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How to Assemble your Power Team?

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Mortgage and Lending with The Mortgage Group

Who makes up your Power Team? We suggest selecting a Mortgage Agent, Realtor® , Home Inspector, Real Estate Lawyer and Insurance Broker. Surrounding yourself with a Power Team is important whether you are purchasing your first home or buying your 10th investment property. They can easily manage the real estate transaction quickly and efficiently. If you select the right Team, you can enjoy the process, by being well-informed without any time consuming complications. Let’s take a look at how you can select your Power Team. Selecting your Mortgage Agent When it comes to making a major decision like financing your new home, mortgage agents are qualified professionals who can help you sort through the maze of different options and features available in today’s mortgage marketplace. They compare different lenders, do all the paperwork, and negotiate the best rate on your behalf so you don’t have to. The Mortgage Group was created as a progressive and professional team that is committed to offering only the highest quality professional service to our clients, realtor's and associates in related fields. No two clients are the same, and therefore each and every Mortgage approval we develop is customized to suit the wants and needs of you, the client. Our success can only be realized through our client's complete satisfaction. Consumers are fast realizing that it's convenient to have a professional to represent their interests in the sourcing and negotiation of mortgage financing terms and interest rates. With a wide range of options now available to the consumer, most have little time to efficiently browse the market let alone figure out the complexity of each lender's products. The Mortgage Group as a broker utilizes our experience and knowledge to consistently secure the most attractive financing terms for our clients. We have been, and always will be guided by our client’s goals, and our strong desire to meet and exceed their expectations. The highest compliment a satisfied client could give us is a personal referral to one of their family, friends or colleagues. We would be delighted to partner with you as you embark on your exciting mortgage financing journey. Selecting your REALTOR® When a home is put on the market, the vendor (seller) is generally responsible for any real estate commissions associated with the sale. Therefore, there are many advantages to you in seeking the assistance of a qualified Realtor® who has experience in the area you are house hunting. A good realtor will make the home-buying process easier, helping you avoid common pitfalls and making sure you get the best value for your money. It is important to do your home work when selecting a Realtor®. Certain agents will sound great by their great promotions or large signs, however ensure they are interested in giving great service - as defined by you the client. As you search for an appropriate agent here are eight questions you should ask before you sign a buyers agreement. • Are they a listing or showing agent? – Sometimes agents are too busy and will have their assistants or colleagues take you around to showings • Length of time in the industry? – Experienced agents should be more familiar with certain location characteristics, where newer agent can be very motivated and energetic to help you get the property you deserve • Do you work part-time or full-time? – Some agents have more than one career and cannot devote all their time to assisting their clients • How can we keep in touch? – Are they accessible with the latest technology, via internet, texting, phone, email, and messaging – they should be adaptable to your choice of communication • History of previous transactions? – Ask for references • Special offers they are promoting? – Can you save money on your transaction (i.e. free home inspection) • Are they part of a team or are they individual? – Individuals can be motivated to work with you individually where teams can provide a wealth of knowledge as more than one person can be working for you • Neighbourhood expertise? – Understanding of schools, new developments, public transportation, major traffic routes, close by amenities and local tax rates A good Realtor® stays up to date about local schools, tax rates, public transportation, and community programs in each neighbourhood which they service. Whichever Realtor® you decide to choose, and there are lots – 2500 in Ottawa alone, they are required by law to be licensed and certified by the Canadian Real Estate Association – CREA and are heavily regulated in Ontario by the Real Estate Council of Ontario – RECO. Signing a Buyers Contract Once you have selected your agent you will be required to sign a buyer’s contract. Typically you will be bound to the contract indicating that you will only work with that particular real estate team/brokerage. However, you can ask your chosen Realtor® what exit clauses are available to you if you find that you are not getting the service you require. A good buyer agent, once you are under contract, should sit down with you and identify everything that you would like in your new home. Use the wish list and be open with your Realtor®. The more information you can give them, the more accurate and detailed their searches can be for you. Let them know what you have been approved for, your must haves and wants, and your location preferences. Your Realtor® in turn will begin to send up-to-date information to you through email, forward listings that match your requests and send monthly newsletters that indicate market trends and conditions. How Home Inspectors work for you? Selecting your Home Inspector A property inspection includes a check of the roof, foundation, insulation, beams, gutters, bricks, siding, and caulking of the building you are considering buying. The plumbing, heating and electrical systems should all be tested and fully examined. Not only do inspectors catch things you may have missed, but they also provide a detailed, written inspection report which includes an estimated cost for specific repairs and maintenance if applicable. The offer you make to the vendor should always be conditional on a satisfactory inspection. If you discover any serious defects you should renegotiate your offer or suspend negotiations altogether by withdrawing your offer. Lawyer Responsibilities Selecting your Real Estate Lawyer Hiring a lawyer is the best way to ensure that your legal interests are being protected when you buy your new home. Your lawyer will review any documentation you need to sign, and perform the necessary searches to clear title from the seller so that the property can be duly registered in your name. A few days before closing, you will visit your lawyer’s office to sign the closing documents. The lawyer collects the mortgage funds from your lender, and together with your certified cheque for the remaining balance, disburses the funds to all relevant parties. At this point, you become the legal owner of the property and usually within a few days you get the keys to your new house - the possession date. Selecting your Insurance Broker An insurance agent or broker can provide you with all your insurance needs, including property insurance and life and disability protection. Lenders insist you purchase fire insurance because your property is their collateral or security for the money they lent you. Property insurance covers the replacement cost of your home, and premiums vary depending on your coverage amounts, deductibles, and the value of your home. Life and disability insurance is offered by most lenders, but unlike fire insurance coverage, you are not required to purchase it. It may be easy and convenient to do so, but often it’s more expensive and less flexible than it could be. If you are a nonsmoker with no history of health ailments, private insurance coverage thru an insurance broker is less expensive, and offers better coverage for you and your loved ones. If you would like more information on selecting a Power Team or if you would like to recommend agents you have used in the past please post a comment.

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