Potential first time buyer here. Been lurking about these forums the past few months. Looking for some advice (and possibly representation) but not really sure where to begin. I've laid things out below and peppered my questions throughout.
VIVID at the YATES:
Got myself registered early for The Vivid at the Yates pre-sales (by Chard Development). To be eligible to purchase at The Vivid:
1. Household income must be < 150 000 (pref to those making < 125 000) and;
2. You must live here for the first 2 years after construction.
All units will be offered at 8% less than market value (BC Housing partnership). Parking is 35 000.
RBC has also partnered with Chard to offer mortgage preapprovals for the Vivid that are good throughout the construction duration. I got myself pre-approved by RBC for an amount just under what I was looking for (~315000 and I was hoping for 345000). Thing is, my down payment is going to be more than 20% yet RBC stress tested me to a 4.99% interest rate. Now obviously this isn't the rate they are going to give me but it does shrink my max mortgage amount. Note that I have good credit (845 ish), no debts (24000 student loan payed off in december), large down payment saved (between 80000-100000 plus what I can save in the 3 years before construction completion), and 75000 ish gross annual income.
Q1: I thought stress testing of >20% buyers wasn't going to be happening until next year?
Q2: Should I go to a mortgage broker or places like ratehub.ca to rate shop? Will other places be able to offer the same pre-construction assurances and rate holds that RBC is offering as Chard's official partner?
Q3: Any other mortgage points that I can look into or mention to the RBC mortgage person?
Thus far, I signed up and have dealt with the sales team on my own. However, I've done enough reading to know that there may be things I DON'T know. I've seen lots of conflicting opinions online about whether a realtor is needed or not for a pre-con condo that the buyer has already picked out.
Q4: Since I signed up on the builders website on my own, is it even possible for me to get a realtor at this stage?
Q5: The developer pays for the buyer's realtor but they told me they won't discount the price if I DON'T get a realtor... so should I get a realtor? What services will they be able to provide me at this stage?
Q6: I have heard of some Realtors splitting the commission with the buyer on precon condos. Is this common?
Q7: Is a good pre-con lawyer (perhaps one familar /w the developer) to review the sales agreement (for assignment clauses, capping closing costs, etc.) all that is needed in my case? Where would be the best place to find such a lawyer in Victoria?
I'm just looking for any and all advice/opinions at this point. Perhaps some of you can even provide the very services I need :-)
Cheers for now Vibrant Victoria
Edited by RustyNail, 01 November 2017 - 12:47 AM.