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-- Buying a home with a mortgage
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You really should be looking at Good Faith Estimates before you start throwing around legal documents imo. You should be able to get GFEs from multiple lenders and brokers. You really need to look those over carefully if you are serious about purchasing as they will give you a pretty accurate depiction of what the mortgage will be and whether or not you can afford it. Keep in mind that there will be a lot of other expenses that are associated with home ownership that are not part of the mortgage process.

quote:

Originally posted by ******** The mortgage would be around $150/month,

either you have one fuck of a down payment; or you're living in a shit hole.

i can't believe you are giving him serious answers. He is obviously posting via a wifi signal from prison or an asylum.

also, you might want to have your utility bills around $200 a month total. this is internet/cable/elec/phone(cell)/water/gas. actually, its probably close to $250-300, depending on service.

also if you really earn 13 000 a year, you will not get a loan even if you have 40k to put down.

*points*

you make 13k a year. that is like welfare and a stamp collection

quote:

Originally posted by Slylee getting financed is a bitch....have to have perfect credit/history...i mean PERFECT.

I currently work in the mortgage business and this is complete carp.

The company I work for use an automated underwriting system (created by Fannie Mae in accordance with their guidelines) and it is perfectly happy to approve people whose mortgage payment consists of 55% of their monthly income...before taxes and without verification of any assets!

As for credit even mediocre credit scores don't penalise you on the interest rate, though you could be shelling out anything up to 3% (if you have a credit score in the 500s!!) but more likely a fraction of 1% of your loan amount as an up front, one off adjustor.

I don't make the rules for the provider I work for (or Fannie Mae!) but it scares me when I see the system approve some people and situations bearing in mind the myth that credit is so hard to achieve. But the rule with us (and the investors I work with) is if the automated system is happy then we have to approve the loan. I'm glad I wasn't in the business during the subprime era (or was part of a company that did subprime loans) because I'd probably be genuinely frightened by the stuff I'd have seen.

quote:

Originally posted by notelfreak you make 13k a year. that is like welfare and a stamp collection

Not to mention he is spending nearly half of that a year on rent.

13k in canada is way below the poverty line. A mortgage even on a cheap piece of land will not get you across the border because you are as much of a risk to stay there as a cuban who floats across the gulf of mexico to florida. 7/11 clerks make more than that.

and perfect credit is a myth, if you have a good amount of cash down and a good salary, you can get a loan. (this is in canada mind you)

Forgot about homeowners insurance. In the USA, every bank and credit union must certify each mortgagee has homeowners insurance and if required, flood insurance too. That can be very expensive.

i pay over 13k a year for my mortgage, so no i can't live off of it. Just my groceries are 250 a week (2 people mind you), so you must be living a shit life. I did not even include bills.

i also have to pay for my car, man it must suck to walk

yeah, my mortgages are about $25,000 a year. that doesn't include all the insurance, rates, land tax, body corporate fees. but all tax deductible

quote:

Originally posted by pkcRAISTLIN yeah, my mortgages are about $25,000 a year. that doesn't include all the insurance, rates, land tax, body corporate fees. but all tax deductible

'Negative gearing'. Biggest furphy in history.

quote:

Originally posted by Domesticated 'Negative gearing'. Biggest furphy in history.

i have thrashed you on this debate before mr blog. yes, right now is a perfect time to acquire a positive or neutrally-geared property. however in case you havent noticed, we're in some fairly isolated times in regards to credit

weren't you going to also buy a boat?

i have a 20 year mortgage on a place that i am going to sell for the picket fence in a bout a year. I am sick of condos, even if i have a lawn.

its morons like ******** who make me increadibly pissed that i paid over 38,000 in taxes last year... beyond the fact that there is no way in hell any bank is going to finance a mortgage for a guy who makes 13k per year in welfare, the fact that he is getting 13 grand in free money from the gov makes me irate......

GET A FUCKIN JOB AND PAY YOUR DAMN TAXES YOU LAZY SACK OF SHIT

not only did i pay more taxes than you, but i am tempted to find out how much 25k australian is to cdn dollars. Someone do it for me plz


ashley get a fucking job, or get out on good behaviour.

quote:

Originally posted by notelfreak not only did i pay more taxes than you, but i am tempted to find out how much 25k australian is to cdn dollars. Someone do it for me plz

25,000.00 AUD = 22,647.59 CAD

aim higher william. i believe in you

quote:

Originally posted by pkcRAISTLIN 25,000.00 AUD = 22,647.59 CAD

thank you

you know, ********'s idealism is sometimes an interesting read but when it comes to reality.. wow. you cannot live anywhere near comfortably on 13,000 a year dude. what is that? part-time minimum wage?

13 k a year is welfare.

Giving subprime mortgages to welfare peons + combining them with normal mortgages as securities, then having all the peons manage to 'default' is a wonderful recipe

If you get a mortgage and a minivan, I hear elfreak will golf with you on the weekends.

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