Your Support Team When Purchasing a Home

Throughout the process of purchasing your home in Calgary, there are a few key parties that help you along the way.

Lender: Your Calgary mortgage broker will help you choose the lender that best suits your specific requirements. The majority of your contact with your lender will be after your mortgage funds. You will receive contact information you can use 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 a down payment, you will be required to have mortgage insurance. Mortgage insurance protects your lender against any potential losses incurred from your default. Your mortgage broker and the lender will arrange this insurance for you. The main mortgage insurance companies in Canada are CMHC, Genworth and AIG.

Appraiser: The appraiser’s role is to provide the lender with a market value of the home. The market value is the price that the home would sell at with reasonable exposure on the market to a large number of buyers. You mortgage broker will arrange an appraisal for you if it is required. An appraisal is generally only necessary if you have a down payment of 20% or more of the value of the home.

Home inspector: A home inspector provides you with information on the construction of your home. They will make you aware 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.

Financial advisor: Your Calgary financial advisor will help you with any investment planning needs, as well as help you arrange a life insurance policy to protect you and your family in the event of death or disability.

Lawyer: Your lawyer will transfer the property to your name, and will draw up and register mortgage documents. Your lawyer deals with your lender to ensure they have all the required paperwork to process the sale of your home.

No matter which party you are dealing with at any specific point in the home buying process, it’s important that you deal with quality professionals that have your best interests in mind. Your Calgary mortgage broker should be able to refer you to a reputable Realtor, lawyer, etc.