approvU for First Time Buyer Mortgage

Start your house ownership journey with the right mortgage.

Search and apply for first-time buyer mortgages directly with lenders you know and trust.

12K+

Mortgage Deals

25+

Lenders & Brands

$$

Huge Savings

Why First-Time Buyers Choose approvU for Mortgages

approvU provides the same online shopping experience you enjoy when shopping at your favourite online shops. We've streamlined the mortgage process, making it easy and convenient to search and apply for a mortgage from multiple lenders in one place. This removes the stress and headache of multiple applications, credit checks, and unsure mortgage options.

Low Rate Guaranteed!

Our widest-mortgage reach and multiple lenders guarantee you access to the low-rate mortgages

Instant Qualification

Get qualified in 6 minutes or less – no multiple applications and no multiple hits on your credit record.

Mortgage Experts Ready To Talk

Our licensed Mortgage Experts are standing to help, whether you prefer a friendly voice or want to talk about your mortgage.

Mortgages from the Best Lenders in Canada are on approvU

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How It Works

Here is how we make getting the right mortgage easy and convenient for you.

1. What’s Your Mortgage Need?

Provide approvU with a few details about your mortgage needs and financial and credit situations to customize your mortgage.

2. Make Your Selections

Select your preferred mortgages. approvU searches the market for the best deals you’re most likely to get approved for.

3. Get It Funded!

Upload the required documents and complete the conditions to get your loan funded in time.

4. Home Sweet Home

Enjoy your home, knowing that you made the right mortgage choice without the outside influence of commission sales reps.

approvU at its Best for You

Tools & Support for First-Time Buyer Mortgage

If You're:

Employed

Receiving income from salary, wages, commissions, bonuses, tips and gratuities

Self-Employed

Income to support your mortgage is from a business in which you own more than 25% interest.

On Other Income Sources:

Pension, disability, alimony, child support, tax credit, investment returns.

You've:

Good Credit

Credit scores above 620

Bad Credit

Credit scores of 500 to 620

approvU is the tool to search and apply for a mortgage quickly.

Comparing mortgage offerings from different lenders for the lowest rate deals can save you thousands of dollars. But it can be challenging to jump from one bank to the next, one broker to another, searching for the best low-rate mortgage. Plus, you can’t afford the impact on your credit record from the hits whenever you approach a lender or broker. 

Shop Across 25+ Lenders For Your Best Mortgage Deals

See Your Personalized Mortgages Online With approvU

Personalized Mortgage Recommendations

Customize your mortgage with the basic information about your house ownership needs and wants, together with your credit and income situations.

The Complete Breakdown of your Qualified Mortgages

View why your qualified mortgages are best for you, and the factors that went into determining your mortgage rate

Boost your Negotiating Power with Multi-Lender Submissions

Save time, save money, and boost your approval power with easy multi-lender application submissions, to guarantee multiple approvals.

An Experience That Goes Far Beyond an Approval and Commitment Letter.

As a first-time buyer, you need support and guidance to make the right decision about your mortgage from the get-go. A mortgage is a long-term commitment, so you’ll want to use approvU to search through different lenders to ensure you’re getting the best deal in the market.

FAQs About Getting the Mortgage for Your First House Purchase

A First-Time Home Buyer Loan refers to programs and incentives designed to help first-time home buyers purchase their first home. These programs aim to make homeownership more accessible and affordable for those entering the housing market for the first time. Key features often include:

  1. Home Buyers’ Plan (HBP): This allows first-time buyers to withdraw up to $35,000 tax-free from their Registered Retirement Savings Plan (RRSP) as a down payment. Couples can withdraw up to $70,000 combined. The amount withdrawn must be repaid within 15 years to avoid tax penalties.
  2. First-Time Home Buyer Incentive: This program offers 5% or 10% of the home’s purchase price toward a down payment, effectively reducing mortgage carrying costs. It is a shared equity mortgage with the Government of Canada, meaning the government shares the upside or downside of the property value upon selling.
  3. Land Transfer Tax Rebates: Some provinces offer land transfer tax rebates to first-time home buyers, which can significantly reduce or eliminate the land transfer tax cost.
  4. GST/HST New Housing Rebate: This rebate can help recover some of the GST or the federal part of the HST paid for those purchasing a newly built home or undertaking significant renovations.

