Professionals that will be helping guide you through the home purchase process
Mortgage Broker / Mortgage Agent / Independent Consultant – A mortgage professional introduces buyers to a full range of mortgage products, interest rate options, and strategies to pay off your mortgage more quickly. This professional works only on your behalf.
Lender – Financial institutions, such as banks, credit unions, trust companies, pension funds, and life insurance companies that lend money to home buyers.
Real Estate Agent – A real estate representative finds properties in your price range and arranges the purchase transaction on your behalf.
Appraiser – The appraiser determines a property’s mortgageable value, based on its condition and the selling price of comparable properties recently sold in the area. The market value enables the lender to determine the loan-to-value ratio of the mortgage (the amount of the mortgage versus the value of the home).
Home Inspector – They examine the home you intend to buy and evaluate its roof and structural stability, electrical work, plumbing, appliances, fireplaces, and furnace. This inspection is usually arranged by you, the buyer, and allows you to address any issues with the seller prior to closing, as well as anticipate any repairs that may be required.
Lawyer/Notary Public – Your lawyer or notary will review the Agreement of Purchase and Sale, ensure that all closing documents have been completed correctly (including the title search and title insurance), as well as file documents with the provincial land title office. Your lawyer or notary will also ensure your property is clear of all existing mortgages, judgments, and builder’s liens.
Default Mortgage Insurer – Mortgage insurers, such as Canadian Mortgage & Housing Corporation (CMHC) and Genworth Financial, protect lenders from a borrower defaulting on a mortgage at any time during the amortization period. Home buyers with down payments of less than 20% must purchase mortgage insurance.
Home Insurance Agent – When you get a mortgage, you have to supply the lender with proof that the property you’re buying is fire insured, at least to its replacement cost.