on a side note, please everyone be civil about this thread. It's my third thread in 4 days, and I already lost two of them due to a wild flame thrower. I just hope nobody starts saying that renting is better, and an arguement gets started between renting and buying.
Now everyone take a breath. Everyone with me GOOSFRABA!! Again, and again, until the anger is gone........GOOSFRABA
laidman,Feb 28 2006, 10:36 PM Wrote:on a side note, please everyone be civil about this thread. It's my third thread in 4 days, and I already lost two of them due to a wild flame thrower. I just hope nobody starts saying that renting is better, and an arguement gets started between renting and buying.
Now everyone take a breath. Everyone with me GOOSFRABA!! Again, and again, until the anger is gone........GOOSFRABA
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Paying nothing at all works great for me. Sure it sucks living at home, but I have no rent nor food costs. Just the focus :D and it's WOOSAH.
I had a house lined up and wanted it paid off over 15 years, over 50% of my income (although I have 3 renters I trust lined up for over 5 years all more than willing to pay me $400 a month) and I had a 5% down. Despite this, I had my Dad as a cosigner. He owns Northern Saskatchewan (slight exageration), a house fully paid off, a cabin fully paid off, and he owns the gravel pit in North Battleford. He should be able to walk into a bank and borrow any ammount he ever wants (well... close).
Back to my problem. Banks dislike lending if over 30% of your income goes into the mortgage payment. In my case my renters would completely cover the $900 payment. My moving expenses are free, I have access to a fully fueled 5-ton truck at work, as well as several dollys, etc... and the house came with all appliances.
BMO could not get the loan insured, despite dad's cosign, unless I put down 25%. This is where they pissed me off. TD bank had already told me that with a co-sign, even with no down, I would be approved to a bi-weekly paid mortgage that would be paid off in 13 years. BMO is the only bank my dad has ever banked at however and he has developped a personal attacment to them. They told him no bank would approve the loan, and despite both myself and the loan officer at TD insisting they were incorrect, he took thier word for it and basically told TD to go away.
And thus here I sit with no house living in an apartment, incidently my rent here is only 300 a month less than that mortgage payment would be, and I don't have tennants to pay it here. I fail to see why any financial institute thinks I'm better off here... :rolleyes:
First house I bought I put down 25% on it, course my mother helped out a little. She wanted to move to the city and so I rented the upper level of the new house to her, while I lived in the basement paying only utils.
Now the second ouse is arriving and i'm financially in worse shape, but again, I already know how much monthly i'm going to be hit and prepaired. Something some people maybe aren't ready for. The simple fact that we added up our monthly expenses here and found that some months we paid over $800 in utilities/services was unreal! But it easily adds up, cable TV w/ all the goodies, phone with all the goodies, wirecare, phonecare all that stuff that over the years somehow they talked me into saying yes to..
Heres what I'd say, on your first house, just minimuze all your unnecessary expenses, DO NOT go and buy tons of furnature for your house.
The last thing you want to do is leave yourself in a situation with no cash in the bank, living pay cheque to paycheque...
Honkeytonk.........here's a way I think yopu can get around the bank issue. Don't tell them that you are going to move into the home. Tell them this is an investment for renting it out. You should be able to get a mortgage now with 0% down and they won't bat an eye. Hopefully.
hardcore.........I hear ya. It is not hard to rack up those charges. When I look at my cable bill I cringe at almost $100 a month for my internet and tv services.
laidman.......you seem to be the king of whore it up. Let the games begin!
whoring it up, if you think that, thats fine. All I'm trying to do is see these threads stay on topic. Yeah things got a little heated between a few members, If I am the one that started any of it I appologize. I definitly didn't want to see it go like this.
SO if I were to put down 10% on a house that was $120k. THat would be $12k I'm thinking that I should need to have almost another $10k set aside for all the fees and other payments that may come my way. Hmmm.....I definitley don't want to be living pay cheque to pay cheque, I see that far too often in my trade. And on top of that, I see guys set their lives on an overtime cheque, which can be the worste. Expecting the extra 2-3-400$ to come in and only to find out that their will be no overtime for a while. I think I have at least another 6-9 months of saving to do, buckling down, and very limited spending. I think if I can do that I would be in good shape for possiblyan early spring move if not earlier. My first goal if to get a place that is not only hiring, but busy as well. If I can find a place where I can get al least 50 hours in and a descent increase in wage, I think i can get the money faster
laidman,Mar 1 2006, 11:01 AM Wrote:SO if I were to put down 10% on a house that was $120k. THat would be $12k I'm thinking that I should need to have almost another $10k set aside for all the fees and other payments that may come my way. Hmmm.....I definitley don't want to be living pay cheque to pay cheque, I see that far too often in my trade. And on top of that, I see guys set their lives on an overtime cheque, which can be the worste. Expecting the extra 2-3-400$ to come in and only to find out that their will be no overtime for a while. I think I have at least another 6-9 months of saving to do, buckling down, and very limited spending. I think if I can do that I would be in good shape for possiblyan early spring move if not earlier. My first goal if to get a place that is not only hiring, but busy as well. If I can find a place where I can get al least 50 hours in and a descent increase in wage, I think i can get the money faster
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Alberta......Definitely
Really??? Alberta..... and I was only thinking of moving about 4-500kms away. Alberta.......hmmm maybe
laidman,Mar 1 2006, 09:51 AM Wrote:whoring it up, if you think that, thats fine. All I'm trying to do is see these threads stay on topic. Yeah things got a little heated between a few members, If I am the one that started any of it I appologize. I definitly didn't want to see it go like this.
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I didn't mena you were whoring it up, What I meant was your posts were getting whored to hell
laidman,Mar 1 2006, 11:19 AM Wrote:Really??? Alberta..... and I was only thinking of moving about 4-500kms away. Alberta.......hmmm maybe
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You're young, no dependents, skilled... what's stoping you?
meford4u,Mar 1 2006, 09:00 PM Wrote:laidman,Mar 1 2006, 09:51 AM Wrote:whoring it up, if you think that, thats fine. All I'm trying to do is see these threads stay on topic. Yeah things got a little heated between a few members, If I am the one that started any of it I appologize. I definitly didn't want to see it go like this.
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I didn't mena you were whoring it up, What I meant was your posts were getting whored to hell
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I just wanted that to sease and not get blown out like alot of things lately. There has been alot of harsh words being throw at people, and I wasn't sure if that was meant as a bad thing.
:beerchug: