After RBC raised it's mortgage Friday to 3.04% some first fime buyers might be cautious when entering the real estate market but a local mortgage broker says not to worry.

Despite the small increase in mortgage rates the down payments aren't going to change percentage wise.

Carola Singer with Dominion Lending Centres says your first down payment will only vary on the actual price of the home you're buying.

"You can still buy a home with 5%, as long as you buy a home under $500,000," she says. "If you purchase anything less than that you can still put 5% down."

Singer says when you get into homes above the $500,000 mark thats when your down payment will change.

"Over $500,000 you have to pay 10% on that part, for example if you buy a house for $600,000 you have to pay 5% on the first 500,000 and then 10% on the remaining $100,000."

With RBC being on of the country's biggest lenders for mortgages, Singer says its best to visit a mortgage broker to help you lock in a safe rate that you can afford.

"I would recommend if you are thinking about buying a home, to get a mortgage pre-approval or at least a rate hold to protect the rates, that way if you're buying you have that rate protected, if the rates go back down you're winning either way."