Buying your first home is a big deal! It’s an exciting time, but it can also feel like a lot to figure out. Whether you're eyeing a place in Dalhousie, Saint John, or anywhere in between, Finfo is here to help you navigate these decisions with confidence.
Get started here to break down the important steps and costs into simple parts:
Before you start browsing listings, here are a few things to get ready:
Figure out how much house you can really afford. Think about the mortgage payment, property taxes, maintenance, heating and insurance. These can add up fast, especially in older homes or rural areas. Start saving for a down payment – the more you put down, the smaller your mortgage and monthly payments will be.
Try using a mortgage calculator and our budgeting tool to compare the costs of owning a home to your current costs. Treat your down payment savings like a “no-touch” account to avoid dipping into it for other things.
Your credit score affects your mortgage options. Check your credit report early and fix any errors. Lenders will also look at your debt-to-income ratio (or, DTI for short). Your DTI is a way to measure how much of your monthly income goes toward paying debt. It helps lenders figure out if you can afford to take on more debt—like a mortgage.
Keep your DTI low - try to pay down any big debts you have and avoid taking on new big debt (like buying a new car) right before you apply for a mortgage.
Many of us struggle to balance saving for the future with spending today. That’s totally normal—but it can lead to financial stress if we’re not careful. Be honest with yourself about how you spend, and if you tend to spend impulsively, set up systems to help you stay on track – like automatically transferring some money into a savings account on pay day.
Try our budgeting tool, or even the old-school envelope system to separate money for housing, bills, and fun. It helps with self-control and keeps your spending in check.
Getting pre-approved is when a lender gives you written proof of how much they are willing to lend you. It helps you know your price limit and can show sellers that you’re a serious buyer. Don’t forget to shop around! Different lenders offer different rates, and even a small difference can save you thousands over time.
Make sure to check that the mortgage broker you’re working with is licensed with the Financial and Consumer Services Commission!
Homes aren’t just an investment – it’s where you’ll live your life. They’re tied to pride, status, and family. People often make housing decisions based on emotional benefits, not just practical ones. Make sure your choice fits your lifestyle, family needs and future plans.
Ask yourself: “Am I buying this home because it fits my needs—or because it looks impressive?” Try to balance emotional wants with financial reality.
Don’t forget about future costs like fixing the roof, renovations, rising interest rates, and life changes.
Think of your home as part of your overall financial plan. Consider how it fits with your retirement goals, and whether you’d be comfortable using its value later on.
Buying a home is about more than just numbers—it’s about your values, your lifestyle, and your future, but it comes with a lot to think about. From upfront costs and paperwork to choosing the right mortgage and insurance, there’s more to the process than finding the perfect place. Buying a home is a big deal, and it’s okay to take your time. At Finfo, we believe financial decisions should feel empowering, not stressful. We’re here to help you make choices that feel right for you.
When you're ready, we've got your back. Check out our home-buying tools and articles—all free, all made for New Brunswickers.