Just a simple question to CD's

If someone is buying house first time & home inspection need to be done
what exactly to be check.

I know most of us go with Realtor's home inspectors
Does it make any difference if we hire Home inspectors or go through Realtor?

How to know if home Inspector is good or not?

Anyone has a handy check list while doing home Inspection?

While surfing google I found 2-3 good check list

As a buyer, what he has to check with or without Home Inspector?

Can some one share experiences?
Also what are charges for this service
I was told $350 including GST. Is it costly or okay?

Thanks

Quote:

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Originally posted by m2611

Just a simple question to CD's

If someone is buying house first time & home inspection need to be done
what exactly to be check.

I know most of us go with Realtor's home inspectors
Does it make any difference if we hire Home inspectors or go through Realtor?

How to know if home Inspector is good or not?

Anyone has a handy check list while doing home Inspection?

While surfing google I found 2-3 good check list

As a buyer, what he has to check with or without Home Inspector?

Can some one share experiences?
Also what are charges for this service
I was told $350 including GST. Is it costly or okay?

Thanks

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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK

Thanks Vimal for info

In addition to that, one more question

Does Mortgage Protection Plan is required while taking Mortgage for house

What are the advantages/disadvantages of same

I know Premium we have to pay, but does it serve any purpose?

Also if Mortgage is Joint on two names, how that will work?

Can someone provide me more info on this?

Thanks

The answer to your question depends upon your situation.

Mortgage insurance, as its name suggests, covers your mortgage and mainly benefits the lender. The premium is based on original mortgage amount. Over a period of time, as you are making mortgage payments, while the mortgage amount (coverage) decreases, whereas there is no corresponding drop in the premium. This means that if something happens to the mortgagor (you), the insurance will pay off the mortgage and your dependents will not see any cash. On the benefit side of it, it is more affordable compared to Term/Life insurance. Another down side of this is that maybe in 20 years time when you have paid off the mortgage and you wish to take a Term/Life insurance, it may be unaffordable at that age and/or maybe declined due to any medical conditions.

As an alternative, you can take term/life insurance for full mortgage (or reasonable amount). If anything happens to mortgagor (you), the beneficiaries of the insurance are paid the insured amount directly for them to use it any way they want.

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

That's a good info Rajeev

Hope I understand properly. You have written about Mortgage Insurance, correct ?

But its different than Mortgage Protection Plan, correct ?

I think Mortgage Insurance Plan is like taking Life Insurance while getting Mortgage. If buyer already have Life Insurance, then I suppose no need of Mortgage Protection Plan, correct ?

Can anyone confirm me 2-3 things

- Mortgage for 25 years is better or 35 years. I know in 35 years, one has to pay more in longer term. But if not qualify & no other option, will it be worth to take 35 years Mortgage

- What's the diffference between Bi-weekly Accelerated pymt & Bi-weekly Non-Accelerated pymt? Why its more in Bi-weekly Accelerated ?

- Mortgage Insurance is always added to Mortgage amount, is it so ?

- If its High Ratio Mortgage, then taxes for home will be added to your Bi-weekly or monthly pymt, is it so ?

Thanks

Is professional inspection required for new home? We have framing and PDI coming up in next couple of weeks. Is it Ok if we do inspection by ourselves?

Thanks,

Quote:

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Originally posted by Ritzok

Is professional inspection required for new home? We have framing and PDI coming up in next couple of weeks. Is it Ok if we do inspection by ourselves?

Thanks,

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