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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

Blog by Ian Watt

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First Time Buyers please Talk to a Mortgage Broker

Vancouver Condo Real Estate Video Blog #280 - March 30, 2009

First Time Buyers please Talk to a Mortgage Broker

Ian Watt video blogs about three deals that have fallen apart because of first time buyers who have written subject to financing claused offers without checking with a mortgage broker first. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

 

Ian Watt: Hi good afternoon! It's Ian Watt in Downtown Vancouver. I wanted to tell all the first time buyers out there. Because were seeing a lot of first time buyers jumping to the market. It's that what they should do is make sure they go get pre-qualified and talk to a mortgage broker and talk to the bank exactly about where they are as far as their financing is concern. Just because your on mls.ca or whatever the website that your calculating. What you can borrow tells you, no matter what it tells you . It doesn't factor in your credit, your job history and just in general. What you can take just you make 50,000 doesn't mean that you can really get this money. I had three deals this year, so far fall apart from people who are just over sell us about going and writing an offer on a great property that they could afford on paper but when they went to get their financing they didn't get approved. So check with the mortgage broker or check with your bank. Before you waste anybody's time and before you fall in love with the property, you can afford. My name is Ian Watt and you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!