Purchasing a home is likely to be the largest investment you will ever make, and that means that it is very important you have a team of professionals working with you throughout the entire process. Here are the key players you will need.
More and more clients are discovering the benefits of utilizing the services of a professional Mortgage Broker to help them secure financing for their homes. Why is this? It is simple really.
The banks are filled with a lot of great people who are knowledgeable, friendly and do good jobs. The challenge is that they are employees of the bank. That means that their first responsibility is to look out for the best interest of their employer. It also means that they can only offer you a single line up of products.
As a CENTUM Mortgage Choice Broker I have access to many different lenders, some that are simply not available to the consumer except through the services of a mortgage broker. That means that you, as my customer, have greater choice and can truly customize your home financing. It also means that generally I have access to lower rates. More choice and better rates = win for you!
Do you have to pay me for my service? Mortgage brokers always get paid by the lender so our service to you is offered without charge. In some rare cases however there may be a broker fee, but if that ever happens your broker will always explain that to you upfront so that you can make an informed decision. This is usually only in the cases of second, third or private mortgages.
Your Professional Team
Real Estate Agent
A Realtor is an integral part of your home ownership experience. Their job is to find you a home, write the contracts, negotiate on your behalf, and to provide you with important information about the home and the community. They can provide you with details that would take you hours of research, or you may not have access too, and can help you make an informed decision about your purchase.
If you would like to know more about a real estate agent’s ethical obligations, visit the Canadian Real Estate Association’s website at www.crea.ca or call your local real estate association.
You need a lawyer to protect your legal interests, such as ensuring the property you are thinking of buying does not have any building or statutory liens or charges or work or clean-up orders associated with it. He or she will review all contracts before you sign them, especially the Offer to Purchase. Having a lawyer involved in the process will give you peace of mind and ensure that things go as smoothly as possible. Law associations can refer you to lawyers who specialize in real estate law.
Lawyer fees depend on the complexity of the transaction and their experience. For instance, if you are buying a condominium, you will want a lawyer experienced in condominium transactions.
Remember that a lawyer:
- Should be a licensed full-time lawyer.
- Should be local and understand real estate laws, regulations and restrictions.
- Should have realistic and acceptable fees.
- Should be able and willing to explain things in plain language.
- Should be experienced with condominiums (if you are purchasing a condominium).
The Insurance Broker
An insurance broker can help you with your insurance needs, including property insurance and mortgage life insurance. Lenders insist on property insurance because your property is their security for your loan. Property insurance covers the replacement cost of your home, so premiums may vary depending on its value. We also recommend that you consider obtaining mortgage life insurance. This provides coverage for your family if you die before your mortgage is paid off. As a CENTUM Mortgage Choice Broker we can offer you the benefit of Mortgage Protection Plan offered through Manulife Financial. We also have disability insurance available in the event that you are injured and as a result cannot meet your mortgage payment obligations. If you are interested in finding out more information on MPP, please do not hesitate to ask. Be careful not to confuse property or life insurance with mortgage loan insurance, which may be required for high-ratio mortgages.
The Home Inspector
You should consider having any home you are thinking of buying—whether it is a resale home or a brand new home—inspected by a knowledgeable and professional inspector. An inspection by a home inspector is a visual inspection.
The home inspector’s role is to inform you about the property’s condition. The home inspector will tell you if something is not functioning properly, needs to be changed or is unsafe. You will also be informed of repairs that need to be made and maybe even where there may have been problems in the past.
Every inspection should include a visual assessment of at least the following:
- Foundation • Doors and windows • Roof and exterior walls • Attics • Plumbing and electrical systems (visible) • Heating and air conditioning systems • Ceilings, walls and floors
- Insulation (where visible) • Ventilation • Septic tanks, wells or sewer lines (if qualified) • Any other buildings such as a detached garage • The lot, including drainage, slopes and vegetation • Overall opinion of structural integrity of the buildings • Common areas (condominium/strata or co-operative)
Home inspector fees are generally in the $500 range and depend on the size and condition of the home. If you don’t know where to start when it comes to building your team don’t worry, I can point you in the right direction!
Office: (204) 727-2177
Cell: (204) 720-4002