financing for a house

[jw01]

ive been graduated from school for about a year and been working for year + F/T

i dont have enuff money saved up obviously for a down payment but i was wondering if/how i can go about buying a house???

does anyone here know bankers or brokers that can help me finance a deal for a house?

appreciate it.

 

[fun-guy]

Check out some brokers and ask them to find a mortgage for you. You'll have difficulty with traditional banks unless you can get a guarantor.

 

[ig-88]

do you really need a house? take a good long examination before leaping in

with no down payment, you will get slammed on the interest down the road

 

[checks]

Just rent a place and save as much as you can for retirement. Financially you'll be much better off that way. A house is not an investment, but simply a place to live. Don't let the media and society try and convince you otherwise. Buy some bonds and preferred bank shares instead.

 

[LKD]

Just rent a place and save as much as you can for retirement. Financially you'll be much better off that way. A house is not an investment, but simply a place to live. Don't let the media and society try and convince you otherwise. Buy some bonds and preferred bank shares instead.

what he said... unless you are make very good money, why do you want to get a house? You'll work like a slave, probably until you retire just trying to pay off this house, giving away money to the banks with interests on a housing market that is ridiculously over-inflated and which resulted in the economic mess the world is in right now. All the banks cared about was making $$ with little regard to the real outcome on families who can't actually afford buying a house.

Have you thought about what might happen if you lost the job?

This whole dream to own a house while working your entire life to pay it off is ridiculous. A person doesn't need more than a box to survive in. Wild horses and animals survive on an inch of grass out in the wild. Its our society that makes us think that we need to own a house or need the newest car or gadgets.

Use that money to enjoy life without all the worries of paying off a mortgage... go travel the world, experience more of life with that money.

 

[james t kirk]

Yeah, piss it all away on travel, enjoying life, wine women and song and then pay rent and end up with fuck all. (Assuming you can't live in mummy and daddy's basement forever and actually have to rent an apartment.)

Buying a house gives you a place to live and your money is going towards something.

Renting? You're just paying someone else's mortgage for them - fool.

As far as "losing the job" goes - what happens if you "lose the job" and can't make rent any more?

At least if you own a house, you can rent out rooms and by hook or by crook you can keep a roof over your head.

My cousin always rented. She lived life large just like you posted about. Always paid the other guy's mortgage. She made serious serious money (Management consultant, contract work. Easily 250 a year) over the years. But she traveled, she enjoyed life she invested in jewelry and clothes.

Then a funny thing happened. The work dried up, she go older, contracts were few and far between. Now she's 62 and living in a basement apartment mooching from the relatives trying to make rent. If she had bought a house when she was 30, she would have been living in her own place now, just having to pay the utilities, a bit of up keep and the taxes. Instead, she's 2 steps away from the shelter.

 

[angiec27@ymail.com]

Yeah, what they said... but I do know if you finance the hobby you will die one hell of a happy man!

 

[ig-88]

Yeah, piss it all away on travel, enjoying life, wine women and song and then pay rent and end up with fuck all. (Assuming you can't live in mummy and daddy's basement forever and actually have to rent an apartment.)

Buying a house gives you a place to live and your money is going towards something.

Renting? You're just paying someone else's mortgage for them - fool.

As far as "losing the job" goes - what happens if you "lose the job" and can't make rent any more?

At least if you own a house, you can rent out rooms and by hook or by crook you can keep a roof over your head.

My cousin always rented. She lived life large just like you posted about. Always paid the other guy's mortgage. She made serious serious money (Management consultant, contract work. Easily 250 a year) over the years. But she traveled, she enjoyed life she invested in jewelry and clothes.

Then a funny thing happened. The work dried up, she go older, contracts were few and far between. Now she's 62 and living in a basement apartment mooching from the relatives trying to make rent. If she had bought a house when she was 30, she would have been living in her own place now, just having to pay the utilities, a bit of up keep and the taxes. Instead, she's 2 steps away from the shelter.

Or you could rent and be miserly.

If mortgage payment = 2,3 x rent, then that's still 2, 3 x $ out the door.

Yes, you end up with a house ... that you have to make repairs on, or pay someone else to make those repairs.

 

[GG2]

Of all the people that you know, which are most successful - those that own real estate or those that rent?

A home anchors people, gives them pride in ownership, and forces people to "save" in the form of paying off the mortgage (how many renters do we know that saved money and now live in prosperity in their old age? It sounds good in theory, but I know of none)

 

[ig-88]

Of all the people that you know, which are most successful - those that own real estate or those that rent?

