Regina First Time Home Buyers

Doing anything for the first time can be scary, especially when it’s something as big as buying a house! As a First Time Home Buyer the process can be overwhelming, but don’t worry, we will explain all your options and recommend financing solutions to get your mortgage approved at the lowest rate and best terms possible for you. The first step is getting pre-approved for a mortgage before you start shopping for a home.

How to Qualify for a Mortgage


A full time permanent employment position with no probation period is required in most cases but if you have worked in a part time position for at least two years we can also use that income to qualify. Income that includes over time, commission, bonuses or self employed earnings must have a minimum 2 year history in order to be used for qualification.


Your employment income determines how much you can afford to spend. The banks use a percentage of your gross annual income to determine your spending limit. You can use income from salaried and full time hourly earnings and income that includes over time, commission, bonuses or self employed earnings that have a minimum 2 year history.

Credit Rating

Your credit rating is determined by how well you manage and pay credit cards, loans, and lines of credit. If you have late payments, collections, or other bad debts this will affect your application. The lenders like to see a minimum 2 year history of credit with good repayment history. The higher your credit score, the smaller the down payment is required.

Down Payment

A down payment is required when buying a home. If you have good credit it is still possible to purchase a home with as little as 5% down payment. If you have poor credit a much larger down payment could be required from 20% to 50%. With a good credit rating, a minimum 5% down payment is needed and will allow you to qualify for best interest rates.

We Find You Canada’s Lowest Mortgage Rates by Comparing Every Major Lender

Top 5 Reasons to Get Pre-Approved

  • Find Out How Much You Qualify to Spend
  • Lock in Today’s Best Interest Rates
  • Get an Official Pre-Approval Letter for Your Realtor
  • Understand All the Costs Associated with a Real Estate Purchase
  • Shop with Confidence and be Ready to Write an Offer!

Mortgage Pre-Approval Product Options

  • Rate Hold: Lock in a Rate for Up to 120 Days
  • Down Payment: Minimum 5% of Your Purchase Price
  • Products: 1, 2, 3, 4, 5, 7 and 10 Year Fixed and 3 & 5 Year Variable

Get Pre-Approved Today!
Find Out What You Qualify For…

Contact Our Regina Mortgage Team to Discuss All Your Financing Needs

Joel Kullman Regina Mortgage Broker

Joel Kullman

Regina Mortgage Broker
License #316624

TMG The Mortgage Group
Regina Mortgage Broker Miles Zimbaluk

Miles Zimbaluk

Regina Mortgage Broker
License #315711

TMG The Mortgage Group

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