Five Common Mortgage Mistakes First-Time Buyers Make in Calgary (And How to Avoid Them)

Buying your first home in Calgary is a huge milestone—equal parts exciting and intimidating. You’re finally ready to trade rent payments for something you can actually call yours... but the mortgage process? That’s where things often start to feel confusing.

As someone who’s helped many first-time homebuyers through this journey, I’ve seen a few patterns pop up again and again—small mistakes that can cost you money, time, or even your dream home.

Let’s walk through the 5 most common mortgage mistakes first-time buyers make in Calgary—and more importantly, how you can avoid them.

1. Skipping Pre-Approval

The mistake:
Some buyers start booking showings or fall in love with listings online before checking how much mortgage they can actually qualify for.

Why it matters:
Without pre-approval, you’re flying blind. You might end up looking at homes outside your budget—or worse, lose out on a place you love because your financing isn't in place yet.

The fix:
Start by getting pre-approved through a lender or trusted mortgage broker. It’s free, simple, and gives you clarity on your home-buying power. Plus, it shows sellers you’re serious.

Tip: I work with fantastic Calgary-based mortgage advisors who are happy to walk you through this at your pace.

2. Forgetting About the “Hidden” Costs

The mistake:
Only budgeting for the down payment and monthly mortgage. But wait—there’s more.

Why it matters:
Buying a home comes with a few extra upfront costs that catch buyers off guard. Think:

• Legal fees

• Home inspection costs

• Property tax adjustments

• CMHC insurance (if your down payment is under 20%)

• Moving costs

The fix:
I always recommend setting aside 1.5% to 3% of your home’s price for closing costs. I’ll help you estimate what to expect based on the home you’re considering.

3. Making Big Financial Moves Before Closing

The mistake:
Buying a new car, applying for a new credit card, or changing jobs after getting pre-approved but before closing on the house.

Why it matters:
Lenders will recheck your financial situation before finalizing the mortgage. Big changes to your income, credit, or debt can cause delays—or even derail your approval entirely.

The fix:
Keep your finances as steady as possible from pre-approval to possession day. When in doubt, talk to your mortgage advisor before making any financial changes.

4. Not Exploring First-Time Buyer Programs

The mistake:
Assuming all the help is only for repeat buyers or investors.

Why it matters:
Canada offers great support programs for first-time homebuyers—especially in Alberta—and not using them could mean leaving thousands of dollars on the table.

The fix:
Take advantage of programs like:

• The First-Time Home Buyer Incentive

• RRSP Home Buyers’ Plan (HBP)

• GST/HST housing rebates (on new builds)

Need help navigating which ones apply to you? I’ve got you covered.

5. Not Working With a Realtor Who Understands First-Time Buyers

The mistake:
Trying to go it alone or working with someone who’s not invested in your learning curve.

Why it matters:
Buying your first home is a big emotional and financial decision. You need someone patient, responsive, and who can explain things without overwhelming you with jargon.

The fix:
Choose a realtor ( hi, that’s me!) who takes the time to really walk you through the process—step by step—and advocates for you every step of the way.

Final Thoughts from Amneet

Buying your first home in Calgary should feel empowering—not exhausting.

You deserve guidance that’s clear, human, and rooted in your best interest—not pressure or confusion. My job isn’t just to help you buy a home—it’s to help you feel confident and calm throughout the process.

Let’s connect when you’re ready:
Visit my Realtor.ca profile here

Whether you’re ready to start today or just gathering info for tomorrow, I’m always here to answer your questions—judgment-free and jargon-free.