The Steps to buying your home:

1. How much can you afford?

  • Meet with me to set up Pre-approved mortgage (PAM)

2. What are my down payment options?

  • 20% – Conventional Mortgage
  • 5-19% – High Ratio – requires default insurance

3. Work with Realtor to find your property based on affordability

4. Line up other professionals

  • Qualified real estate lawyer/notary public
  • Building inspector

5. Sign an Offer to Purchase

  • After acceptance, typically you have some days to “remove subjects” and pay a deposit.
  • During this time, you need to prove financing is in place (PAM), the bank will need to conduct an appraisal, and you may want to complete your own building inspection
  • It is crucial that a PAM be established before an offer to purchase otherwise the buyer and banker are scrambling to complete financing and appraisal requirements before “removal of subjects”.

6. Completing mortgage application

  • Confirm rates, payment schedule, funding account, etc.
  • Satisfy terms and conditions for the approval (provide any additional documents)
  • Discuss mortgage protection

7. Completing the transaction

  • You will meet with your banker to sign bank documents
  • You will meet with your lawyer to sign additional documents

Things to avoid before applying for a mortgage:

  • Switching jobs
  • Applying for additional credit
  • Car loans, credit cards, etc will impact your credit score
  • Falling behind on existing bills
  • Making a major purchase
  • Co-Signing on a loan

The experience with me is personal. I bring a human touch to helping each client with their home financing journey with ability to communicate in English, Hindi and Punjabi. As a service-focused, home financing specialist, I have the experience and expertise to provide you with sound advice. I am ready to advise you from start to finish on:

  • Applying for a pre-approved mortgage
  • Financing your first or next home and any renovations
  • Transferring your mortgage to BMO Bank of Montreal
  • Refinancing a mortgage loan or tapping into the equity in your current home
  • Or any other home financing matter

With access to competitive borrowing solutions, I can help you understand your options and find the right solution to suit your unique needs.

To get started – contact me today! By: Gagandeep Singh Pannu