First-Time Home Buyers
Expert mortgage guidance for first-time buyers in Calgary — we make it simple, stress-free, and affordable.
Buying your first home is one of the biggest financial decisions you will ever make. At Calgary Mortgage Shoppe, we specialize in helping first-time buyers navigate the mortgage process with confidence. We shop over 40 lenders to find you the best rate and the right product — and our service is completely free.
Frequently Asked Questions
How much can I afford as a first-time buyer?
A general rule is that your total monthly housing costs (mortgage, property tax, heat, condo fees) should not exceed 39% of your gross monthly income, and your total debt payments should not exceed 44%. We will calculate your exact numbers in a free consultation.
Does getting pre-approved hurt my credit score?
A mortgage pre-approval does result in a hard credit inquiry, which may temporarily lower your score by a few points. However, multiple mortgage inquiries within a 14-45 day window are typically treated as a single inquiry by credit bureaus.
How long does the mortgage process take?
Pre-approval typically takes 24-48 hours. Once you have an accepted offer, the full mortgage approval and commitment generally takes 3-5 business days. We recommend a minimum 30-day possession date to allow time for everything to be finalized.
What documents do I need?
Typically: 2 years of T4s or NOAs, recent pay stubs (if employed), 90 days of bank statements showing your down payment, a void cheque, and government-issued ID. Self-employed buyers require additional documentation.
Can I use gifted money for my down payment?
Yes. Gifted down payments from an immediate family member are acceptable. The lender will require a signed gift letter confirming the funds are a true gift and do not need to be repaid.