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Old 09-15-2009, 10:09 AM   #16
BigD
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Quote:
Originally Posted by daytona View Post
I bought in 2006
So you bought a condo and 3 years later asking an internet forum if we think you can get the money to pay for it?
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Old 09-15-2009, 10:39 AM   #17
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^ I was gonna say that. Also he said he bailed one from one with thin walls. Than I wonder is that 2 condo units? How can some one buy 2 condo units with 40k salary? I would love to see that.
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Old 09-15-2009, 10:44 AM   #18
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I also am getting tired of AB/BC talk. I met some friends from HS days and they moved up in the west. So we kinda had chit chat and I said, lets go in pizza pizza and grab a slice and a drink. They are like, "no man we are broke , need cash to get back in BC"........


Come on. Very scripted bs with fliping real estate and that BC boom. It is getting playout a bit. No offence to anyone on here.
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Old 09-15-2009, 10:55 AM   #19
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We own a restaurant.Been in business for 40 years,cash business,have a GF that makes very good money as a partner.You need more proof?.One of the benefits of being self employed is "hidden income" wink wink....I not going to say Im so and so and make millions,Im a working stiff that wants to go beyond a weekly pay check and retire early.
Dude, like I said, keep your business to yourself. You opened up your mouth and people are bashing you now. Your credit situation sounds good. Go to a bank for a preapproval and you'll get your mortgage suitability question answered then. Don't go asking people online who don't work in banking and are just speculating.
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Old 09-15-2009, 11:02 AM   #20
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thread close...thanks EP...cheers.
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Old 09-15-2009, 12:43 PM   #21
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Here is my profile..looks like a easy approval for a loan?

Im going to my branch to get a approved loan for a $248,000 condo.

Im going to put %20 down,my income is $43,000 a year,credit rating is 815 as to date,got a line of credit for $30,000 (balance is 0),got a Visa card limit is $15,000 (balance is 0).Self employed and unmarried,looking to get a 25 year mortgage and trying to get a 3 year closed mortgage.Does this look like a good profile.

Being a real estate agent I can share a bit...

For staters anything less than 20% down will likely result in a high ratio insurance rate on the loan, aim for 25%. The insurance rate may be up to 3% or less of the loan amount.

Secondly based on your gross annual of $43k the bank will do the following..

They will take that $43k and lend up to 32% of the gross, so in this case $13,760 per annum. From that $13,760 or $1,146 per month they will begin looking at expenses such as car loan(s), credit card debt, carrying costs such as condo fee, heat etc and subtract from that $1,146. The amount left over will be that actual amount you qualify for to cover the mortgage payment ( interest and principle ). So that $1,146 may drop drastically, not knowing all your info can't say.

So, say you bought a condo for $248k, had 20% down, left with a mortgage of $198k, at a rate of 4% and fixed for 5 years you would ROUGHLY be looking at $850-$900+ per month plus condo fee's/property tax, insurance, heat etc etc etc. If it all falls around $1,146 a month youre good to go.

There may be other factors I am unaware of but hope this helps. Personally looks like it will be too tight, not by much but tight enough that I may recommend aiming closer to $200k+, don't want to end up in a situation where all the bills are JUST paid, that isn't fun.
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Old 09-15-2009, 12:54 PM   #22
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For staters anything less than 20% down will likely result in a high ratio insurance rate on the loan, aim for 25%. The insurance rate may be up to 3% or less of the loan amount.
This is not true. At 20%, CMHC is out of the picture. Less than 20% the rate will be 5% because he's self employed.
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Old 09-15-2009, 01:05 PM   #23
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Agreed, needs more than 20% for CMHC to apply, did not see where he was self employed.
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Old 09-15-2009, 03:17 PM   #24
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self employed most banks r asking for 2-3 years of NOa
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Old 09-15-2009, 03:44 PM   #25
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Agreed, needs more than 20% for CMHC to apply, did not see where he was self employed.
I did a very similar pre-approval and it came down to just over 1k a month , but ....

120-150$/month was the property tax. (North York/RH/MA/VA/905)
The cheapest condo fee was 310$ So at least 3-4 Bills

$1500 at least with everything.



Than where is the food, car loan , clothing, vacations .....

I am not sure if 45k is 30k net after the tax? So I agree with you. You break down flat with living costs.
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Old 09-15-2009, 03:58 PM   #26
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I also am getting tired of AB/BC talk. I met some friends from HS days and they moved up in the west. So we kinda had chit chat and I said, lets go in pizza pizza and grab a slice and a drink. They are like, "no man we are broke , need cash to get back in BC"........


Come on. Very scripted bs with fliping real estate and that BC boom. It is getting playout a bit. No offence to anyone on here.

I really don't understand this comment? Your friends couldn't afford pizza because they want to get back to BC? or cause they spend their cash in BC? Did they lose their money flipping real estate?

Vancouver is not that expensive of a city, maybe if you make 30k a year, then yeah, tough shit, get a real job.
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Old 09-15-2009, 05:21 PM   #27
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I really don't understand this comment? Your friends couldn't afford pizza because they want to get back to BC? or cause they spend their cash in BC? Did they lose their money flipping real estate?

Vancouver is not that expensive of a city, maybe if you make 30k a year, then yeah, tough shit, get a real job.
No. I was more over commenting on Western Canada vibe. I mean they all brag how it all nice in Alberta and what not, especially Calgary than he comes back all broke and can not buy a pizza. It is just getting a bit on my nerves. It's like , as soon as you go there, you will score a best bitch and 100k jobs.
Vancouver is a different area. It's a bit expensive.
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Old 09-15-2009, 05:27 PM   #28
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No. I was more over commenting on Western Canada vibe. I mean they all brag how it all nice in Alberta and what not, especially Calgary than he comes back all broke and can not buy a pizza. It is just getting a bit on my nerves. It's like , as soon as you go there, you will score a best bitch and 100k jobs.
Vancouver is a different area. It's a bit expensive.
Alberta is not nice, Alberta is a shithole. Unless you're a cowboy, then Alberta is great!. If you want to make money in Alberta, you have to leave Calgary and go up north to work in the oil sands, not fun work, living in a town of 500 and working your ass off.
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Old 09-15-2009, 05:27 PM   #29
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Vancouver is a different area. It's a bit expensive.
As long as you're not looking to buy realestate or commuting in a gas guzzler, it's no more expensive than anywhere else. Rent is cheaper than Toronto, by a good margin too, in prime locations. The transit network is remarkably good for a North American city. As long as you live somewhere along a skytrain line or on the north shore, public transportation for working downtown is eminently usable.
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Old 09-16-2009, 08:16 AM   #30
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good thread, as im also in the market to purchase another property but in this case it will be a house. Correct me if im wrong here but the OP had stated he/she makes 43k/yr. Doing the math, with 43k isnt that only 150k mortgage? or am i missing something.
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