buyer’s situation is unique. As a Calgary-based broker, I work with multiple lenders (not just one bank) to find you the best rate and product that actually fits your lifestyle and goals. I’ll walk you through the process step by step, making sure nothing gets missed.

Final Thoughts

Buying your first home in Calgary doesn’t have to be stressful. With the right guidance and preparation, you can feel confident about your mortgage decision.

👉 If you’re thinking of buying, let’s chat! I’d love to help you explore your options and get pre-approved so you can start house hunting with confidence.

Harmandeep Dhaliwal
Mortgage Associate

P: 403-991-1380
M: (589) 899-1380

204-3112 11 St. NE
Calgary, AB, T2E 7J1

harmandeepd@dominionlending.ca
effortlessmortgages.ca
mortgagesaremarvellous.ca

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