I had to call up the mortgage broker today and raise a little hell to get things rolling. Since last Tuesday he has been telling us "tomorrow", well tomorrow is here a week ago fawker!!
Anywho, I iz teh exciterated!!
Closing on the house.....
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mr tibbs
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Closing on the house.....
Probably tomorrow! The documents went to the title company late this afternoon so if they get everything drawn up tomorrow we can sign! I have a tentative date at the title company for tomorrow at 4:30.
I had to call up the mortgage broker today and raise a little hell to get things rolling. Since last Tuesday he has been telling us "tomorrow", well tomorrow is here a week ago fawker!!
Anywho, I iz teh exciterated!!
I had to call up the mortgage broker today and raise a little hell to get things rolling. Since last Tuesday he has been telling us "tomorrow", well tomorrow is here a week ago fawker!!
Anywho, I iz teh exciterated!!
[url=http://www.usbr.gov//][img]http://www.usbr.gov/images/banner-3.jpg[/img][/url]
Way to go into debt with style!!!!!!!
There's just something about that feeling ya get when they hand ya keys........
Those tender little burgers with them little, itty-bitty grilled onions that just explode in ya mouth like flavor crystals every time you bite into one.. just makes me want to burn this muthafuka down.... Come on, Pookie, let's burn this muthafuka down!!!
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mr tibbs
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Well, first of all make sure you can afford a house. In my (old) business I saw a shitload of kids getting into houses they could not afford in 20 years let alone today. We went and got pre-qualified for a loan and then made sure it was right for US, not the mortgage broker. They tried to tell us that we could qualify for a loan for up to $250k easy and probably $300k if we wanted. We spent $168k because we still wanted to have a life outside of owning a home.stipud wrote:Fuck that rocks man. Any tips? Wendy and I want to buy a house within the next year and a half.
Next I would make sure that your real estate agent and the mortgage person that you go to are straight shooters and will be honest with you. We had a few spats with both our agent and our mortgage broker, but we always knew exactly where we stood.
And when looking for a house make sure you take your time and be open to many options and see what will work for you. Initially we wrote off this house that we bought because it had radiant heat and a swamp cooler. The radiant heat will cost a buttload of money in electricity, and we really wanted an A/C unit. Well, we decided to take a look inside anyways and we loved it! Because we swindled a decent deal we still have money left over for carpet and a furnace/air conditioning unit to be put in! Don't discount a house until you have looked at it in person.
Also, do not get blinded by one house. By that I mean you guys might walk into a house and love it and don't want to look at any more. I would suggest even after you find that one house that is for you that you look some more. The next house might be even better and cheaper! If that one house is meant to be then it will still stand out at the end of the day and you won't have regrets. We looked at many houses after this one and we still came back to it.
And lastly, I feel it is stupid right now to get into a bidding war for one house. It is a buyers market out there right now and there are a TON of houses out there. If you get caught in a bidding war with another person not only have you lost all leverage, but the price of the house is going to go up, not down! If there was a bidding war on the house that we bought I would have walked away. There are wayyyyyy to many houses out there right now to lose all of your leverage because you want to be in a certain house.
Any more question just let me know! I might not know everything about the process, but I can tell you my experience.
[url=http://www.usbr.gov//][img]http://www.usbr.gov/images/banner-3.jpg[/img][/url]
That's very helpful, thanks.
In the Vancouver market, the cheapest you can get a 2br ~700sqft condo (which is smaller than we currently rent) is $200-250k. We also have to pay costly mortgage insurance, unless we put down 20% of the value of the house. So that means we will need $40-50k minimum for a downpayment. With that kind of downpayment and a typical mortgage it looks like it would cost approximately the same, monthly, as we pay for rent ($1100). Of course there would be condo fees and general maintenance on top of that, which still fits in our budget.
The question now is if we can save that much money by september, when our rent lease is over. Otherwise we have to sign up for another year to stay here. I'd say we've got about $25k right now, but that means we need to save at least $1.5k/mo to reach that target... so probably not likely, but we'll see. We are at least foregoing our usual trip to europe this summer! 
In the Vancouver market, the cheapest you can get a 2br ~700sqft condo (which is smaller than we currently rent) is $200-250k. We also have to pay costly mortgage insurance, unless we put down 20% of the value of the house. So that means we will need $40-50k minimum for a downpayment. With that kind of downpayment and a typical mortgage it looks like it would cost approximately the same, monthly, as we pay for rent ($1100). Of course there would be condo fees and general maintenance on top of that, which still fits in our budget.
The question now is if we can save that much money by september, when our rent lease is over. Otherwise we have to sign up for another year to stay here. I'd say we've got about $25k right now, but that means we need to save at least $1.5k/mo to reach that target... so probably not likely, but we'll see
. We are at least foregoing our usual trip to europe this summer! item
Tom I bought my house 5 years ago last month for 215k 1379sqft 3 br 21/2 bath. I put 25k down its 5 years later I owe 159k I have paid some extra when i was not buying car audio...lol
If you move back Pointe of View is selling a 2br apartments for 160k right now 4 locations in town
I pay 451 every 2 weeks so in 5 more year i will only have 11 years left on the house
Were in Van are you looking? I might know some builders out there with our parent company to see if you can get a discount
Mike
If you move back Pointe of View is selling a 2br apartments for 160k right now 4 locations in town
I pay 451 every 2 weeks so in 5 more year i will only have 11 years left on the house
Were in Van are you looking? I might know some builders out there with our parent company to see if you can get a discount
Mike
most of my gear is gone :liar:
2020 honda accord sport
2020 honda accord sport
Anywhere in the greater Vancouver area is fair game pretty much, up to Coquitlam I would say. Not really interested in Surrey or Langley or Abbotsford, since all of our friends live downtown. I don't mind a bit of a drive in order to have a nicer place though! Our only thing is no highrises. We've got an outside cat and we love to barbecue, so a ground level or low balcony is a must. In our price range that usually means four-plexes 15+ minutes out of downtown.
