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09-01-2021, 08:37 PM
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#19251 | | Old School RS
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Originally Posted by Hakkaboy  The funny thing is that they (HSBC) do charge less interest rate for taking on a higher ratio mortgage (for putting less than 20% down), but I guess you're just at their limit | They charge less for a higher ratio mortgage because you have to pay for CHMC insurance separately. The loan is actually much less risky for HSBC because it's insured.
They'd give you the same rate with >20% if you chose to insure your mortgage, but nobody would because it's more expensive than just paying a higher rate.
-Mark
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09-01-2021, 08:46 PM
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#19252 | | Rs has made me the man i am today!
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| https://itools-ioutils.fcac-acfc.gc....HCalc-eng.aspx
This is a bit a clunky but it gives you a reasonable idea of what banks are able to loan you based on stress test rules. If you're borrowing near your limit one thing that can really screw with your max is how much is on your credits cards. I pay off my cards every month but I run my life through it so it always looks like I'm carrying a tonne of debt and the bank just looks at the balance you have at the time you apply and they don't care if you pay it off every month.
There's two ways to deal with this:
1) Before you apply clear your CC - if you have enough cash flow this is no big deal, just pay things off a couple weeks early.
2) Have your banker enter your balances as zero. This doesn't always work as they will pick up the balances during the credit check and may ignore your zero balance.
It appears my CC balance had a pretty meaningful difference in how much I could borrow - it worked out in the end as I'm getting JUST enough on the sale of my existing house to cover the downpayment on the new place but it could have turned out a lot worse/complicated.
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Current: 2019 Acura RDX
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09-01-2021, 10:49 PM
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#19253 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
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You do know that with cmhc you are borrowing like another $15 to 20k on top of your mortgage that you are paying interest back to them on, so of course they will give you a better rate.   | |
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09-02-2021, 12:37 AM
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#19254 | | Even when im right, revscene.net is still right!
Join Date: Jan 2013 Location: Vancouver
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Originally Posted by supafamous https://itools-ioutils.fcac-acfc.gc....HCalc-eng.aspx
This is a bit a clunky but it gives you a reasonable idea of what banks are able to loan you based on stress test rules. If you're borrowing near your limit one thing that can really screw with your max is how much is on your credits cards. I pay off my cards every month but I run my life through it so it always looks like I'm carrying a tonne of debt and the bank just looks at the balance you have at the time you apply and they don't care if you pay it off every month.
There's two ways to deal with this:
1) Before you apply clear your CC - if you have enough cash flow this is no big deal, just pay things off a couple weeks early.
2) Have your banker enter your balances as zero. This doesn't always work as they will pick up the balances during the credit check and may ignore your zero balance.
It appears my CC balance had a pretty meaningful difference in how much I could borrow - it worked out in the end as I'm getting JUST enough on the sale of my existing house to cover the downpayment on the new place but it could have turned out a lot worse/complicated. | Did you sell first, then buy? Or the other way around?
In this market, it seems like buy first then sell would be better but I don’t think the bank will even consider it. The $100k deposit is easy but what about the rest?
Sell first, then buy is a risky but at least I know what my budget will be.
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09-02-2021, 06:50 AM
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#19255 | | Pull Out Towing. Women rescued for free.
Join Date: Mar 2002 Location: Hongcouver
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Originally Posted by Special K Did you sell first, then buy? Or the other way around?
In this market, it seems like buy first then sell would be better but I don’t think the bank will even consider it. The $100k deposit is easy but what about the rest?
Sell first, then buy is a risky but at least I know what my budget will be. | It's not a question with a simple answer as everyone's situation differs.
For me, we had enough equity in our place and planned for a worst case scenario when we went to the bank. That gave us a rough idea how much we could offer which was accepted.
We did ask for a later closing date to allow our realtor time to sell and he was able to sell for above our worst case scenario so we were never up against our limits and was able to buy first and then sell.
__________________ Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off. Originally posted by The7even SumAznGuy > Billboa Originally posted by 1990TSI SumAznGuy> Internet > tinytrix Quote:
Originally Posted by tofu1413 and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all. | (11-0-0) Buy/Sell rating Christine Shitvic Pull Out Towing | |
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09-02-2021, 07:52 AM
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#19256 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
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Originally Posted by Special K Did you sell first, then buy? Or the other way around?
In this market, it seems like buy first then sell would be better but I don’t think the bank will even consider it. The $100k deposit is easy but what about the rest?
Sell first, then buy is a risky but at least I know what my budget will be. | We bought then sold (we're listed right now) as we knew we had the money for whatever outcome we had with the bank (and with however much we sell the current place for). It was a bunch of scrambling for us as we didn't expect to be buying a house so we weren't approved by the bank and our house was in no condition to sell - we spent the better part of 2 weekends decluttering it to make it attractive and our completion date for the new place is only 2 months away.
In the case of buying first then selling it's not a big deal if your existing equity can cover the required downpayment - you tell the bank that your plan is to use that existing equity to make the downpayment. You need to run some math in advance to make sure you're covered for property transfer tax and realtor commissions and then the bank will also be pretty conservative about what you can sell your place for. My bank told me they thought I'd be about $200k short for a downpayment when in reality I should be right around break even.
If your completion dates line up then it's all rainbows and unicorns. If they don't (you have to own 2 places at once) then you need a temporary bridge loan from the bank - I might need this in my case and it's a bit of a hassle but becoming more common nowadays with a hot market. The loan requires that you've got a firm offer to sell your place to someone and you have enough equity that the loan will be paid off when the sale of your place goes through.