To qualify as a first-time home buyer in Canada, you must not have lived in a home owned by yourself or your spouse/common-law partner in the year of the purchase or the four preceding years. These programs are designed to reduce financial barriers, making it easier for first-time buyers to achieve homeownership.

A first-time buyer in Canada refers to a potential house buyer or partner (spouse or common-law partner), who in the past four years, did not own a house.

Federal, provincial, and local governments offer special programs to help first-time homebuyers. These programs include the Homebuyer Plan, Tax Credit, and Down Payment Assistance.

No, approvU is not a mortgage lender.

approvU is an online distributor of mortgages. We do not replace mortgage lenders. We make it easy for you to shop and get the right mortgage easily and conveniently. approvU allows you to shop for mortgages across multiple lenders, so you won’t miss out on the lowest mortgage rate.

Not sure where to start with your first house purchase? You’re in the right place because approvU is the tool you need to shop the market for low-rate mortgages that suit your unique needs and situation.

Use the below points as your checklist to purchase your first house:

– Use mortgage planning tools to determine how much house you can comfortably afford with your current income and credits

– Consider paying down some debts to boost your affordability and improve your credit score

– You will need money to put down for the house purchase (down payment)

List your house-ownership needs, such as where you want to buy, its accessibility to work, and the type of house you want.

– Get pre-approved. The approvU process takes under 6 minutes and sends an instant pre-approval download from your dashboard.

– Go house shopping

– Complete your mortgage when you settle on the house of your choice

Yes, first homebuyer incentives, credits and grants apply to condos – as well as townhouses, semi-detached, and detached houses.

A condo can be a good choice to jump on the house ownership bandwagon. Also, there are fewer worries about upkeep and renovation. However, owning a condo will restrict your ability to make changes to the exterior of your unit.

Land Transfer Tax Refund: A few provincial and municipal governments offer first-time homebuyers a land transfer tax rebate. You can get up to $4,000 if you buy your first home anywhere in Ontario and an additional $4,475 if Toronto is where you want to live.

Home Buyers Plan (RRSP Plan): This program allows you to withdraw up to $35,000 from your registered retirement savings plans (RRSPs) to buy or build a qualifying home tax-free.

Homebuyers’ Tax Credit: You can qualify for up to $750 when you buy a qualifying home as a first-time buyer.

First-time Home Buyer Incentive: You can use this program to reduce your monthly mortgage payments without adding to your financial burdens. It is a shared-equity program offered by the Federal Government. Learn more about the program.

To be eligible for the First-Time Home Buyer Incentive, home buyers must:

  •  Must be at least 18 years old
  • Must be a first-time home buyer
  • Must be a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada

Most of the first-time buyer incentives from the federal and provincial governments instantly get applied once you meet the first-time buyer criteria. Your lawyer will handle this on your behalf.

For the Shared-equity program, there is a separate application you will have to complete. Your approvU Mortgage Expert can help guide you.

First-time buyer offers from your local or municipal governments have the institution.

Again, you’ll need to do your research. You can certainly talk with your designated approvU Mortgage Expert for advice and guidance.

Shop Across 25+ Lenders For Your Best Mortgage Deals

See Your Personalized Mortgages Online With approvU

Get A Mortgage With approvU

  • approvU is everything you need to make the right mortgage decisions like a Pro!
  • Born in Canada for Canadians
  • Largest mortgage marketplace with over 12,000 mortgage deals from 25+ lenders
  • No baiting; not a lead generator; your information is never sold
  • Skip the appointments and apply online anytime; it takes less than 6 minutes.
  • Multiple approvals from a single submission
  • Control and track every step of your application as it moves through to funding.