Buying Your First Home

So, you’ve recently decided you are ready to purchase a home – congratulations! This is a very exciting  time in your life and we’re here to help make the experience stress-free. With our straight-forward products and personalized service, we’ll have you opening your own front door in no time.

Featured Product

If saving for a 5% down payment to purchase a home feels like an impossible financial goal to achieve, we can help. CUA’s No Down Payment Mortgage is available to assist you in taking the next step towards home ownership, without having to save up the entire down payment.

Learn more about the No Down Payment Mortgage.

Helpful Articles

CUAuthors are experienced and financially savvy CUA staff who are passionate about helping our personal and commercial members improve their confidence and knowledge of money matters. 

Learn the importance of being pre-approved for your mortgage. Found the perfect fixer-upper? The Purchase + Improvements Mortgage could be for you. Having the right team of professionals working with you makes buying a home stress-free. The No Down Payment Mortgage is perfect for the First-Time Home Buyer.

Questions and Answers

Do you have questions that aren't here? Let us know!

Will my credit score dictate whether I can get a mortgage? Expand/Collapse

Your credit score is a number that indicates your overall financial well-being to a lender. It is made up from your credit history and if you have a positive credit history, your credit score will be an asset in the home financing process. To evaluate your specific circumstances, please contact a member of CUA team. You can also learn more about establishing credit and credit scores by clicking here.

How much can I spend on a house? Expand/Collapse

In order to determine how much you want to spend on a house, look at all aspects of your finances. Some major considerations are your income, any debts you owe and your monthly expenses.

As a general rule of thumb, aim to keep your housing related costs under 30% of your overall monthly budget.

Start planning with the CUA mortgage calculator.

How much do I need for a down payment? Expand/Collapse

In Canada, you are required to have a minimum down payment of 5% on houses that cost less than $500,000. On purchases with a down payment of less than 20%, you will automatically have to pay CMHC Mortgage Loan Insurance.

If saving a down payment seems like an impossible task, let us know. We can help.

Are there other costs included in buying a home? Expand/Collapse

In addition to your down payment, you will want to have 1.5-4% of your mortgage amount aside for closing costs. Closing costs can include legal fees, inspections and tests, land transfer tax and title insurance. There could be other fees as well, depending on the property you choose.

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