A home anchors people, gives them pride in ownership, and forces people to "save" in the form of paying off the mortgage (how many renters do we know that saved money and now live in prosperity in their old age? It sounds good in theory, but I know of none)

Or they saved and did buy a house ... with cash.

Of all the homeowners I know, I balk at the amount of time and money they spend on improvements and maintenance ... and wonder how much cheaper "rent-free" is.

 

[oil&gas]

A 'fairly priced' house/condo should cost no more than 15 years of rent IMO.
To my estimate the total cost incurred by the ownership of a decent condo in
GTA and its vicinity (assuming down payment no greater than 20%) is equivalent
to no less than 35 years of rental expense.

It is always great to be the owner of a dwelling. Were I a millionaire I would
be more than happy to buy a residence worth half a million with cash. To those
who need full financing good luck with your bet against the impending burst of
the housing bubble.

 

[svtcobra]

Yeah, piss it all away on travel, enjoying life, wine women and song and then pay rent and end up with fuck all. (Assuming you can't live in mummy and daddy's basement forever and actually have to rent an apartment.)

Buying a house gives you a place to live and your money is going towards something.

Renting? You're just paying someone else's mortgage for them - fool.

As far as "losing the job" goes - what happens if you "lose the job" and can't make rent any more?

"At least if you own a house, you can rent out rooms and by hook or by crook you can keep a roof over your head."

My cousin always rented. She lived life large just like you posted about. Always paid the other guy's mortgage. She made serious serious money (Management consultant, contract work. Easily 250 a year) over the years. But she traveled, she enjoyed life she invested in jewelry and clothes.

Then a funny thing happened. The work dried up, she go older, contracts were few and far between. Now she's 62 and living in a basement apartment mooching from the relatives trying to make rent. If she had bought a house when she was 30, she would have been living in her own place now, just having to pay the utilities, a bit of up keep and the taxes. Instead, she's 2 steps away from the shelter.

As highlighted above, I beg to differ.. As you do not "own" the house as the BANK still owns it.
There are alot of pro and con's about owning a house, but in reality most people do not own their homes and the ones who actually work hard and pay their mortgages off and "ACTUALLY" own their own homes are the winners here.

To the OP make a few appointments with a good broker or your bank and have a talk with them. Do not rush into it as I did when I was younger. I would look into someone who has been in the industry for a long time. A few weeks ago I went into my bank and inquired about getting a mortgage for another place I was looking to purchase and all was available was a mid 20" - 30's guy to speak to. He began to give me a speech about owning a home etc etc, and basically treated me like I was a no body "brown guy" lol etc etc. To make a long story short, He began ask me about my financials etc etc which I gladly give him but when it came time to pull up my accounts, his face turned a different color and his attitude changed. Now I'm in my early thirties and I do pretty well for myself, My last property is due to be paid off then end of this year and that is why I was inquiring about more land.
I don't hate the gentleman but he was to young and did not know the industry that well. I gave him the benift of the doubt as I was young (not too long ago lol) and went through the same thing. In the end he wanted to pick my brains, I met up with him later with my wife and we both went out and had dinner ( my treat) at the end of the night I see some of his traits in him that I had when I was his age and I'm more than willing to help someone out.

In the end Patience prevails, take your time do research and save a little then when you are ready take the leap. Have some fun but within reason. Keep you CC and other items down to a little. It is good to play in this industry but you can get hooked in pretty good as some of these ladies play a good game (No offense to the ladies, but I'm being honest here) it is easy to get hooked. You are young you will make mistakes but learn from those mistakes. Best advise is have a plan and stick to it, save, save and save. When you actually have a home and you start paying down more than the interest in a few years you will see what rewards will get you.

 

[LKD]

I know a few people in my family who makes money in the 6 and near 7 figure range... All of them say its better to use that money you'd pay in interests and invest it wisely or save it up, unless you don't have control over yourself and need to buy a house and become a slave/prisoner to keep you in check. If you can eventually save up a lot to buy the house in down payment, why wouldn't you do that.

Using money to enjoy life doesn't mean splurging on superficial things like some in here imagine - gold, cars, girls, partying... That is what's messed up with society today.. Happiness seems to be related to material goods and that was the whole point in my previous comment - people are too materialistic, think they need to have something just because every idiot around him own its when infact most don't need a fraction of what we live with.

 

[svtcobra]

Using money to enjoy life doesn't mean splurging on superficial things like some in here imagine - gold, cars, girls, partying... That is what's messed up with society today.. Happiness seems to be related to material goods and that was the whole point in my previous comment - people are too materialistic, think they need to have something just because every idiot around him own its when infact most don't need a fraction of what we live with.

Well said!

