If you’re currently renting in Edmonton, you’re not alone—but you may be closer to homeownership than you think. With mortgage rates still competitive and many programs available to first-time buyers, now could be the right time to explore making the leap from renter to homeowner. At Steven Murdoch Mortgages, we specialize in helping Edmontonians turn rent payments into equity—and dreams into keys.
1. Understand What You Can Afford
Start by figuring out how much home you can afford. Use an online mortgage calculator or reach out for a free pre-approval. This will help you understand your monthly mortgage payment compared to what you’re already paying in rent. In many cases, owning a home can cost the same—or even less—than renting.
2. Build a Down Payment Strategy
Many renters believe they need a massive down payment, but in Canada, you can buy a home with as little as 5% down. Steven Murdoch can walk you through options like:
- First-Time Home Buyer Incentive
- RRSP Home Buyers’ Plan (HBP)
- Gifted down payments from family
Even if you’re not quite there yet, knowing your target can help you build a savings plan.
3. Improve Your Credit Score
Your credit score plays a big role in determining your mortgage eligibility and rate. Make sure to:
- Pay bills on time
- Keep credit card balances low
- Avoid taking on new debt right before applying
A few smart steps today can make a big impact when you’re ready to buy.
4. Get Pre-Approved
A pre-approval gives you confidence and clarity. You’ll know your price range, interest rate, and what to expect in terms of monthly costs. In a fast-moving market like Edmonton, having a pre-approval letter also shows sellers you’re serious.
5. Work With a Mortgage Broker, Not Just a Bank
Steven Murdoch is an experienced mortgage broker who works with 60+ lenders to find you the best rate and terms. Unlike banks, who only offer their in-house products, we shop the market for you—with no pressure or hidden fees.
6. Factor in Additional Costs
It’s not just the mortgage—consider closing costs, legal fees, home insurance, and property taxes. Steven will walk you through all the numbers so you know what to expect before you commit.
7. Think Long-Term
Homeownership is an investment in your future. While rent payments disappear each month, mortgage payments build equity—especially in a stable Alberta market. Owning your home also gives you more control, stability, and the chance to personalize your space.
Ready to Make the Move? Let’s Talk.
Moving from renting to owning can feel overwhelming—but it doesn’t have to be. At Steven Murdoch Mortgages, we help first-time buyers in the greater Edmonton area every step of the way. Whether you’re ready now or just starting to plan, we’re here to answer your questions and guide you toward ownership—with expert advice, great rates, and no pressure.
Let’s get started—reach out today for a free consultation.
