Home Buyers Guide

Helping families get their dream homes and build long-term wealth is our goal and passion. We strive  to help as many families as possible navigate the confusing and often overwhelming experience of mortgage financing. This deep passion and commitment has resulted in us becoming one of the trusted brokerage in the region.

As best mortgage brokers we expertise in our field and that makes all the difference. We actively manage the entire process and continue a real service relationship after your mortgage closes. We will help you make educated decisions along the way and always look for ways to save you money. You can expect a different experience with us as your Mortgage Broker. We strive to build my business through repeat and word-of-mouth referrals, which allows us to always put my customers first with a dedicated focus.

Contents

what's your purchasing power?
all about the mortgage process
good credit is important
how much downpayment do you need?

What's Your Purchasing Power?

 

Before you go loan hunting, We can advise you how much mortgage you will likely qualify for, what your monthly payments will be, and can give you a rate hold for a specified period of time i.e. 120 days. This way you can shop within your price range, you don’t have to worry about rates rising, and both realtors and sellers will know you’re serious. You also won’t waste any of your valuable time looking at loans that are out of your price range. You can confidently shop for your loan and act on that perfect opportunity And by not underestimating what you can afford now, you can save over the long term if you don’t need to purchase a trade-up home later.

Pre-approvals do provide some security, but always remember to make your offer conditional on financing because your property will need to be assessed by your lender, and that condition gives us time to finalize your mortgage.

All About The Mortgage Process

 

We have fine-tuned my mortgage process to ensure an efficient and stress-free mortgage experience.

Here’s a quick overview:

  • Application

We get to know you, and you get to know us. Together we’ll discuss your situation, determine your goals and discuss how to best achieve them. We also answer all of your questions. When we’re done, We help you complete your loan application in whichever way you’d like – online or in person.

  • Review and Plan

We will go over your mortgage application with a fine-tooth comb. We will let you know about the documentation you’ll need to collect in order to secure your financing. Once we have all the documents, we will recommend the best lender with the right mortgage product for your needs.

  • Execution

We will submit your application to the selected lender. Once the lender has reviewed and approved your loan we will  take a close look at the approval with you. This will help us sort out all the lender’s conditions, and make sure they’re satisfied.

  • Funding and Follow Up

You’ll meet with our legal team approximately a week before your loan closes. Once all the lender’s conditions are satisfied, they’ll submit the documents to be registered on title, transfer the funds, and the loan is yours on closing day! Some brokers would say goodbye at this point, but we think your mortgage is way too important to leave you out in the cold. Our team will stay in touch all the way through, exploring every option to save you money and helping you prepare for the future.

Good Credit is Important

 

Having good credit is important for long-term financial success and should always be a top-of-mind consideration. To access to the lowest mortgage rates, you need to show that you are a responsible borrower and will always make your mortgage payments on time. Your lender will look at your credit habits: do you pay your bills on time? Do you tend to run up your credit cards? These habits are reflected in your credit rating. To even have a credit rating, you’ll need two revolving sources of credit, for instance two credit cards or a credit card and line of credit, that are each at least two years old.

This important factor in your mortgage negotiation is entirely within your control. If you start right now with good credit habits, your rating will quickly improve. Here’s what’s important.

  • Pay every bill on time. That one habit is your single biggest game-changer. Make a commitment to never let a bill get past due.
  • Don’t run up your credit cards. Don’t run up your credit cards. Use the 30% rule. If your limit is ₹5,000, try not to let the card balance exceed ₹1,500. This practice helps maintain a good credit score and shows responsible credit usage.
  • Don’t apply for credit too often. When you’re asked, “Would you like to apply for our Store Card to save on your purchase?” Don’t do it. These pitches can be a credit pitfall.
  • Don’t ever let any bill go to collections, even if it’s for a small or disputed amount. These black marks on your credit are hard to erase. If it’s happened, be prepared to explain why, and be sure it’s paid in full and reported to Equifax.
  • If you’ve ever been bankrupt or under a consumer proposal, you’re going to have some extra challenges. You’ll need to have been discharged for two full years. And you’ll need to prove that you’ve re-established credit after the discharge, with at least two re-established revolving credit items and a two year history of satisfactory repayment. Strong income and downpayment will help.

 

How much downpayment do you need?

 

In India, the down payment required to buy a home with a loan is typically 15% to 25% of the property’s value.

Here’s a breakdown:

As per RBI guidelines, lenders can finance:

  • Up to 90% of the property value for loans up to ₹30 lakhs
  • Up to 80% for loans ₹30–75 lakhs
  • Up to 75% for loans above ₹75 lakhs

So, You Pay:

Property Value Max Loan (LTV) Minimum Down Payment
₹30 lakhs or less 90% 10%
₹30–75 lakhs 80% 20%
₹75 lakhs and above 75% 25%

Example:

For a property worth ₹50 lakhs:

•Bank may give 80% loan = ₹40 lakhs

•You must pay 20% = ₹10 lakhs as down payment

What’s Included in the Down Payment?

The buyer pays this from their own funds (not borrowed)

It includes:

  • Advance payment to builder/seller
  • Stamp duty & registration (often extra, not part of home loan)
  • GST (if buying under-construction property)