Quote:
Originally Posted by Adorkami
When I was looking to get pre approved for a mortgage they dont want you to spend more than 40% of your gross income on mortgage payments. 35 year amortization rates are still available so you can still borrow lots of money but will pay lots of interest (400k at 1500/month for 35 years).
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So, a family making 150K gross (which is not much of a stretch if both earners are mid to senior professionals) is able to qualify for mortgage payments of $5000/month? Wow...
Guess RRSPs, a rainy day fund, TSFAs, and RESPs are thrown out the window? Or perhaps people are investing in those things on home equity? Smith Maneuver?