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Buying a house is a personal decision, but you may be surprised at the number of people who end up being involved in the process. Here are the professionals you may meet as you shop for a new home, qualify for a mortgage and close on your loan.
The real estate agent/broker
When you first start looking for a home, contact a real estate company in the area where you want to buy. A real estate professional can show you available houses in your price range that meet your personal needs.
Some home buyers hire a mortgage broker to help them arrange mortgage financing. The mortgage broker should recommend the best type of financing for your personal financial situation. You may want to check that your broker is a member of the Canadian Association of Accredited Mortgage Professionals (CAAMP), and has obtained their Accredited Mortgage Professional (AMP) designation.
Banks, credit unions and mortgage companies lend money to home buyers.
Mortgage default insurance makes it possible for lenders to offer mortgage loan options with only a small or no down payment. If for some reason you can no longer make your payments, mortgage default insurance helps cover the lender's losses.
For a fee, a qualified inspector will examine the home you've chosen, from basement to attic. The inspection includes an evaluation of the home's plumbing, electrical work, appliances, the furnace, air conditioners, roof and structural stability.
The appraiser determines the market value of the house you've chosen, based on its condition and the selling price of similar homes recently sold in the area. You shouldn't expect an appraiser to find out things that are wrong with a home; that's the inspector's job.
Your Lawyer is responsible for helping you with the Agreement of Purchase and Sale. Your lawyer is also responsible for ensuring that all closing documents have been completed properly, including those related to the title search and title insurance. Your lawyer will explain what the closing documents are to you and the seller, obtain your signatures and record the documents with the appropriate local governments.
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