1st Time Home Buyers

Buying your first home is exciting, but it can feel overwhelming.

At Bay Breeze Mortgages, we are here to help you every step of the way. Your path to homeownership—made simple.

Here are a few simple things to keep in mind when you are preparing to buy your first home:

1. Get Your Finances Organized Early

  • Review your income, expenses, and monthly budget

  • Calculate how much you’re comfortable paying each month

  • Avoid new credit (cars, loans, major purchases) before buying

  • Pay down small debts to improve your debt-to-income ratio

2. Check Your Credit Score - Your credit score affects your mortgage options and interest rates. Tips:

  • Aim to keep credit card balances below 30%

  • Make every payment on time

  • Avoid opening or closing credit accounts before applying

3. Save for More Than the Down Payment - First-time buyers often forget about other costs:

  • Closing costs (usually 1.5–4%)

  • Home inspection

  • Legal fees

  • Moving expenses

  • Property tax adjustments

  • Having a cushion reduces stress.

Start your Pre-Approval Now
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4. Get Pre-Approved Before House Shopping - A pre-approval:

  • Tells you exactly how much you can afford

  • Locks in a rate for 90–120 days

  • Strengthens your offer when you find the right home

  • Helps you avoid disappointment by staying in your budget

5. Avoid Big Financial Changes - Before applying, avoid:

  • Changing jobs

  • Taking on new loans

  • Large unexplained deposits

  • Co-signing for anyone

  • Lenders look for stability and consistent income

6. Understand What You Want in a Home - Make a list of:

  • Must-haves (number of bedrooms, location, parking)

  • Nice-to-haves

  • Dealbreakers

  • This keeps your search focused and less overwhelming.

7. Factor in Monthly Home Ownership Costs - Plan for:

  • Property taxes

  • Heat, electricity, and water

  • Home insurance

  • Condo fees (if applicable)

  • Maintenance and repairs

  • Knowing all costs helps you stay confident and financially prepared.

8. Keep All Your Documents Ready - Being prepared leads to faster approvals. Most lenders will ask for:

  • Pay stubs

  • Job letter

  • T4s and/or tax returns

  • Bank statements (90 days)

  • ID

  • Proof of down payment

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