Who’s Who on your Home Team

teamhomegraphicWho’s Who on your Home Team

When the time comes to purchase your first home or renew the mortgage 
on your current home, it’s a good idea to know who your home team partners are. There are a number of professionals that you will need to work with to get the job done. Here is a breakdown of who they are, what they do, why they are necessary and how to find the right one.
Mortgage Broker – A licensed Mortgage Broker or Agent should always be your first point of contact when considering buying or refinancing a home. Knowing how much you can afford to spend and comfortably carry each month in debt, are numbers you will need before you begin your search for the perfect home for you and your family. Refinancing to pay off high interest debt or to free up equity for investing is a smart strategy that your Mortgage Broker may be able to help you with. Renewing an existing mortgage with your current lender can often be the most expensive option. Review the bank’s offer with your mortgage professional, who will give you their opinion of the offer you’ve received. A Mortgage Broker brings you options and choices including: which lender to choose, what term and amortization are best to suit your financial situation, how to structure your down payment and finally and most important – how to pay that mortgage off sooner!
Real Estate Broker or Sales Representative – The argument has
raged on about the best way to sell your house, using a real estate professional or selling privately. It can be a gamble if you are trying to save the commission expense of using a realtor and handle the transaction by yourself, but it becomes a personal decision that only you can make. Remember only the seller pays commission to the Realtor so as a purchaser it is always in your best interest to use an Agent. Real Estate Brokers and Sales Representatives are certified professionals registered with and regulated by RECO (Real Estate Council of Ontario) and CREA (Canadian Real Estate Association), with ongoing learning and testing through OREA (Ontario Real
Estate Association) . Consider interviewing potential Brokers or Sales Representatives to ensure that they are a good fit for you. Commissions can range greatly depending on the amount of work you are expecting from your potential Realtor.
Real Estate Lawyer – The Solicitor that represents you in a real
estate transaction will conduct a title search, register the deed and
handle the transfer of funds. The title search will ensure that your home is or will be free and clear of any prior encumbrances such as previously registered mortgages, liens or claims against the title of the property. The lawyer may then register a title insurance policy
for the property. Your lawyer will represent your best interests
in this transaction and will ensure that the Vendor and the Lender are acting fairly.
Home Inspector – A certified professional that will provide you with an opinion of the home’s performance and condition. I have never purchased or sold a home or commercial property without the benefit of a Home Inspector’s opinion. They are the eyes and ears that should and will crawl up in to the rafters and dig in the darkest basement corners to ensure that the property you are looking to buy or sell is sound. They will identify any current and potential issues that have or could arise with the property. The cost can range anywhere from $ 300.00 to $600.00 for a residential property, with additional inspections such as thermal imaging for heat loss and moisture, available for an extra cost. Well worth the investment!
Appraiser – A certified real estate appraiser will assess the true value of the property, taking many aspects in to consideration such as age, improvements, condition of the home and surrounding
landscaping. The appraiser will then look for recent, comparable sales to support the value of the property.
There are many things in life that should be left to the
professionals; Dentistry, Surgery and Pumping of your Septic Tank to name a few. Having an experienced team of professionals
working for you, ensures you are represented, protected and
educated throughout your home purchase or refinance.
Safeguard your biggest financial investment and avoid costly mistakes.

– Written by Andrea Sammut,
Licensed Mortgage Agent
at Mortgage Architects Brokerage
#10287 located in Orangeville, Ontario.