REVscene Automotive Forum - View Single Post

jackmeister · 08-04-2009, 04:37 PM

I need some help with buying an apartment, as I will be a first-time home buyer.

I'm interested in a slightly larger apartment in the 500-600k range, in Richmond. I understand that the mortgage rates are quite low right now, so I am jumping on this opportunity to move out.

By the end of the year I should be able to have around 20% saved for a down payment. However, my gross salary is around 80k after bonus, would that be enough to cover the mortgage payments or will I need my parents to co-sign? Would the mortgage/house exceed my current income. Would moving out to an apartment at that price range reasonable? I will be 23 when I move out.

Say when I do get all the financing done, what things should I look for in particular when buying an apartment?

I have absolutely no idea how these mortgage things work and google has not been quite helpful.

Need some advice! Thanks

08-04-2009, 04:37 PM	#1
jackmeister Revscene.net has a homepage?! Join Date: Feb 2005 Location: Vancouver Posts: 1,296 Thanked 522 Times in 194 Posts Failed 87 Times in 37 Posts	Buying Apartment I need some help with buying an apartment, as I will be a first-time home buyer. I'm interested in a slightly larger apartment in the 500-600k range, in Richmond. I understand that the mortgage rates are quite low right now, so I am jumping on this opportunity to move out. By the end of the year I should be able to have around 20% saved for a down payment. However, my gross salary is around 80k after bonus, would that be enough to cover the mortgage payments or will I need my parents to co-sign? Would the mortgage/house exceed my current income. Would moving out to an apartment at that price range reasonable? I will be 23 when I move out. Say when I do get all the financing done, what things should I look for in particular when buying an apartment? I have absolutely no idea how these mortgage things work and google has not been quite helpful. Need some advice! Thanks