August 21, 2019

Home buyers need a winning team

MARK SALERNO, CMHC
Buying a home can be a complicated process. You’ll want to get help from a team of knowledgeable professionals.

Your team will likely include a realtor, a lender or mortgage broker, a lawyer, an insurance broker and a home inspector.

Realtors: Your realtor’s job is to help you find the ideal home, write an Offer to Purchase and negotiate on your behalf. Don’t be afraid to ask questions — especially about possible service charges. To learn more, visit the Canadian Real Estate Association at www.crea.ca or the Calgary Real Estate Board at www.creb.com
Lenders and Mortgage Brokers: Many institutions provide mortgages, including banks, trust companies, credit unions, pension funds, insurance companies and finance companies. Mortgage brokers don’t work for any specific institution; their role is to shop around and find the best mortgage for the buyer. To find a lender or mortgage broker, you can ask for a referral from your realtor, family or friends, or contact the Canadian Association of Accredited Mortgage Professionals at www.caamp.org
Lawyers: The lawyer is there to protect your legal interests by making sure the home doesn’t have any building or statutory liens, charges or work or cleanup orders. To find a lawyer, check with your local law association.
Insurance Brokers: An insurance broker can help you to shop around for your insurance needs. Lenders require property insurance because your property is their security for your mortgage loan.
Home inspectors: In most of Canada there are no licensing requirements for home inspectors, so look for one who belongs to a provincial or industry association.
CMHC’s Homebuying Step by Step: A Consumer Guide and Workbook will lead you through the process. Download a free copy at www.cmhc.ca

Mark Salerno is district manager for Canada Mortgage and Housing Corp.

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