The Main Players in Your Home Purchase

When buying a home or other property, you will have to rely on a range of professionals to guide you through the process.
Mortgage Broker – A mortgage expert introduces buyers to a full range of mortgage products, interest rate options, and strategies to pay off a mortgage more quickly. This professional works only on his or her client’s behalf. May also be known as a mortgage consultant, mortgage agent or associate, depending on the jurisdiction.
Lender – Financial institutions, such as banks, credit unions, trust companies, pension funds, and life insurance companies which lend money to home buyers.
Realtor – A real estate representative finds properties in your price range and who arranges the purchase transaction on your behalf.
Appraiser – The appraiser determines a property’s mortgageable value, based on its condition and the selling price of comparable properties recently sold in the area. The market value enables the lender to determine the loan to value ratio of the mortgage (the amount of the mortgage versus the value of the home).
Property Inspector – Property inspectors examine the home you intend to buy to evaluate its roof and structural stability, electrical work, plumbing, appliances, fireplaces and furnace. This inspection is usually arranged by thebuyer, and allows him or her to address any issues with the seller prior to closing, as well as anticipate any repairs that may be required.
Lawyer / Notary Public – Your lawyer or notary will review the Agreement of Purchase and Sale, ensure that all closing documents have been completed correctly (including the title search and title insurance), as well as file documents with the provincial land title office. Your lawyer or notary will also ensure your property is clear of all existing mortgages, judgments and builder’s liens.
Default Mortgage Insurer – Mortgage insurers (CMHC and Genworth) protect lenders from a borrower defaulting on a mortgage at any time during the amortization period. Home buyers with down payments of less than 20% must purchase mortgage insurance.