Quote:
Originally Posted by R1CED`
dont mean to thread jack but didnt wanna create new thread.
im turning 25 and ready to finally move out. My work hours fluctuate depending on how many clients i'm booked but i'm doing pretty decent for someone my age. Another few more months of saving and I'll have enough for 20% down payment on an entry-level pad. I haven't done an in-depth pro vs con and the costs associated with rent vs buying..but just the idea of paying someone else's mtg seems like a waste. I am not settle down because I'm single and planning to move away for school, so I'd figure trying to sell a 1 bedroom apt few years down the road could just end up being more headache and potentially money lost than straight up renting.
My last year's income also seems peanuts because I didn't start F/T until pretty late but I have a good credit score and have a decent savings...i hear they are making it more difficult to get approved for mtgs?
What I really wanted to ask was if taking out a mortgage will it affect my chances of getting a large student line of credit? It'll be a professional program out of the country so the sLOC after 4 years is said and done will likely total to the value of a cheap condo. I understand there's so many different types of mtgs but I'm just curious if having an asset will hurt or maybe improve my chances of maximizing sLOC?
thanks for reading and forgive my noobness.  |
a. 1. Ill be happy to help you do a pros and cons list over coffee
2. it sounds like youre commission based income like me? if you are, mortgage specialist look at our income for the last 2 years compared to regular hour workers who usually only require 3 months of work and an employee letter
b. Its not difficult to get mortgages, The real change was that 20% is now the ideal downpayment to avoid CHMC mortgage insurance. but 5%down still exist +25years maximum for mortgages
C.
1. if you are discharging a mortgage byselling your property, it should not affect your ability to get a SLOC.
2. if you are going to keep having an income and keeping your property for rent while you go to school, you maybe able to use home-equity -LOC to pay for your school -i suggest comparing rates.
3. having an asset maximize the amount of most loans