When buying a home or other property, you will have to rely on a range of professionals to guide you
through the process. For first time home buyers in particular, it helps to be acquainted with these
specialists and their roles.
Mortgage Broker – A mortgage expert who introduces buyers to a full range of mortgage products,
interest rate options, and strategies to pay off a mortgage faster. This professional works only on his
or her client’s behalf, and may also be known as a mortgage agent or mortgage consultant.
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 who can find properties in your price range and who arranges
the purchase transaction on your behalf. Realtors negotiate the price of the home and usually a
good realtor will save you money.
Appraiser – Property specialist who determines a property’s market 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), and in many cases the mortgage broker will assist you in this process.
Property Inspector – Examines 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 the buyer, 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 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 from the Canada Mortgage and Housing Corporation
(CMHC), GE Mortgage Insurance Canada, or Canada Guaranty.
Jackson Cunningham - Your Vancouver mortgage broker
