MORTGAGE Blog & ARTICLES

+1 888 882 0786

Experts Do I Need in Purchasing a Property in Canada?

Different people

Mortgage Broker

 

 

Who?

A Mortgage Broker is a mortgage professional who provides you with a customized home financing plan and helps to guide you through the entire mortgage process.

 

Why?

A Mortgage Broker will get to know your finances and goals to help you choose the right mortgage through dozens of lenders they work with, so that you get the best rates and terms for your mortgage. And they check that you have all your paperwork ready. They also offer the flexibility of bringing their expertise to you at your convenience.

 

What to Look for?

Choose a Mortgage Broker that’s recommended by other professionals, or friends. A referral is best. Also choose a Mortgage Broker that is close to your home or place of work. Mortgage Brokers have no quarrels in meeting their clients at coffee shops or at their homes. They are flexible.

 

 

REALTOR®

 

Who?

A REALTOR® is a licensed real estate professional who is a member of the Canadian Real Estate Association (CREA).

 

Why?

A real estate agent has access to listings that may not be available through public sites, and can arrange private viewings.

 

More importantly, he or she will save you time by showing you only homes that meet your personal and financial requirements.

Experienced in the buying and selling process, they will provide guidance, prepare the Offer to Purchase, and help you negotiate the best price. Real estate professionals work on commission and are paid by the party selling the property. So, in the purchase of a resale residential property its best that you have a real estate agent and the seller have one too. That way your agent can truly represent you.

 

What to Look for?

If you can, get referrals from friends, family, or people you work with. Some agents specialize in specific areas or types of housing (for example: condos, investment or commercial properties), which may be useful. Real estate professionals must have a provincial license. A REALTOR® is a licensed real estate sales person, agent, or broker who belongs to the Canadian Real Estate Association (CREA), which represents over 100,000 REALTORS® throughout Canada. Most agents in the GTA belong to the Toronto Real Estate Board (TREB). Other notable boards in the GTA are Brampton Real Estate Board (BREB), Durham Region Associations of REALTORS® (DRAR), Mississauga Real Estate Board (MREB), Orangeville and District Real Estate Board (ODREB). Other Canadian Real Estate Boards

 

 

Home Inspector

 

Who?

The Home Inspector helps you in ensuring your home is in good condition and that you are aware of any issues related to the home’s major systems (electrical, plumbing, heating, roofing, foundation) in any house you’re thinking of buying.

 

Why?

It’s always advisable to have a house or condo unit inspected before you place an offer. An inspection isn’t a guarantee or a warranty, but it does provide an informed opinion about the shape of the home.

 

What to Look for?

Choose a qualified, registered and licensed home inspector with lots of experience and who has errors and omissions insurance. Ask friends or family for a referral, or contact the Canadian Association of Home and Property Inspectors (CAHPI)

 

 

Lawyer (Lawyer or Notary option in Quebec)

 

Who?

Your lawyer is required to protect your rights and interests by getting the paperwork and legal documentation in order that’s required to close the deal for your house. Solicitors and Notaries are required by law to facilitate the closing transaction and registration of mortgage documents so you must have legal representation in a real estate transaction.

 

Why?

To help you get what you bargained for, at the price you agree to pay, and on the terms you understand.

 

The lawyer’s or notary’s role is to ensure the Offer to Purchase reflects your understanding of the agreement before signing it.

 

One of the most important tasks your lawyer or notary will conduct is a title search, to check for liens or outstanding work orders and to ensure the legal ownership lies with the people selling the house.

 

The lawyer or notary’s is also responsible for closing arrangements, adjusting the costs, and may also review the Offer to Purchase if you request. The lawyer or notary can provide you with legal advice as required on matters related to the purchase of your home.

 

What to Look for?

Be sure to work with a qualified and experienced real estate lawyer or notary. Get referrals from trusted sources (your real estate agent may be able to help, or you can ask friends or family members), or check your local yellow page or yelp listings. Try to find someone who can explain your obligations in plain language and is well experienced in Real Estate Law.

 

 

Appraiser

 

Who?

Your appraiser works to make sure your home is worth what you are offering to pay for it.

 

Why?

It’s always a good idea to get an unbiased, professional opinion to ensure you aren’t paying too much. The appraiser will assess the home’s market value and compare it to recent comparable homes in the area. In many cases your bank will require that you have an appraisal done.

 

 

Your Home Insurance Agent or Broker

 

Who?

Your Insurance Agent or Broker helps you to protect your investment and meeting legal requirements.

 

Why?

To get a mortgage, you’ll need to supply your lender with proof that the property you’re buying is fire insured at least to its replacement cost.

 

What to Look for?

Shop around and get some quotes to compare prices. Be sure to work with someone who will take the time to answer your questions and explain the terms of the policy.

 

We have mortgage experts to offer you free advice that can help you make that new home a reality. Call us at 1-888-882-0786 and get on your way to owning your new home!

Share Button

Mortgage Rates
STOP! Before you apply for a mortgage through your bank, make sure you are getting the best rate! Compare the best mortgage rates in Canada right now. It will take only a minute, but you will be surprised just how much you can save! We at Resourceful Capital Financial Corporation source our rates from all financial institutions, not just the one's that deal with us. To make sure you make a sound and prudent financial decision and get the best possible mortgage.
BEST MORTGAGE RATES
Refinance Calculator
Resourceful Capital Financial Corporation's refinancing calculator will help you decide whether to refinance your existing mortgage at a lower interest rate.
REFINANCE CALCULATOR