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First-time Home Buyers

Home Buying Made Easy

Walking you through the A to Z about buying your first home.


Document Preparation

Application Review


Shopping with Confidence

Make An Offer

Submit Mortgage Application

Negotiating your Approval

Signing Commitment

Review of Conditions

Meet and Sign with Lawyer

Prepare for Possession



Thank you for trusting Legacy Mortgage Group with your purchase, please do not hesitate to contact us if you have any questions. A Mortgage Associate will be in touch six months prior to your renewal. 

What to Know For First -Time Home Buyers

Avoid shortfall by being prepared for additional expenditures. 

Down Payment

You will be required to provide your lawyer the difference between your required down payment based on your financing approval, less any deposits you have already paid to the vendor, realtor and/or the builder.

Inspection Fee

Most real estate purchases will require a property inspection prior to removal of condition. If your real estate agent doesn’t have a preferred home inspector please use know. Cost: Approximately – $400-$500

Appraisal Fee

Most financing will require the subject to be appraised. This cost is borne by the borrower. Some lenders may stipulate who the property appraiser should be. In cases when we have the option to choose, we use Frost and Associates. We would be happy to facilitate an introduction. Cost: Approximately $300-800

Legal Fees

For the purchase of a property in Alberta, you must have a solicitor represent you in your purchase. You are free to use any lawyer. We have recommended a few lawyers that our firm has a relationship with on our Preferred Partner contact sheet. Cost: Approximately – $800-1200

Home Insurance

This is a form of property insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property. Cost Approximately – $1000-2000

Utility Deposits

When setting up your utility providers for your new home, there is often a security deposit required with each one. This is often overlooked when purchasing a home. Cost Approximately – $500-$1000

Property Taxes

If you are purchasing a home prior to property tax due date of June 30th, you will have to pay for the entire years property tax, and your lawyer will ensure the seller gives a pro-rated credit from Jan 1st till the date you occupy. If you are purchasing a home after June 30th, you will have to pay a pro-rated amount of tax as a credit to the seller from the date you occupy to December 31st in that calendar year. 

Home Maintenance Equipment

Lawn mower, snow blower, garage equipment for general maintenance. Cost Approximately: $200-500


Moving into a new home and need some privacy? We got you covered (pardon the pun). We have a great relationship with Craft Blinds that can get your blinds installed quick and for an extremely reasonable price. 


If you are wanting to re-decorate with some new furniture or want to start fresh let us introduce you to our partner at Ashley Homestore for an exclusive discount on your purchase! 


We would be happy to introduce you to Integrity Movers where we have negotiated preferred rates for Legacy Mortgage Group clients. Please advise your Mortgage Associate if this is something that interests you. 


Thinking about refreshing your home with some fresh paint or changing around the colours? Let us connect you with Cugini Painting!

Landscaping Deposit

On occasion, when purchasing a new home build, the builder will require a landscaping deposit as a developer condition. This is returned once the home is completed and the owner has completed landscaping to the developers satisfaction. Cost: Approximately – $5000 -15000

Legacy Tips for First Time Home Buyers

Click to learn more about each of the legacy tips below.

Having a real estate agent is highly recommended especially if it’s your first time going through the process. Having someone who is knowledgeable about the market to lead you through the process can take a big weight off your shoulders.

If you purchase a newly built home to use as your primary residence, you can claim a rebate for goods and services tax/harmonized sales tax paid on the purchase. To qualify, the home must be worth less than $450, 000, and you must own the land or have at least 20-year lease with an option to buy, If you do not own the land, its estimated value is added to your home’s value when determining your eligibility for  the rebate.

The first- time home buyer incentive makes it easier for you to buy a home and lower your monthly mortgage payments. This program is a shared equity mortgage. This means that the government shares in the upside and downside of the property value. It allows you to borrow 5 or 10%of the purchase price of a home. You pay back the same percentage of the value of your home when you sell it or within a 25- year window.

Offers a $5,000 non-refundable income tax credit amount on qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief.

Allows first-time home buyers to withdraw up to $35,000 from their RRSP (or $70,000 for a couple) to finance a down payment. You first must qualify as a First- Time Home Buyer as per the Government of Canada criteria. The RRSPs must be at least 90 days old, and you must sign an agreement to built or buy a home; but as long as you repay within 15 years, the withdrawal is tax-free.

The terms “open” and “closed” refer to the level of repayment flexibility. With a closed mortgage, you can’t renegotiate, refinance, or repay except according to the terms of the mortgage. Open mortgages are more flexible, but also typically have higher interest rates.

A mortgage pre-approval does not guarantee financing, and when making an offer, it’s not necessarily ‘safe’ to remove the financing condition.

Once your offer is accepted, you’ll need to go back to your mortgage lender to get the official stamp of the approval.

Typically, once you are pre- approved for a mortgage you can lock in the interest rate for 60 to120 days, depending on the lender

A credit score is a rating (between 300 and 900) used by lenders to assess the amount of risk they face in extending credit to you. In general, the lower your score, the less likely you are to be approved for a loan. Checking your credit rating allows you to see where you fall on the scale and figure out how to improve your credit score before submitting a mortgage application.

This is a mandatory insurance policy for those who purchase a home with less than 20% down payment is often referred to as a High Ratio Mortgage.

In Canada, people typically spend between 5% and 20% of the purchase price on a down payment.  A great reason to have a strong down payment is to avoid paying mortgage default insurance. This expense, calculated based on the size of the mortgage and down payment, is designed to protect the lender, and typically can only be foregone with a down payment of 20% or more.

Before you start shopping for real estate, your first step is to save up some money for a down payment. A ‘down payment’ is the amount of money that you put towards the purchase of a home. In general, the larger you down payment, the easier it is to obtain a mortgage.