Meet the professionals involved during your mortgage process

Who’s Involved?

Purchasing a home takes more than just the buyer and seller to agree on a price. It takes numerous professionals with a vast knowledge of expertise and experience to get the job done right every time.

People you will meet while in the process of purchasing a home:

Mortgage Broker/Agent

A mortgage broker’s role is to act as a middleman between you and the lender, 9 out of 10 times at no cost to you. Our job is to find a product tailored to your needs with an excellent rate that will save you money.

See our Mortgage 101 section for more

Mortgage Lender

Is the person or company that is loaning the money to you for the purchase of your property? In today’s mortgage market it pays to shop around because there are so many lenders and so many different financing options available.

When a lender provides funding they will want to be sure that you are a worthy credit risk and that the mortgage you are requesting corresponds to the value of the property you intend to purchase. They will set out any stipulations that they see fit in the commitment letter.

Realtor

Finding the right home is an extensive and exhausting job. A realtor can make it a lot easier by doing a good deal of the searching for you and providing you with the options closest to your needs. Your realtor is more than just a sales agent.

Your realtor should serve as a resource and help by providing valuable advice to help you make an informed decision with respect to your purchase. They should be a certified real estate agent and have your best interests when negotiating the terms and conditions of your purchase.

Home Inspector

The home inspector inspects the property to reassure that you are getting what you paid for. They will let you know of any repairs that need to be done or have been done in the past.

If you are buying a resale home, it’s always advisable to have it checked by a certified home inspector as a condition of purchase. The home inspector will search for major deficiencies, which may not always be apparent, to the naked eye. The home inspector then writes a full report and submits it to the client and the lender.

See more about a home inspector in our Home Inspection VS Appraisal section

Appraiser

Appraisers assess property values for the lenders.

When a property is purchased it is imperative for the lender to be satisfied that the purchase price reflects the properties true market value. An appraiser is an officially accredited valuator who is hired to conduct an inspection of the property for the lender to assess and certify its value based on comparative properties and recent sales prices in the area.

See more about appraisers in our Home Inspection VS Appraisal section

Builders Representative

A builder’s representative’s job is to aid you when purchasing a newly constructed home from a builder. They arrange the sale of new homes to the general public by providing information to purchasers on the lot sizes, costs of purchasing and displaying the house models. They also aid in the New Home Warranty programs and any other related features of the property including municipal procedures and requirements.

Make note, most builders that provide financing, offer it through the bank that financed their project and mostly use the banks posted rate. They do not specialize in mortgages but are governed by the regular consumer law. Their duty is to the builder and is the seller’s agent, not the buyers.

The Lawyer

Your lawyer’s job is to ensure that the property you purchase is legally yours and comes with no strings attached. i.e. liens, charges, encumbrances.

When you purchase a property you are also taking claim to the legal rights of ownership to that property. There may be liens, work orders or back taxes owed that are attached to the property so you must be certain that no other party has a claim to your property.

The lawyer will confirm that there are no legal rights to your property except your own and help the purchasing process proceed smoothly.

Their job is to conduct a title search and obtain all necessary information. They will ensure that the property conforms to local by-laws and that the taxes are up to date. They handle the transfer of ownership and the registration of the mortgage on title.

They must also ensure that all terms and conditions have been met by both parties and arrange the signing of the legal documents. They do all this and more while working in conjunction with the lawyer for the seller of the property.