Buying Your First Home in Milton? Here's How to Secure the Right Mortgage
Milton, Ontario, is quickly becoming a top destination for first-time home buyers. Located just west of Toronto and part of the Halton Region, Milton offers the perfect mix of urban convenience and small-town charm. With excellent schools, access to GO Transit, family-friendly neighbour hoods, and proximity to natural parks like the Niagara Escarpment, it is no surprise that many Canadians are choosing to start their homeownership journey here. But before you collect the keys to your new home, you will need to secure the right mortgage—a step that's often overwhelming for first-time home buyers . 1. What Is a Mortgage, and How Does It Work? A mortgage is a loan that allows you to purchase a home. You borrow money from a lender—usually a bank, credit union, or mortgage broker —and repay it over time, typically 25 years, through monthly payments. Each payment covers two components: Principal : The original loan amount Interest : The cost of borrowing the money There are also differe...