Buying

We put ourselves in the shoes of the buyer. We know you want to get the best property for your money and our number one job is to help you to find it. Our next job is to negotiate the very best price and terms on your behalf. This takes skill. Here's where over 60 years of combined real estate experience comes into play. We have been part of literally hundreds and hundreds of transactions. We consider ourselves master negotiators. We offer the highest quality of service to our clients.

When you understand current market conditions you are in a better position as a buyer. It helps to know if you are in a sellers’, buyers' or balanced market. In a sellers' market you may be faced with multiple offers on the property you are interested in. This can be very stressful for buyers and it certainly requires the utmost skill to "win". We have some secret strategies that we’ve used very successfully to ensure you will always win in a "bidding war".

Here are some of the steps we will take to find your perfect home:

Determine Your Wants and Needs

By asking the right questions we will establish what you are looking for. You no doubt have a "wish list" and we will try our best to turn the wishes into reality. We will not waste your time by looking at properties that are not in your price range or homes that don't meet your needs. Throughout the buying process we will maintain your confidentiality and represent your best interests.

Home Shopping

We will use every available method to locate a property that matches your search parameters. This will include properties listed with our office, those offered through other real estate companies, as well as unlisted properties. We will disclose all known facts about the property that are likely to affect your decision. We can save you so much time and effort in the searching process. We can even set up your Barbara Scott & Associates VIP services that let you know of new listings before they even go live on mls.ca.

become a VIP

 The Pre-Approval Process

Being Pre-Approved in writing is a critical first step to buying a home. While a pre-approval does require a full application and an in depth review of your financial history - once we have this accurate financial information on file, you can shop and negotiate worry-free and from a position of strength.  Here are a few things you can expect during the Pre-Approval process:

  1. Check your credit score.  You may be surprised at the number of lenders we have who will look at all levels of credit: Excellent (score over 680), Decent (600-680) and Bruised (under 600).  Some lenders will even consider ex-bankrupt as long as you have been discharged and have re-established some credit. 

  2. Ask about a Downpayment.  The size of a downpayment required will vary, according to your credit score.  If you have EXCELLENT credit, we may not require a downpayment at all!  Canada Mortgage and Housing or Genworth Financial will insure the mortgage which allows the lenders to lend up to 95% of the value.  This insurance premium is added to the Mortgage and factored into the payments and is reduced as the downpayment increases (e.g. 5% down = 2.9%, 10% down = 2% premium). Confirmation of downpayment will be requested by way of bank statements showing the money in your account for 90 days, or a GIFT letter from a family member.

  3. Your income and debt-to-income ratio will be reviewed. If you are a Salaried/Hourly employee, we will ask to see a T4 and 2 recent paystubs to confirm income. If you are Self Employed, we will look at two years income tax returns. In some cases we will need a Letter from your employer, and in almost ALL cases, your employer will get a phone call to confirm employment. Once we have an idea of what you make, we calculate your debt -to-income ratio which compares how much money you pay toward your debts each month, relative to your overall income. If you're buried in debt, we may be able to look at options to consolidate this debt via a Cashback mortgage so you can afford more "house".

  4. Lastly, we will ask questions about your comfort level for payments, taking into account expenses such as property taxes, strata fees and heat, as well as other income such as rent from a suite. The rate we secure at the end of the day will be very much dependant on a combination of the above: credit score, downpayment, and income. A fixed rate can be held up to 120 days and will include a float down benefit whereby the lowest rate during the 120 days will prevail upon funding.

  5. Final Approval. Final Approval takes place after you have chosen a home and there has been an accepted offer. This is when all of the documents the Broker has collected are reviewed and checked off by the lender. Depending on the level of downpayment, a home appraisal may be ordered.

Help You Get Pre-Qualified

This step will help you to know the price range you can look at. You will know your approximate monthly payment in advance so you can decide where you are most comfortable.

If you have a bank, or credit union that you are comfortable with, great! Make an appointment with them for pre-qualification.

Today's mortgage market is more flexible than ever. Did you know that it is possible to buy a home with nothing down, or without verification of income? Also, mortgage rates vary quite a lot depending on the financial institution and the type of financing you go for. The best place to get all the information is often through a Mortgage Broker.

A Mortgage Broker works for you not the bank. You don't even have to pay for this service! Except for rare circumstances where private money is involved, the mortgage broker gets paid by the institution where the mortgage is placed. We would be please to help you find a Broker or you can apply on line here.

www.janetteroch.com