How is your mortgage insurance cost? I wonder if I would be better off saving another year and paying the full 20% downpayment, or if we should just buy with whatever we have saved by september?
The thing is I am worried about waiting too long as well. Canada is tightening down on mortgage rules, they will increase the base interest rates soon, and BC is getting HST tax which will make it a lot more expensive! Not to mention the cost of housing is still on a rise. Considering all of that, I have been thinking it may be worthwhile to jump ship beforehand. But there are way too many factors to weigh right now, and I hate making rash decisions.
How is your mortgage insurance cost? I wonder if I would be better off saving another year and paying the full 20% downpayment, or if we should just buy with whatever we have saved by september?
The thing is I am worried about waiting too long as well. Canada is tightening down on mortgage rules, they will increase the base interest rates soon, and BC is getting HST tax which will make it a lot more expensive! Not to mention the cost of housing is still on a rise. Considering all of that, I have been thinking it may be worthwhile to jump ship beforehand. But there are way too many factors to weigh right now, and I hate making rash decisions.
item
CMHC was not much like 3 k for the whole thing over 25year
yes my sister just bought a place because of the 19th
rate will be gioing up right now as my friend just lost his aproval because of the new law he now has to fight the builder to get some of the 30k back
If you talk to this lady she really know everything
I have used her 2 time and 5 other friends also she tells it as it is. no bs. she get paid from the lender to find you what you can or can't afford. My wife worked for Mosison homes and some broker didn't know the first thing about there job and many people lot there house and deposit because of it.
http://www.vpritchard.ca/
you can let her know were you get the number from i don't get a kick back but in 4.9 more year i want a better rate..lol
yes my sister just bought a place because of the 19th
rate will be gioing up right now as my friend just lost his aproval because of the new law he now has to fight the builder to get some of the 30k back
If you talk to this lady she really know everything
I have used her 2 time and 5 other friends also she tells it as it is. no bs. she get paid from the lender to find you what you can or can't afford. My wife worked for Mosison homes and some broker didn't know the first thing about there job and many people lot there house and deposit because of it.
http://www.vpritchard.ca/
you can let her know were you get the number from i don't get a kick back but in 4.9 more year i want a better rate..lol
most of my gear is gone :liar:
2020 honda accord sport
2020 honda accord sport
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oldskoolmseriesfan
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You have to realise Tom if you are only an hour out of Van, you can buy a HOUSE WITH A YARD, although I agree with you about Langley(hillbilly deluxe) SCURVEY and little India, I mean Abbotsford. I dont know your finances, but Im sure you could find something in POCO, just have patience, I would also get my hands on the local foreclosures, we all know there is lots of those around.
As tibbs said dont settle for anything until; you find youself being drawn back to the same place, and Im sure you will be very happy with your purchase. This was how the ex and I went about our first buy, AND KNOW YOUR FINANCIAL LIMITS, dont strap your self to a mortgage just because it is your DREAM home, Christ you just barely shed your pampers, start small and be smart, which I know you and Wendy are, and the house hunting should be FUN, not stressfull.
As tibbs said dont settle for anything until; you find youself being drawn back to the same place, and Im sure you will be very happy with your purchase. This was how the ex and I went about our first buy, AND KNOW YOUR FINANCIAL LIMITS, dont strap your self to a mortgage just because it is your DREAM home, Christ you just barely shed your pampers, start small and be smart, which I know you and Wendy are, and the house hunting should be FUN, not stressfull.
Phorum PI!
Square woofers are GAY!!
Square woofers are GAY!!
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mr tibbs
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We only put down 3.5% and have to have the mortgage insurance, but we feel that it is worth it. We took a 30 year loan out with a 4.875% interest rate, and we plan on doubling up on payments. The reason we went with a 30 year as opposed to a 15 year is that if we do run into trouble we can still make the minimum payment comfortably until the bad times pass. And, when we do pay off 20% of the loan the mortgage insurance drops off. All in all it was the right choice for us.
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oldskoolmseriesfan
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Well thought out Tibbs, I wish you and the wife the best of luck with your renos. The first 2 weeks r fun, and then its a PITA. Always have a few brews on handmr tibbs wrote:We only put down 3.5% and have to have the mortgage insurance, but we feel that it is worth it. We took a 30 year loan out with a 4.875% interest rate, and we plan on doubling up on payments. The reason we went with a 30 year as opposed to a 15 year is that if we do run into trouble we can still make the minimum payment comfortably until the bad times pass. And, when we do pay off 20% of the loan the mortgage insurance drops off. All in all it was the right choice for us.
Phorum PI!
Square woofers are GAY!!
Square woofers are GAY!!