Being a Mortgage Newbie Doesn’t Have to Suck!

December 4, 2019
mortgage newbie photo

Great! You’re ready to start your journey as a first home buyer but now that also means you have to shop for your first mortgage. And we get it, being a mortgage newbie sucks (but it doesn’t have to)! 


First of all, it involves math and numbers. Eeeeek!

Then there is this new language to learn. How do you find solid guidance when there is contradicting advice all over the internet and lurking by the watercooler. 

Compounding matters are the confusing rules from regulators, banks, insurers etc… that seem to be constantly changing. 

Since 1977, here at Tridac Mortgage we’ve been comforting and gently guiding mortgage newbies just like you to melt away the fears and anxieties that come with shopping for your first mortgage. 

Over the past 4 decades, we’ve helped thousands of Canadians get their first mortgage. But it’s not just about “getting a mortgage” we work with our clients to feel educated, comfortable and confident with their home financing.

  • Click here to read our past clients have to say about the experience on Google Reviews


So where does it all begin?

It starts with a real and honest conversation.

Nobody really wants a mortgage but it’s an ends to a means. A first step to get away from the renting cycle to start building net worth and real wealth. Freedom from Mom & Dad. A place to grow your family, relationships and bonds with people you love. 

Once we understand “WHY?” you need a mortgage we can start working on the details.


There are 4 cornerstones to any mortgage application. 

  • Income
  • Credit history and outstanding debts
  • Down payment
  • The property you are buying


Through an initial 20-minute phone call we will walk you through the process of finding out exactly how much home you can afford using the 4 cornerstones as a foundation for the conversation. 


Some useful tips to prepare for your first mortgage conversation

Income – If you’re a salaried employee have your previous year T4 income and a current pay stub handy. If you are self-employed or have variable income (commissions, hourly etc…) it’s important to establish a 2-year history of your income. The most practical and comprehensive way to collect that information is via your two most recent T1 generals.

Credit history – There are a number of online tools where you can check your credit score. Chances are you have great credit… If you are aware of some past credit issue it would be helpful to have documentation confirming it’s been resolved.

Down payment – In preparation for your mortgage application, you should establish how much down payment you’ll have available and from what sources. Generally speaking gifts from immediate family members are acceptable. However, borrowing money from a line of credit isn’t a preferred source of down payment money. 

Property – This is the fun part. No doubt you’ve probably started blue-skying ideas about what type of home and in which neighbourhood you want to buy. Casually browsing MLS and realtor sites can give you a quick idea about budget expectations.

  • Ready to book an initial phone call? Great! Book a 30-minute call directly into my calendar here



I’ve seen it so many times. First-time buyers will budget for their down payment but completely underestimate closing costs and operating costs. Often these items appear as the “hidden costs” of your first home and mortgage transaction. 

Major items you must be aware of include:

  • land transfer tax (municipal and provincial)
  • legal fees, 
  • PST on mortgage default insurance
  • home insurance, 
  • moving costs, 
  • home inspection 
  • appraisal
  • basic furniture and appliances


During our initial phone call at Tridac Mortgage we have an open and clear discussion about these so-called hidden costs to make sure you are clear and comfortable with your planned budget. 



There are so many incredible tools and resources available for mortgage newbies that haven’t existed as recently as 12 months ago. 

I believe it’s a MUST to have a comprehensive smartphone app available on your phone. The tool is very comprehensive and puts an incredible resource in your pocket 24/7. I highly recommend the Home Centre App. Available for download here.

This app includes some must-have tools for your mortgage search including: 

  • Purchase calculator
  • Stress test calculator
  • Land transfer tax calculator
  • Closing costs estimator
  • Side-by-side comparison tool to see saving between different mortgage options


The gist of it all

Okay, mortgage newbie, you have all the knowledge you need to get started on your mortgage with CONFIDENCE. But first – I want to make sure you know the most important parts of everything we talked about! 

  • Your mortgage application has four cornerstones (Income, Credit History, Down Payment, Property). 
  • Make sure you budget for closing costs.
  • Use a comprehensive smartphone app like the Home Centre App!
  • Find a mortgage broker you’re comfortable with. 


Being a mortgage newbie doesn’t have to suck if you follow these steps and find a mortgage broker you like. My team and I really like talking about mortgages (not a joke) and are happy to answer your questions no matter where you are in the mortgage process!


Book a 30-minute call directly into my calendar here, get in touch with me here, or call me at 416.732.8020!



Chris & The Tridac Team


Christopher Molder

Mortgage Broker

Christopher is a mortgage broker based in Toronto, Canada. And a son of a broker too.He’s a second generation mortgage broker.Following in his father’s steps he joined the family mortgage business straight out of university.

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