Choosing a Professional
The Important Things...What's Next?
Once you have been pre-approved, there are a lot of important steps that you should be aware of.
When purchasing a home or just re-doing your mortgage, it is important to recruit the help of a number of professional people. We have put together a list of professionals that can help you to achieve your goals.
Choosing a realtor
Choosing a home inspector
Choosing a lawyer or notary public
Choosing a home insurance company
Choosing a life insurance broker
Choosing an appraiser
Other people or items that you may want to address
Choosing A Realtor:
A realtor is working for you to help you find a home in your price range and to help make the transaction go smoothly. It is the realtor's responsibility to make sure that you are looked after and have fair representation throughout the transaction. It is also their responsibility to make sure that you are legally protected. When you choose one realtor to work for you it is important to remain faithful to that realtor. If they know that they are working for you they will do the best job possible. The realtor is only paid if the sell you a home so it is in their best interest to do a good job for you.
Choosing a Home Inspector:
A home inspection is not a requirement of getting a mortgage. It is however beneficial to have one done. When looking at older homes many of them many of them are in need of repairs. The home inspector will point out any major defects a home may have. A home inspection is going to tell you what kind of expenses you will be looking at in the next few years.
A home inspector should be a British Columbia certified inspector and be in compliance with the standards of practice and code of ethics of the CAHPI (Canadian Association of Home and Property Inspectors) they can be reached at 1-800-610-5665 for further information.
Choosing a Lawyer or Notary Public:
When purchasing a home or getting a new mortgage you must have a professional do the legal transaction. The notary or lawyer will register the title in your name. They will register the mortgage on the title and make sure that the title is free to be transferred.
Most banks will let you choose your own lawyer or notary public to process your real estate transaction. Lawyers and notary publics can perform the same job. A notary public can not advise in any legal matters.
Ronald W. Madill, B.Comm, LL,B
Barrister & Solicitor
Real Estate, Wills & Estates, Foreclosures, Company Law
1033 Third Avenue
Prince George, BC
250-562-5000
Choosing a Home Insurance Company:
Before the lawyer or notary can transfer title of the home into your name he must have confirmation that you have arranged for home insurance.
When choosing an insurer make sure that they shop for your insurance to get you the best rates. Ask about age discounts or penalties.
Choosing a Life Insurance Broker:
When you purchase a home or get a new mortgage you should discuss options of life insurance with you mortgage broker. Mortgage insurance is optional and is not a requirement of getting a mortgage. Mortgage life insurance can be purchased through your mortgage broker or you can get private life insurance through a life insurance broker which may be a better option and possible less expensive.
Joanne Huisman
Sunlife Financial
316 Victoria St
Prince George
B.C.
V2L4X4
250-564-6090
Choosing an Appraiser:
When purchasing a home and you have 25% down or more you will require a professional appraiser to go through the home and prepare an appraisal of the home based on market value. This is important to assure to yourself and the bank that you are not paying over market value for the home. When refinancing you home and the amount of the mortgage is 75% or less than the market value you will also require an appraisal. You should always talk to your mortgage broker before ordering an appraisal because lenders usually have a list of acceptable appraisers that they will use.
Finden Appraisals
Darcy Finden, CRA
Phone: (250) 960-1133
Email:
email@findenappraisals.com
Website:
findenappraisals.com
385 Winnipeg St.
Prince George, BC
V2L 2T8
We are a leading provider of real estate valuations for the mortgage lending marketplace. With many years of experience in the business, we have a proven track record of reducing lenders time, efforts and costs in managing the appraisal process.
We are a leading provider of appraisals for:
Primary and Secondary Mortgages
Mortgage Refinancing
Employee Relocation
Private Mortgage Insurance Removal
Estate Planning
Divorce Settlement
Now that your mortgage has been approved and all the subjects have been removed from your contract of purchase and sale all that is left is waiting for moving day.
Other People Or Items That You May Want To Address
Lock smith or security people to re-key locks or set up or install a security system
Carpet cleaners
Painters and decorators
Flooring specialists
Moving and storage companies
Don't forget to change your address at the post office
Arrange for hydro, gas telephone and cable vision.
Congratulations on the purchase of your new home!
The Mortgage Group is here to help make this a smooth, stress free transaction.