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Aug 28, 2018
To buy a home, you need the right people. Whether you are a first-time home buyer or already have experience in real estate, a team of trusted professionals should be on your side not only to cheer you on but to help you in every step.
Your home buying team will join you in the purchasing journey. They will guide you through every step and make sure you (and your finances) are making the right decision.
Here is a quick summary about who will be with you as you make the most important purchase of your life.
A real estate agent is a licensed professional that arranges real estate transactions. They represent buyers, acting on their behalf when purchasing a property.
Their only responsibility is to guide you through the home buying journey from beginning to end.
With their expertise, they help you find a home, make the best offer, get the best deal and hire other real estate professionals to include in your team.
To find a qualified agent, use our agent search. You can search by neighbourhood, languages and specialty.
Mortgage lenders are essential to your home buying journey.
Your lender is usually a financial institution that provides the money you need to buy a home. All mortgage lenders need to be approved by the Canadian Mortgage and Housing Company (CMHC). They offer a variety of mortgage options and have the experience to help you finance your real estate purchase. In return, they ask for mortgage payments every month.
There are different types of lenders like banks, mortgage and insurance companies, private lenders and credit unions. So, how do you know which one to choose? Each type of lender offers different mortgage products and has specific mortgage rates. You could research each option or hire a mortgage broker to find the best rate for you.
You can apply for a mortgage with Homicity. Search for the best rate by term type, amortization, transaction type and more.
To ensure you are spending your time and money wisely, you might want to hire an appraiser. They determine the actual value of the home before you sign the deal and can see past and current sales to confirm it.
By inspecting the property and the elements that influence its market value, the appraiser estimates the value. This appraisal will help your lender decide how much mortgage you actually need.
A home inspector inspects the property through a different lens. They examine if all things are working properly and look out for any significant repairs.
With an on-site assessment of the property, present and future problems come to light. They are trained in all aspects of the home and will uncover any issues with it. They might even prevent you from buying a home that would not make a good investment in the long run.
Your lawyer represents you in legal matters during the real estate purchase and takes charge of several transactions and contracts.
Their job is to make sure everything goes according to plan. Not to mention, they handle all the paperwork for you. What exactly are they responsible for? Title insurance, land transfer tax, the purchase agreement and the remaining payment just to name a few.
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