Not with today's low rates... better to put any extra money elsewhere. You can easily earn more than a mortgage cost these days.
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Condo harassing me
- Thread starter daught
- Start date
Not with today's low rates... better to put any extra money elsewhere. You can easily earn more than a mortgage cost these days.
Dresden
Well-known member
[video=youtube;HX0fIi3H-es]https://www.youtube.com/watch?v=HX0fIi3H-es[/video]
Dresden
Well-known member
Not to discredit your point about an inevitable market correction, but this is a 3-4 year old article
Published Sunday, Apr. 10 2011, 7:32 PM EDT
Last updated Monday, Sep. 10 2012, 10:57 AM EDT
daught
Well-known member
Can I get multiple payday loans? I might as well get a few loans before I head out west on my open ended ski bumming trip.
The lower end may feel the pinch first but since they're in minimal housing they can't move down and will fight to hold onto what they have. The hardest hit are the porcelain palaces that are too over sized for practicality. The owners can move down into more modest sizes.
Some areas with waiting lists for properties (Rare) may hold out but usually even they suffer.
BTW in CMHC the last "C" stands for corporation. With corporations the liability stops at their back door. If you own a corporation and it goes belly up they generally can't go after your house. Where does it differ when the Canadian government owns CMHC?
With many of the posts I see here in Romper Room I firmly believe you'd have a better return on Alcoa Inc. (NYSE:AA)
"having a downpayment is more luck than anything else" :lmao:
What's the interest rate?
You'll borrow either from a top-5 bank as a 2 to 5 year loan with a rate of 5.5% to 14.5%
Ouch
I think I'll go play the lottery now and see if my 'luck' can change for a down payment.
Seriously...I'm sure people will sign up for this. I'm curious how they work with the cash back mortgage though, and how they get away from the fact that banks don't actually like borrowed money as a down payment. Do they play it off as a gift?
I remember reading a few months back that the 'bank of mom and dad' finance a lot of first time / move up buyers. Basically kids need a home, so mom and dad mortgage their house in order to get them the down payment as a 'gift'.
bank of mom and pop finance a lot of stuff. Rule one is have an excellent paper trail so if it goes south mom and dad own the other house and you can sell it and recoup. Ive financed numerous projects for the kids, but not but not by mortgaging my properties, as my mom did for me.
Where it can go really wrong is little jimmy about five years into the marriage bones somebody that's not his wife, in the divorce wife wants to sell up and take half the house, mom and dad better be on the paperwork because she hates little jimmy and the in laws. Or little jimmy is out of work again and mom and dad are carrying two homes because who wants to put kids on the street. If you want to get really F'ed financially its almost always family.
Where it can go really wrong is little jimmy about five years into the marriage bones somebody that's not his wife, in the divorce wife wants to sell up and take half the house, mom and dad better be on the paperwork because she hates little jimmy and the in laws. Or little jimmy is out of work again and mom and dad are carrying two homes because who wants to put kids on the street. If you want to get really F'ed financially its almost always family.
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