 

[ig-88]

Let's say, for argument's sake, a house costs $300K. With interest on the mortgage, the true cost could be $600K.

Obviously, $300 K is cheaper than $600 K.

So while I agree that rent money gets you "nothing"; you're paying a WHOLE lot more for "something". Unless you buy the house with cash.

If the rent and the mortgage are the same, then I'd agree that the house wins. If the mortgage is significantly higher than rent, then I would tend to think that you'd be better off renting and investing the savings.

 

[Tangwhich]

Yeah, piss it all away on travel, enjoying life, wine women and song and then pay rent and end up with fuck all. (Assuming you can't live in mummy and daddy's basement forever and actually have to rent an apartment.)

Buying a house gives you a place to live and your money is going towards something.

Renting? You're just paying someone else's mortgage for them - fool.

As far as "losing the job" goes - what happens if you "lose the job" and can't make rent any more?

At least if you own a house, you can rent out rooms and by hook or by crook you can keep a roof over your head.

My cousin always rented. She lived life large just like you posted about. Always paid the other guy's mortgage. She made serious serious money (Management consultant, contract work. Easily 250 a year) over the years. But she traveled, she enjoyed life she invested in jewelry and clothes.

Then a funny thing happened. The work dried up, she go older, contracts were few and far between. Now she's 62 and living in a basement apartment mooching from the relatives trying to make rent. If she had bought a house when she was 30, she would have been living in her own place now, just having to pay the utilities, a bit of up keep and the taxes. Instead, she's 2 steps away from the shelter.

Yeah, when she was 30. The prices of housing in Canada right now is grossly overpriced. For many people they just don't have enough down payment for a home that is probably over priced. It will take years for them to recover that, especially when you throw in all the transaction fees that come with buy/selling. Generally I would agree with what you are saying but right now it makes more sense to rent than to buy.

 

[svtcobra]

Let's say, for argument's sake, a house costs $300K. With interest on the mortgage, the true cost could be $600K.

Obviously, $300 K is cheaper than $600 K.

So while I agree that rent money gets you "nothing"; you're paying a WHOLE lot more for "something". Unless you buy the house with cash.

If the rent and the mortgage are the same, then I'd agree that the house wins. If the mortgage is significantly higher than rent, then I would tend to think that you'd be better off renting and investing the savings.

But you are still wasting the money you are paying into rent. So not really a win win situation.

I'm not harping on buying a house. My concern is the OP will get into a house and the bank will throw him all the extra money and he will dig a whole of which most people will not get out of. I;ve seen alot of my friends go through this, they buy a house and with that extra money the bank gives them they spend it like nothing to make themselves look good and in the end the loose their shirt and they will never get out of debt.

I say have a plan and stick to it. Save save save, buy the house make a plan and stick to it. But down more than your monthly payment, in a few years you will see that mortgage is paying down quick. But with that it is huge sacrifice you will have to make and live without some things. It is a huge thing and if you have the drive, but really sit down and think, question, research before you make that leap.

 

[Brill]

Maybe get an old van to live in and park it at work? That saves commuting time and expenses as well.

In ten years you'll scrape up enough for a house downpayment and you can rent the van to someone else at work.

 

[milehigh]

My total worth (bad term) - financially came though properties mostly. Got money I would have never been able to save. Kind of tough now. But I am selling and enjoying at some point.

Oh my God... will prob see my fav SP seven days a week when that happens!

But this is just to live and be secure. Material things do not make one happy. Too many people do not enjoy life. You only have one lifetime, you may as well enjoy it. And my greatest joy comes through my friendships. My friends can tie me up so much I don't have time for any thing else, but that is good. But I really love them. (And I consider any Sp s I have seen for any length of time as true friends as well).

But having said all this, financial security is important... no one will look after you except yourself.

I wouldn't advise anyone to go the way I went with property... just not conventional and alot of people would be too jittery. But like I say, I would have never been able to save that money. And I realize it is only on paper - but for now only.

My goal is to give a house to my kids, sell my own and enjoy life. And then before you know it your lifetime is over - it goes fast. Time really does fly. I don't even want to go into what happens after that...

... oh what the fuck... life is so short that when a loved one passes on it is really like they only went away to Montreal for the weekend. You are gonna see them soon enough.

All that materialistic debate got me going here!

 

[oil&gas]

But you are still wasting the money you are paying into rent. So not really a win win situation.

Living in many of the condos in the Yonge/Finch and Yonge/Sheppard area would
cost $5,000 to $6,000 on yearly maintenance fees. Property tax amounts to around
$2,000. An owner of a condo can expect to waste only about half of what the tenants
have to pay.