Quote:
Originally Posted by EvoFire
7 Figure loans are common. I'd say most houses being sold in Vancouver and Burnaby are going to carry a 7 figure loan.
Real talk no BS cause we are in the market:
200k household income
500k equity in our town home
We are good for a 1.3m loan
$4500/month 30 years or ~5200-5300/m 25 years
At 30 years it gives us ammo to buy a 1.8m house and can own the whole damn thing and not rent it out, with a tight budget.
We can rent out the basement or whatever it is and live a comfortable life and pay down extra
Other things we have on our plate:
$1100/m daycare
$750/m car payment on the family car
Potentially paying out the M3 or selling or transferring it. Looking like I'll just buy out the lease as the bank cares about the payment and not the car.
It leaves us with around 8-10k yearly surplus after some semi-clear budgeting.
Talked to some friends who sold recently. They went no subject with a lower offer to guarantee a sale. The different was something like 15k on a 700k townhouse.
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Do you have more savings you’d put into the down payment? That just seems very tight to me.
We have about 300k equity in our condo. Our household income is just shy of 200k. No day care, no debt, no kids. We are trying to save quite aggressively as this income is pretty new to us, and money was tight before.
I couldn’t imagine taking on more than a 5-600k mortgage, but I’m pretty risk averse, also we like to take lots of trips over the course of a year, albeit small ones. Budgeting tightly like that is really scary to me, as things pop up, people move jobs, need time off for a multitude of reasons. I understand peoples priorities are different however, but I just can’t make those sacrifices for an address without a unit number in front of it. If we worked from home, or could I think my thinking would be different.