Buying Your First Home in 2025: 5 Smart Steps to Get Mortgage-Ready

If 2025 is the year you’re finally ready to stop renting and step into homeownership—congratulations! As a Mortgage Broker and Credit Specialist with Dominion Lending Centres, I've helped countless first-time buyers all over Canada, from Victoria to Winnipeg to as far as Ottawa, navigate this exciting (and sometimes overwhelming) milestone.

I know firsthand that buying your first home isn’t just a financial decision—it’s an emotional one too. That’s why it’s so important to be prepared before you start house hunting. The good news? With the right plan, the right advice, and the right support, you can set yourself up for success and feel confident every step of the way.

Here are five smart steps to help you get mortgage-ready in 2025.

1. Know Your Budget and Your Comfort Zone

Before you start browsing listings, you need to know two key numbers:

• How much a lender will approve you for

• How much you’re actually comfortable spending

Just because you’re pre-approved for $600,000 doesn’t mean you should max it out. I always encourage clients to think about their lifestyle goals, not just what the bank says they can afford. Will you still be able to travel? Save for retirement? Cover unexpected repairs?

Together, we’ll look at your income, expenses, debts, and future plans to figure out a realistic homeownership budget that works for you—not just on paper, but in real life.

2. Get Pre-Approved (Not Just Pre-Qualified)

Pre-qualification is a quick estimate based on the information you provide. Pre-approval, on the other hand, involves a deeper look at your finances and gives you a more accurate picture of what you can borrow—plus a written confirmation from a lender.

In today’s competitive market, pre-approval gives you:

• A stronger negotiating position

• Faster offers when you find the right home

• Confidence in your budget

• Less stress when you get an accepted offer on your new home

I’ll help you gather the necessary documents (income verification, credit report, down payment info, etc.) and match you with one of the over 100 lenders I work with—including banks, credit unions, and alternative options.

3. Start Saving for Your Down Payment (and Closing Costs)

In Canada, the minimum down payment depends on the purchase price of your home:

• 5% for the first $500,000

• 10% for the portion above $500,000 up to $1,500,000

• 20% for homes over $1.5 million

In addition to the down payment, don’t forget about closing costs. These can include legal fees, land transfer tax, appraisal fees, and more—typically 1.5% to 4% of the purchase price.

TIP: If you’re a first-time buyer, you may qualify for incentives like the First-Time Home Buyer Incentive, the Home Buyers’ Plan (HBP) to withdraw from your RRSP, and other provincial rebates.

I’ll help you explore every option available to you, so you can make the most of your money.

4. Check (and Improve) Your Credit Score

Your credit score plays a big role in the kind of mortgage you qualify for—and the rate you’ll get. Most lenders want to see a score of at least 680 for the best rates, but if your score is lower, don’t worry. I specialize in helping clients with all types of credit situations, including bruised credit.

Some ways to improve your score:

• Pay bills on time

• Keep credit card balances low

• Avoid opening new accounts right before applying

• Check your credit report for errors

If your credit needs a little work, I’ll build a custom plan to help you raise your score and position yourself for success—whether that takes a few weeks or a few months.

5. Work With a Mortgage Broker Who Works for You

Here’s something a lot of first-time buyers don’t know: when you go to a bank, you’re only offered their products. When you work with an independent mortgage broker like me, I shop the market for you—comparing rates and products from over 100 lenders to find the best fit.

And here’s the best part: my service is completely free. I get paid by the lender, not by you.

Whether you’re buying in Victoria, Comox Valley, Campbell River, or anywhere else in BC, I’ll walk you through the process from pre-approval to closing. I’ll explain the fine print, answer all your questions, and make sure you feel supported every step of the way.

Final Thoughts

Buying your first home in 2025 is an exciting journey—and it all starts with being prepared. By taking the time to get mortgage-ready now, you’ll not only reduce stress but also increase your chances of landing your dream home with the right financing in place.

If you’re ready to take the next step or just have questions about where to begin, I’d love to help.

Book a consultation or call me today, and let’s talk about your goals.
Together, we’ll build a clear, confident plan to get you home.