Steps to buying your home

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The Steps to buying your home:

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1. How much can you afford?

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• Meet with me to set up Pre-approved mortgage (PAM)
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\n2. What are my down payment options? \n

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• 20% - Conventional Mortgage
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• 5-19% - High Ratio – requires default insurance
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\n3. Work with Realtor to find your property based on affordability \n\n4. Line up other professionals \n

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• Qualified real estate lawyer/notary public
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• Building inspector
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\n5. Sign an Offer to Purchase \n

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• After acceptance, typically you have some days to “remove subjects” and pay a deposit.
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• 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
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• 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”.
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\n6. Completing mortgage application \n

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• Confirm rates, payment schedule, funding account, etc.
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• Satisfy terms and conditions for the approval (provide any additional documents)
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• Discuss mortgage protection
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\n7. Completing the transaction \n

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• You will meet with your banker to sign bank documents
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• You will meet with your lawyer to sign additional documents
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\nThings to avoid before applying for a mortgage:\n

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

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• Applying for a pre-approved mortgage
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• Financing your first or next home and any renovations
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• Transferring your mortgage to BMO Bank of Montreal
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• Refinancing a mortgage loan or tapping into the equity in your current home
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• Or any other home financing matter
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\nWith access to competitive borrowing solutions, I can help you understand your options and find the right solution to suit your unique needs.\n\nTo get started - contact me today! By: Gagandeep Singh Pannu\n\n