Quote:
Originally Posted by SumAznGuy
Try to be a little open minded and don't put your GF down for asking the banks.
In fact, I think she has more of a level head than you.
$110K combined income. I am guessing around $6K take home per month.
You should easily be able to be pre-aproved for a $500K mortgage as long as you 2 don't have any debts.
That is about $2500 per month for mortgage payments over 25 years at 4%.
Not sure what areas you *have* to live in but moving out to Port Moody/PoCo opens up a lot of options for you to buy a decently sized town house.
There are still affordable options out there if you are willing to settle.
Take a look at what your needs are and how much you are paying per month in rent.
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You are correct. We went to a financial advisor last week to weigh out my options. She has no debts and I have about ~13k or so left on my focus. We'd like to go into Langley near the truck crossing or peace arch. Something on a main vein so I can be in and out of Richmond as fast as possible (all our family and work is in Richmond). We checked out some townhouses being built, range from ~550 to 750k taxes in.
Pre approved for about 550,000 but with no downpayment were still about 5 years out. We work hard for our money and I like to enjoy life. But i guess it's what priorities you have and what you really want. We could buckle down and save about 50k in 3 years (while still living lol) if our expenses stayed the same. Though our families don't have any money we can borrow to put down as a DP.
I remember reading somewhere the percent of people in metro van that get gifted or lent money from families to buy a home is up at 80%, where as the rest of Canada was around 30%. I imagine Toronto would be somewhat similar to us tho