Sell first and buy later is tricky - if you're shopping for something that's common like a 1-2 bedroom condo then it can work but I couldn't risk that - my options were pretty slim (detached house in East Van/Burnaby).
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09-02-2021, 09:04 AM
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#19257 | | in the butt
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Originally Posted by Manic! A new company in the US that buys houses, splits them into 8 pieces, and sells them to 8 people. Each person has the house for 44 nights max 14 nights per stay. The company has already reached unicorn status and plans to expand internationally. They claim they are not a time-share company. Some people are pissed. The houses seem overpriced to me. https://www.npr.org/sections/money/2...o-corporations https://www.pacaso.com/ | Sounds like whistler to me, where you pay x3 just to own a week of the year.
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09-02-2021, 02:28 PM
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#19258 | | To me, there is the Internet and there is RS
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Until the lions have their own historians, the history of the hunt will always glorify the hunter. | |
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09-02-2021, 02:45 PM
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#19259 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
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the 4 C's of success
crown, coke, cactus, club
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09-02-2021, 03:16 PM
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#19260 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
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Originally Posted by Manic! | Wow Jagmeet really went off the deep end.
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09-02-2021, 03:29 PM
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#19261 | | Performance Moderator
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^ I see what you did there
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09-02-2021, 04:15 PM
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#19262 | | To me, there is the Internet and there is RS
Join Date: Apr 2004 Location: Nanaimo
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Originally Posted by CivicBlues Wow Jagmeet really went off the deep end. | Are you sure it's not osama?
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Until the lions have their own historians, the history of the hunt will always glorify the hunter. | |
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09-02-2021, 04:59 PM
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#19263 | | Willing to sell body for a few minutes on RS
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Acura604 should hire that guy as his realtor!
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09-02-2021, 07:48 PM
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#19264 | | RS has made me the bitter person i am today!
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09-02-2021, 07:55 PM
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#19265 | | I have named my kids VIC and VLS
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House in my parents hood just sold for “$430,000 over asking”  
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09-03-2021, 07:34 AM
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#19266 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
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At least that one has almost 1/2 an acre of land, not as egregious as what some of the tear downs sitting on a lot not much larger than the size of a bus stop are going for.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
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09-03-2021, 07:59 AM
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#19267 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
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Originally Posted by Hondaracer House in my parents hood just sold for “$430,000 over asking” | And over $1m over assessed - that's just nuts.
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09-03-2021, 11:21 AM
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#19268 | | RS Veteran
Join Date: Dec 2001 Location: GTA
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Where are people coming up with this kind of money?
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09-03-2021, 11:36 AM
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#19269 | | Willing to sell a family member for a few minutes on RS
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Mom and dad, or the massive mortgages that people can qualify for. I don’t know why people get wound up about the “strict” stress test. The amount you can borrow compared to your income is absurd.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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09-03-2021, 11:41 AM
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#19270 | | I have named my kids VIC and VLS
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At least overpaying for that place you are actually getting somthing pretty substantial. A 7000 sq ft house on a half acre lot in a neighborhood where that is virtually non-existent.
My parents lot is 12,500 and Growing up I never went to a house that had a bigger property. This one is massive
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09-03-2021, 12:04 PM
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#19271 | | SFICC-03*
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yeah that area of fh has some pretty crazy houses... half acre is massive. most of fh is more typically like 6-8000sf lots.
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09-03-2021, 08:11 PM
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#19272 | | I *heart* Revscene.net very Muchie
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Originally Posted by westopher Mom and dad, or the massive mortgages that people can qualify for. I don’t know why people get wound up about the “strict” stress test. The amount you can borrow compared to your income is absurd. | To think that some people are content to basically spend their entire monthly earnings on mortgage payments. Don't get me wrong, I see the appeal of owning, but at the cost of being able to do nothing else with my life? Nah, thats "too much" ownership for me.
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09-03-2021, 08:17 PM
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#19273 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
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Originally Posted by Infiniti To think that some people are content to basically spend their entire monthly earnings on mortgage payments. Don't get me wrong, I see the appeal of owning, but at the cost of being able to do nothing else with my life? Nah, thats "too much" ownership for me. | Very with you on that.
Can having more space and your own front door really bring more happiness than eating the best food, driving the car you want, taking vacations when/where you want, having savings for some comfort, etc?
I guess for some people it does, but sounds boring.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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09-03-2021, 08:35 PM
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#19274 | | Rs has made me the man i am today!
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Originally Posted by westopher Mom and dad, or the massive mortgages that people can qualify for. I don’t know why people get wound up about the “strict” stress test. The amount you can borrow compared to your income is absurd. | I think the stress test affects folks differently depending on the value of the home - in my case it reduced my borrowing power to the point where I actually laughed at how small my monthly payment was going to be. With interest rates being so low the gap between the test and reality is massive (it'd be about an 80% increase in my payments if it ever hit the stress test number of 5.25%). I do support the strict stress test as a way to slow down the market but I'm in a position where I wanted to borrow a lot more b/c the payments weren't an issue and I'd prefer to divert the funds to other uses. For me it was an annoyance as I can wanted to create more leverage for my money.
I suspect the lower income folks who are making their first foray into the market are the ones who need the test more than I would - spending an entire paycheque (or more) on a mortgage doesn't make a lot of sense.
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09-03-2021, 08:56 PM
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#19275 | | Even when im right, revscene.net is still right!
Join Date: Jan 2013 Location: Vancouver
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^^^ would your payments be okay without the rental income downstairs? I think banks are pretty strict on rental suites now too.
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