Many Canadians aspire to own their first home, but the process can be complex. First-time homebuyers (FTHBs) must meet specific criteria, including not having owned a home in the last four years. Understanding mortgages, down payments, and the pre-approval process is crucial. FTHBs can benefit from various programs to reduce costs. Key considerations include fixed vs. variable rates, mortgage terms, and closing costs. Knowledge of these factors can help navigate the homebuying journey and make informed decisions.
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