Buying your first home is one of life’s biggest milestones—but it can also be overwhelming without the right plan. For Ottawa-area buyers, August is the perfect time to lay the groundwork for a successful fall purchase. Whether you’re hoping to settle in Orleans, Kanata, or closer to downtown, getting mortgage-ready early gives you a major advantage.
At Capital Mortgages, we specialize in helping first-time home buyers navigate the mortgage process from start to finish. Here’s your step-by-step August checklist to get ahead of the market and move into your new home with confidence.
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Review Your Budget and Savings
Before you even look at listings, it’s important to know what you can realistically afford. This means understanding your monthly income, tracking expenses, and calculating how much you’ve saved for a down payment.
Use our free Mortgage Calculators to estimate your monthly payments, affordability range, and mortgage scenarios. These tools help take the guesswork out of planning and ensure you’re not overextending yourself.
📌 Pro Tip: First-time buyers in Ottawa may qualify for federal and provincial rebates. Capital Mortgages can guide you through eligibility.
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Check Your Credit Score
Your credit score directly impacts the type of mortgage you’ll be approved for—and the interest rate you’ll pay. August is a great time to check your credit and address any errors or overdue accounts.
A higher score means lower borrowing costs. If your credit could use improvement, Capital Mortgages can help you create a plan to boost it before you apply in the fall.
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Explore First-Time Buyer Programs
Did you know there are programs designed specifically for first-time buyers in Ottawa?
Visit our First-Time Home Buyers page for a breakdown of grants, rebates, and financial tools available to new homeowners.
These could include:
- The First-Time Home Buyer Incentive (FTHBI)
- Land transfer tax rebates
- RRSP Home Buyers’ Plan (HBP)
Taking advantage of these programs could save you thousands and make the process smoother.
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Get Pre-Approved with a Trusted Ottawa Broker
Pre-approval gives you a clear picture of what lenders are willing to offer based on your financial profile. It also strengthens your position when making an offer on a home.
Working with Capital Mortgages gives you access to multiple lenders and tailored advice for Ottawa’s market. We’ll walk you through pre-approval and help you lock in competitive rates ahead of the busy fall season.
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Start Gathering Required Documents
Once you begin the mortgage application process, lenders will ask for key documents such as:
- Employment letters
- Pay stubs and tax returns
- Bank statements
- Identification documents
Start gathering these now so you’re not rushed later. Having everything in one place makes your approval process faster and less stressful.
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Define Your Home Search Criteria
August is also a great time to get clear about your must-haves versus nice-to-haves. Do you need:
- 3 bedrooms for a growing family?
- A home office setup?
- Proximity to schools or transit?
Refining your priorities will help your agent zero in on properties that match your goals—and reduce the risk of decision fatigue during your search.
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Book a Mortgage Consultation
You don’t need to have all the answers now. Speaking to a licensed mortgage broker can give you clarity and reduce anxiety around the process.
Our team at Capital Mortgages offers free consultations for first-time buyers. We’ll assess your unique situation, explain what to expect, and make personalized recommendations to prepare you for fall success.
👉 Apply today: https://capitalmortgages.com/apply-now/
📞 Call us: (613) 228-3888
📧 Email us: info@capitalmortgages.com
For more info, visit our Instagram page.
FAQs for First-Time Buyers in Ottawa
Q: How much do I need for a down payment?
A: For homes under $500,000, the minimum is 5%. For more expensive homes, expect a tiered amount.
Q: Should I wait for the spring market instead?
A: Fall offers lower competition and motivated sellers. If you’re prepared, it can be a great time to buy.
Q: What if I’m self-employed?
A: No problem. Capital Mortgages works with lenders who specialize in alternative income verification.
Final Thoughts: Make August Count
With the right preparation in August, you can be move-in ready by the time Ottawa’s fall real estate market kicks off. As a first-time buyer, getting your financial documents in order, understanding your borrowing power, and taking advantage of available programs will give you a serious edge.
At Capital Mortgages, we’re here to simplify every step of the process—from calculators to keys.
👉 Start your journey today by visiting our First-Time Home Buyers page.
🔎 Estimate your mortgage with our Mortgage Calculators.
Let’s make your first home happen.