A pre-approval can define a sensible range and identify document or credit issues early, but the property and full application must still receive final lender approval.
Who this is for
Buyers planning their first ownership move.
This page is for Regina-area buyers who have not owned before, are returning to ownership after several years, or need help understanding whether they meet a program’s first-time-buyer definition.
- Renters comparing the monthly cost of owning.
- Buyers using savings, a gift, FHSA funds or an eligible RRSP withdrawal.
- Couples combining different income, credit or ownership histories.
- Buyers considering resale, new construction or nearby communities such as White City, Emerald Park, Pilot Butte or Lumsden.
The process
From “maybe” to offer-ready.
- Set a comfortable budget. Include mortgage payment, property tax, heat, insurance, maintenance and other debts.
- Confirm the down payment. Review the source, amount, history and remaining closing-cost cash.
- Complete the pre-approval review. Verify income, credit and obligations instead of relying only on an online estimate.
- Shop within the plan. Keep financing and inspection conditions where appropriate and avoid major financial changes.
- Finalize the property. The lender reviews the agreement, property and remaining documents before funding.
Important considerations
Down payment is only one part of the cash plan.
For an eligible owner-occupied property below $1.5 million, the general minimum down payment starts at 5% of the first $500,000 and 10% of the portion above $500,000. A purchase at $1.5 million or more generally requires at least 20%. With less than 20% down, mortgage default insurance usually applies.
Keep separate funds for legal work, title registration, inspection, appraisal if required, adjustments, moving and an emergency buffer. Program and tax rules can change; confirm current FHSA and Home Buyers’ Plan details with the appropriate tax professional or government source.
Structured answers
First-time buyer questions
How early should I get pre-approved?
Start before serious house shopping. Early review gives you time to document a down payment, correct credit-report errors and adjust the target budget.
Can I use gift money for my down payment?
Many lenders allow an eligible non-repayable gift from an immediate family member, with a signed gift letter and proof of deposit. Exact requirements vary.
Can I qualify for a 30-year amortization?
Eligible first-time home buyers and purchasers of new builds may qualify for a 30-year amortization on an insured mortgage. A longer amortization can reduce the payment but increases total interest and remains subject to lender and insurer criteria.
Does pre-approval guarantee the mortgage?
No. The property, documents and application must still satisfy the lender, and material changes to income, debt, credit or down payment can affect approval.
Your first step
Build the plan before the offer.
Share your goal, timeline and starting numbers. Ramin will help you identify the documents and decisions that matter next.
Start My Pre-Approval