BMO specialist Laura Parsons highlights often-overlooked programs for first-time buyers

Price is the deciding factor for many young adults who are purchasing their first home.

This isn't necessarily a bad thing; but you actually risk taking a financial hit when you fixate solely on what you think you can afford, said BMO mortgage specialist Laura Parsons.

"Millennials tend to migrate to affordability instead of understanding their options," said Parsons, who has more than 30 years of mortgage experience.