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).
|
RBC's site states a minimum down payment of 20% for ammortization in excess of 25 years.
I doubt many $75k/year earners have $70k sitting in their bank accounts.