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Questions & Answers for Home Buyer
First time home buyers may have many questions about home purchasing.
We have the answers, information and tool needed for the home purchase.            
What is an Agency Relationship?
The real estate act required the Realtor who is working for the buyer or seller have to disclose the agency relationship and explain their duties of the representation in order to protect their interest. 

What is a credit report?
When Lender or credit supplier makes an inquiry. This data is records into the credit Bureau's file and presented in report format for inquires. Creditor or Lender sends updates credit information to each of the credit reporting agencies, the record is updated frequently and a credit rating and information of the consumer.
What is mortgage insurance?
High Ratio Insurance - Insurance protecting the Lender again the borrower's default on-high ratio, (mortgage with down payment less than 20%; 35% for self employment individual). To be insured by CMHC or a private insurer.

The Mortgage Life Insurance -  The Insurance company will paid off the mortgage loan should the insured borrower die.
What is a property appraisal?
An appraisal is an expert opinion to verify the market value of the property is sufficient to warrant the loan requirement by the mortgage lender
What is the subject conditions on a contract?
Subject condition is applied to an offer of purchase, an offer addendum with conditional clauses applied to the purchase. The offer will become a binding contract when these conditions is fulfilled and the subject is removed on or before a specific date. If these conditions is not satisfied, the offer will be void.
What is the qualification of No money down mortgage?
To be qualified for the mortgage, applicants need to proof length of employment, strong income and good credit to qualify the loan with 5% cash back for the down payment and a 95% mortgage. It may be vary difficult to qualified. 
What is debt service ratio and the individuals who cannot proof income?
The percentage of a borrower's gross income to the mortgage loan, the other debt and costs including mortgage payment and property taxes or condo fees, if applicable.

For the business for self homebuyers who cannot verify their income, there are some mortgage programs offer stated income program or equity mortgages to the borrower who can not proof their income.

What is an engineering report of a Building?
A report inform the building identify any major problems that require attention, any repair or preventive maintenance should be make, physical condition of roofs, floor, foundation, exterior wall and envelope or verify the condition of systems such as plumbing, electrical, etc. 
What is a Property Disclosure Statement?
This statement is often form part of the contact to the of the standard of the purchase and sale. It disclose the condition of the building structure, pumbling, electrical or assessments that may affecting the value of the property. This important issued may affect the buyer decision to remove the subject conditions of an offer.
What is a Title Search and Land Survey?
Title Search - A legal documents with the title and detailed of the ownership, including mortgage or financial charge, liens, easement or any other encumbrances on the property.

Land Survey - The legal description of the property, the location and its dimensions. The lender usually requires an up to date survey as an condition. This can be replace by a Title insurance.  
What is an adjustment date?
The calculation of the utilities and the property tax bill at closing, either the payment is pre-paid or outstanding, adjustment will be made to the buyer or Seller.
What is Financial Institution?
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