First-Time Buyer Mortgage Planning Guide › Chapter 13

Your readiness score

By Rajiv Verma, Mortgage Broker · Mortgage Architects, FSRA Brokerage Licence #12728 · Updated November 3, 2026

Answer 10 quick questions to see whether you’re on track to buy in 6 months, 12 months, or need a plan first.

1. Have you checked both of your credit reports in the last 3 months?
2. Are all your payments up to date, with no missed payments in the past year?
3. Are your credit card balances under about 30% of their limits?
4. Is your income permanent, past probation, or documented for at least two years?
5. Have you gathered your T4s and Notices of Assessment?
6. Do you have at least the minimum down payment saved or clearly coming?
7. Can you trace where every dollar of your down payment came from?
8. Have you budgeted 1.5% to 4% of the price for closing costs?
9. Are your monthly debt payments under about 10% of your gross income?
10. Have you avoided new credit applications in the past 6 months?

Scoring: 8–10 “yes” → likely ready in 6 months · 5–7 → about 12 months with a plan · 0–4 → let’s build your plan first. This score is a planning guide, not a pre-approval. Question 9 is a rule of thumb.

Try it with your numbers: the live calculator is in my free mortgage app.

Next up · Chapter 14Mortgage glossaryContinue reading →

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Rajiv Verma, Mortgage Broker · Mortgage Architects, FSRA Brokerage Licence #12728 · 15 Gateway Blvd, Unit 201, Brampton, Ontario · Office 289.505.0631 · Direct 647.291.7116
This guide is general education, not personal financial, legal or tax advice. Rates shown are examples as of November 3, 2026, for comparison only, and are not a quote or a commitment to lend. Your rate and approval depend on your application, credit, income, property and lender guidelines. Program rules can change.