First-Time Buyer? Here’s How to Tell If You’re Ready

Jamie Ushko • January 7, 2026

Ready to Buy Your First Home? Here’s How to Know for Sure

Buying your first home is exciting—but it’s also a major financial decision. So how can you tell if you’re truly ready to take that leap into homeownership?


Whether you’re confident or still unsure, these four signs are solid indicators that you’re on the right path:


1. You’ve Got Your Down Payment and Closing Costs in Place

To purchase a home in Canada, you’ll need at least 5% of the purchase price as a down payment. In addition, plan for around 1.5% to 2% of the home’s value to cover closing costs like legal fees, insurance, and adjustments.

  • If you’ve managed to save this on your own, that’s a great sign of financial discipline.
  • If you're receiving help from a family member through a gifted down payment, that works too—as long as the paperwork is in order.


Either way, having these funds ready shows you’re prepared for the upfront costs of homeownership.


2. Your Credit Profile Tells a Good Story

Lenders want to know how you manage debt. Before they approve you for a mortgage, they’ll review your credit history.


What they typically like to see:

  • At least two active credit accounts (trade lines), like a credit card or loan
  • Each with a minimum limit of $2,000
  • Open and active for at least 2 years


Even if your credit isn’t perfect, don’t panic. There may still be options, such as using a co-signer or working on a credit improvement plan with a mortgage expert.


3. Your Income Can Support Homeownership—Comfortably

A steady income is essential, but not all income is treated equally.

  • If you’re full-time and past probation, you’re in a strong position.
  • If you’re self-employed, on contract, or rely on variable income like tips or commissions, you’ll generally need a two-year history to qualify.


A general rule: housing costs (mortgage, taxes, utilities) should stay under 35% of your gross monthly income. That leaves plenty of room for other living expenses, savings, and—yes—some fun too.


4. You’ve Talked to a Mortgage Professional

Let’s be real—there’s a lot of info out there about buying a home. Google searches and TikToks can only take you so far.


If you're serious about buying, speaking with a mortgage professional is the most effective next step. Why? Because you'll:

  • Get pre-approved (and know what price range you're working with)
  • Understand your loan options and the qualification process
  • Build a game plan that suits your timeline and financial goals


The Bottom Line:

Being “ready” to buy a home isn’t just about how much you want it—it’s about being financially prepared, credit-ready, and backed by expert advice.


If you’re thinking about homeownership, let’s chat. I’d love to help you understand your options, crunch the numbers, and build a plan that gets you confidently across the finish line—keys in hand.


Jamie Ushko

Mortgage Broker

Employment and Mortgage Qualification: What Lenders Look For

By Jamie Ushko • July 8, 2026
When you apply for a mortgage, your employment history and status carry a lot of weight. Even if you feel secure in your job, lenders need proof that your income is reliable and will continue. To them, your employment status is one of the strongest indicators of whether you can make your mortgage payments long term. Here’s how lenders typically view different employment situations: Permanent Employment This is the gold standard. Once you’ve passed any probationary period and hold permanent status, lenders see you as a lower risk. It shows that your employer is committed to you, and your income is steady. Probationary Periods If you’re still on probation—usually 3 to 6 months, though sometimes longer—lenders may hesitate. That’s because your employer can end your contract without cause during this period. Once probation is over, you’re considered more secure. That said, context matters. If you’ve worked with the same company for years as a contractor and just transitioned into full-time employment, lenders may accept a letter from your employer confirming that probation is waived. Documentation is key here. Parental Leave Being on or about to take parental leave doesn’t mean you can’t qualify for a mortgage. As long as you have a letter from your employer guaranteeing your position and return-to-work date, lenders can use your regular salary—not your leave income—when assessing your application. Term Contracts This is one of the trickiest categories. Even highly skilled professionals with strong incomes can face challenges here. A term contract has a start and end date, which makes lenders question the stability of your future income. To use term-contract income, lenders generally want to see at least two years of history, or proof that your contract has already been renewed. The more evidence you can show of consistent employment, the stronger your case will be. The Bottom Line If you’re planning to apply for a mortgage, it’s important to understand how your employment status could affect your approval. Whether you’re starting a new job, coming back from leave, or working under contract, lenders want documentation that proves your income is reliable. 📞 If you’ve recently changed jobs or are planning a career shift, let’s connect. I can help you prepare your file so you qualify with confidence and avoid surprises in the approval process.

Deposit vs. Down Payment: Key Differences for Homebuyers

By Jamie Ushko • July 1, 2026
When you’re buying a home, two terms often cause confusion: deposit and down payment . While they’re related, they serve very different purposes in the homebuying process. Here’s what you need to know. What Is a Deposit? A deposit is the money you provide when you make an offer on a property. Think of it as a show of good faith that proves you’re serious about purchasing. How it works : Typically, you provide a certified cheque or bank draft that your real estate brokerage holds in trust. If your offer is accepted, the deposit remains in trust until the deal moves forward. If negotiations fall through, the deposit is refunded. Connection to your down payment : Once the sale is finalized, your deposit becomes part of your total down payment. Why it matters : The amount is negotiable, but a larger deposit can make your offer more attractive in a competitive market. Keep in mind, however, that if you back out after conditions are removed, you risk losing your deposit. What Is a Down Payment? Your down payment is the amount you contribute toward the purchase price of your home when securing a mortgage. Minimum requirement : In Canada, the minimum down payment is 5% of the home’s purchase price. Anything less than 20% requires mortgage default insurance. Sources : Down payments can come from your savings, the sale of another property, RRSP withdrawals (through the Home Buyers’ Plan), a gift from family, or even borrowed funds. Example: How They Work Together Imagine you’re buying a $400,000 home with a 10% down payment ($40,000). When you make your offer, you provide a $10,000 deposit . Once conditions are met, that deposit is transferred to your lawyer’s trust account. At closing, you add the remaining $30,000 to complete your full down payment. The lender provides the rest—$360,000—through your mortgage. The Bottom Line Your deposit shows commitment and secures your offer, while your down payment is what makes the mortgage possible. Together, they work hand in hand to get you into your new home. 📞 If you’d like clarity on deposits, down payments, or any other part of the mortgage process, let’s connect. I’d be happy to walk you through it step by step.