First-Time Homebuyer

Sound advice for first-time homebuyers.

Buying your first home is a big step. We're here to help you navigate the home-buying process and provide in-depth answers to all of your real estate questions. We'll discuss mortgage options, rates and payment terms, and how getting a pre-approved mortgage can be an advantage when you're looking for a home.

Apply Now

First home mortgages—also called high-ratio insured mortgages—are designed for first-time buyers and require a minimum 5% down payment. Purchasers may borrow up to 95% of a home's value. Canada Mortgage and Housing Corporation (CMHC) or Genworth Canada insures the mortgages, and the amortization period is 25 years.

If you're looking to buy your first home, you'll appreciate the Government of Canada's equity-sharing homebuyer's incentive. Administered by CMHC (Canada Mortgage and Housing Corporation), the First-Time Home Buyer Incentive provides funding of 5% of the purchase price of an existing home or 10% of the purchase price of a newly constructed home.

No ongoing monthly payments are required. Instead, you repay the incentive at resale. For example, if you purchased a $400,000 home with a 5% down payment and a 5% CMHC shared equity mortgage ($20,000), your insured mortgage would be reduced from $380,000 to $360,000. The incentive helps lower your monthly mortgage payment.

Through the Government of Canada's Home Buyers' Plan (HBP), you can withdraw funds from your RRSPs to help with the purchase of a home. The plan allows you to withdraw up to $35,000 in a calendar year from your RRSP to buy or build a qualifying home for yourself or for a related person with a disability.

Pre-Approval — Your first step to buying a new home.

It's wise to consider being pre-approved for a mortgage before you begin house-hunting. Acquiring a mortgage in advance helps narrow the search for a home in your price range and assists in closing a deal because the seller will know you're a qualified buyer.


Your first step is to set up a meeting with one of Casera's mortgage specialists. As a first-time home buyer, chances are you won't understand all the complexities of mortgage financing. We'll take you step by step through the process of obtaining a mortgage. To help you make sound decisions, we'll answer your questions and provide valuable information about available mortgage types and their rates.


Next, we'll need to know that you can comfortably make all the payments associated with owning a home before we pre-approve your mortgage. Typical expenses include an affordable mortgage payment price range, property taxes, insurance, utilities, repairs and general upkeep, and any applicable condominium fees. To reach a decision, we'll consider your employment situation, conduct a confidential credit check and run some calculations to establish your debt-service ratios.


Upon qualifying for a mortgage, you'll receive a letter of pre-approval, which secures your financing and guarantees the interest rate for three months. You or your family can then search with confidence for your new home.

Explore pre-approval with a Casera Mortgage Specialist.

Your goals are our goals, and we’re here to help you achieve them. Book a meeting at your preferred Casera branch to discuss getting a pre-approved mortgage.

Book Now

Uncomplicated Advice

Family Looking At New Home

We've been helping members finance their dream homes since 1951. We understand that many other financial institutions and agencies offer mortgages, but we believe Casera provides some advantages. One of these is our reputation for personal service. As a member-focused credit union, we take pride in getting to know you and your family.

Woman Looking At Charts

As your family grows, so will your need for additional financial products and services — RESPs, vehicle loans, RRSPs, investments, and higher education loans. You'll find all of these and more at Casera.

Calculator icon

Mortgage Calculator

No penalty for early payout on variable mortgages. 30% annual pre-payment on fixed mortgages.
House icon

Mortgage Insurance

Get informed insights from credit union advisors with expertise in mortgages and pre-approvals.
Document icon

Free Transfers

Low-cost mortgage protection insurance can cover you if you aren’t able to make payments.

Banking advice made easy for you and for your family.

Let us show you how at Uncomplicated Advice.


Learn More

Talk to us.

Together, we'll work on achieving your financial goals.

Call 204-958-6300 or book an appointment at your nearest branch.