Location: Western Hemisphere
Posted on: 18-05-16 14:13:05
Quote:
Originally posted by hchheda
Advice is free and easy.
Hiren
Ain't that true? Talk and lip service is free and free from any repercussions for people who are offering such advice.Anyway, going with the flow, I can only say that the rewards and consequences are the OP's and OP's alone.
Hopefully, prudence will prevail, but I somehow doubt it, considering there are too many desi vultures (not the CD members, but the RE agents/mortgage specialists) who like to prey on others solely based on the commonality of demographics.
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Dimple2001
THE best help that I can give you. When you complete this exercise, I can help.. you even further to get into that house. It is as easy as A.. B... C...
Play around with this. But read the materials provided below first. Then, apply all of the points that you know after reading.
Example..
Property value..: 440,000
Interest Rate : 2.19 for 3 Year Fixed. Juggle with this figure..
Down Payment if 25% then, $110,000 IF LESS...??
if Minimum 20% ..........then, $ -88,000
Amortization 35 Years. (Which means that the home will be totally paid off in 2016 which is Current year Plus 35 years down the road.. : Which will be in the year 2051.
EASYCALCULATOR.: http://mortgageintelligence.ca/assets/calculators-mi/CAMortgageQualifier.html
Registration fees.. : $2900 First time home buyer refund: you get back $2,000 Which will be equal to $900, that is all it will cost you.
http://www.integratedmortgageplanners.com/blog/first-time-home-buyers/closing-costs-%E2%80%93-the-stomach-punch-of-the-home-buying-process/
Lawyers Fees $695. See one before YOU DO ANYTHING. they will explain to you all of the fine prints if you ever want to know anything and ASK them too.
http://www.thefinancialforum.ca/resources/calculators/
Here ia a link. : http://www.ratehub.ca/mortgage-affordability-calculator
CMHC MORTGAGE AFFORDABILITY ..: old system...: http://www.canadamortgage.com/calculators/affordability.cgi
http://www.cmhc.ca/popup/ghs_fce/en/firstTime.html
Mortgage rates.. : Please call and verify. These websites are not updated regularly. :
https://www.tdcanadatrust.com/products-services/banking/mortgages/numbers-resl.jsp?cm_sp=GOOGLE:MEMORT
https://www.truenorthmortgage.ca/rates/ontario
Goodies basket..: http://www.cmhc-schl.gc.ca/en/co/buho/buho_008.cfm
http://www.fin.gov.on.ca/en/refund/newhome/
What all you can learn from this..: http://www.ratehub.ca/closing-costs
Other articles.. : http://www.mortgagekw.com/residential-mortgages/purchase/first-time-home-buyers
You are O.K.
FH.
Reserve of two months in hand...
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Quote:
Originally posted by adnancanada
I bought a house 450,000 in Brampton. My salary is around 52,000 year. My wife is housewife no income. My offer was accepted and I put 2 condition finance and inspection and seller gave us 5 days for financing. I have already given them 10,000 deposits.
My agent took me to desi mortgage specialist, he reviewed my case he said I cant give you approval because your closing after 2 months. I have to create job for your wife and show income. He said waived both condition I will give you approval before closing and I said what is the guarantee he said you have to take risk.
Even after waived both conditions if he is unable to approve my mortgage then will I lose my 10,000 or should I take risk.
Please help I am running out of time.
Go for it if the house has a 'ready' basement rental suite and in a good/decent neighborhood (Mount Pleasant?). That will offset some of your monthly mortgage costs. If no rental suite, then follow what others mentioned before me.
I have seen some of the weirdest posts from adnancanada and Panasonic. They post queries and disappear for days without any response or follow up. So this could be a troll post. Also, what are the chances that Panasonic and adnancanada have mortgage related queries on the same week.
The OP got some serious responses from valued members, Hope those help OP to make a decision.
Quote:
Originally posted by northyork_desi
I have seen some of the weirdest posts from adnancanada and Panasonic. They post queries and disappear for days without any response or follow up. So this could be a troll post. Also, what are the chances that Panasonic and adnancanada have mortgage related queries on the same week.
The OP got some serious responses from valued members, Hope those help OP to make a decision.
Both IDs are same person, both posts are pretty much same (one with deposit, one without deposit, one in talks about house in Guelph, one talks about house in Brampton).
Anyway, I have seen people mention 30 and 35 years' mortgage. For CMHC secured mortgage, maximum term is 25 years. Is longer term still available if you put 20% or more in down payment and avoid CMHC insurance?
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Give free food http://www.thehungersite.com ||
I was following a few threads. One of them is given below. I also know some one who took a 30 yr Amortization, just to get his payments to a comfortable level and he got it.
Here is a link. : http://forums.redflagdeals.com/35-years-amortization-still-exists-1946739/
FH.
Quote:
Originally posted by rajcanada
Is longer term still available if you put 20% or more in down payment and avoid CMHC insurance?
Yes, if you put in 20% or more you should be able to get 30 years mortgage. That too with the mainstream Banks. Not sure about 35 years though.
