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
