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When you purchase your home, there are a number of key players who will help you throughout the process.

Realtor

Your realtor is your partner in the home buying process. Once your realtor understands what type of home you are looking for, he or she will begin researching the market on your behalf. The realtor will search all of the available properties for sale and will show you the ones in your price range that meet your criteria. Once you have found the home you are interested in, your realtor will prepare an offer and represent you in the negotiation process.

Generally, you do not pay a fee to the realtor who represents you when you are buying a home.  The realtor is paid by the seller of the home. Realtors are licensed through provincial bodies and are knowledgeable about the markets they work in.

Mortgage Broker

Your mortgage broker is another key partner in the home buying process. They will take time to understand your financial needs and will research the market to find the best mortgage for you. Your mortgage broker will represent you to the lenders and will negotiate terms on your behalf. Usually there are no fees to use a mortgage broker , as they are paid by the lenders when and if you purchase a home. However, some mortgage brokers do charge a fee, usually if the property is unusual or the mortgage will be difficult to finance. 

Lender

Your mortgage broker will choose the lender that best suits your requirements. The majority of your contact with the lender will be after your mortgage funds. You will receive contact information for when you want to make any changes to your mortgage in the future.

Insurer

If you have less than 20% of the value of the property as your down payment, you will be required to have mortgage insurance. Mortgage insurance protects your lender against any losses incurred. Your mortgage broker and lender will arrange this insurance for you. This insurance can be added to your mortgage, so you do not have to pay it up front.  The mortgage insurance companies in Canada are Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty.  

Appraiser

The appraiser’s role is to provide the lender with a market value of the home. The market value is the price at which the home would sell with reasonable exposure on the market to a large number of buyers. Your mortgage broker will arrange the appraisal for you if it is required.

Home Inspector

A home inspector provides you with information on the construction on your home. The inspector will inform you of any repairs that need to be done in the near future and will let you know what types of repairs you can expect in the next few years. Your realtor or mortgage broker can provide you with some names of quality home inspectors.

Lawyer

Your lawyer will transfer the property to your name and will draw up and register the mortgage documents. Your lawyer liaises with your mortgage broker, lender and realtor to ensure they have all of the required paperwork to process the sale. Your realtor or mortgage broker can refer you to a good lawyer.