Useful Links
Canada Mortgage and Housing Corporation (CMHC)
* CMHC for Consumers
* CMHC Order Desk - Free Booklet Downloads (in pdf)
Credit Reports
* Equifax Canada
* TransUnion
Checklists:
*
Real Estate Agent Selection
*
Lawyer Selection
*
Home Inspection Checklist
Private Sales:
* Grapevine
* For Sale By Owner
Other:
* Land Registration in Ontario
* Home Buyers' Plan (HBP) - RRSP Use
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Your Team of Professionals
* Real Estate Agent
- Do they charge a buyer's fee?
- Do they have fees and service charges?
- Typically you sign a contract to only buy through them for x months
- See section below
* Mortgage Broker - Get referral from real estate agent, friends, family
- See section below
* Lawyer (real estate law)
- Fees range widely and depend on complexity
- See
CMHC Question Checklist
- Ottawa Recommended:
-
John Goss
-
Paul Kelly
(** Who I went with, because sellers were using John)
* Home Inspector
- Should belong to a provincial or industry association
- See section below
* Property Insurance Provider
-
Insurance Brokers Association of Ontario
- Insurance
Hotline - Resource for finding/comparing lowest rates
- I compiled a list of
Car Insurance Providers
- Ottawa Recommended:
- John Shea Insurance, 613.596.9697
- Baxter Bennett & Publow Ins.Brokers Inc, 613.739.1809
* Life/Mortgage Insurance Provider (if req'd)
- More than 20% down payment does not require CMHC Mortgage Insurance.
Should still consider mortgage or life insurance to cover house if problems occur.
- Term.ca
- Resource for comparing/finding lowest rates
* Appraiser - Get referral from real estate agent, friends, family
- Appraisal in not Comparative Market Analysis
* Land Surveyor - for Survey or Certificate of Location
- Seller may cover cost; generally updated every 5 years
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Mortgage Info - Rates & Brokers
General:
* Canadian
Association of Accredited Mortgage Professionals
*
CMHC Mortgage Calculator
Mortgage Interest Rates:
*
Bank of Canada Interest Rate: "Prime business rate"
* Mortgages Made Easy
- Typically has lowest rate available - great for negotiating with other lenders
*
Canada Mortgage Rates
*
TD Canada Trust Mortgage Rates
Recommended Ottawa Mortgage Brokers:
*
Lynn Fraser, Neighbourhood Mortgage Centres Ltd.
*
Keith Kelso, Capital Mortgages
*
Jacqueline Richards, Mastermind Mortgages (Mortgage Specialist)
*
Darryl Bandoro, Ottawa Mortgage Solutions (Green solutions)
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Mortgage Pre-Approval & Final Approval Checklist
This list provides several items, not all of which may be required by your lender.
* Driver's License
* Letter of Employment
* Confirmation of Salary from Employer (T4 & Current Pay Stub)
* Sources of Income
* Info & Details for all bank accounts (90-day history)
* Proof of financial Assets (e.g. RRSPs)
* Source & Amount of down payment
* Proof of source of funds for closing costs (1.5% to 4% of house cost)
* Credit Check. You can obtain your Credit Reports from
Equifax or
TransUnion
- Free by phone: 1-800-465-7166
- Free by
Snail Mail
Final Approval may require:
* Signed Offer to Purchase, and Letter of Fullfillment or Waivers.
* MLS Listing (if available)
* Appraisal (usually covered in part by lender)
* Void Cheque
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Other Fees at Buying Time
* Mortgage Loan Insurance Premium (usually only if down payment less than 20%)
* Appraisal Fee ($250-350)
* Deposit (typically 5% upon offer to purchase)
* Estoppel Certificate Fee (up to $100 for condos only)
* Home Inspection Fee ($500)
* Land Registration Fee (% of Purchase Price, based on region, check with lawyer)
* Prepaid Property Taxes & Utility Bills
* Property Insurance
* Survey or Certificate of Location Cost ($1000-2000)
- May be requested by Mortgage Lender
- May be paid by Seller, should be updated every 5 years
* Water Quality Inspection (if has a well)
* Legal Fees (minimum $500)
* Title Insurance - may be suggested by lawyer or lender
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