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Discussion in 'General Chat' started by Veyronman, Apr 29, 2016.
vroom vroom skreeeeeeet vroooom
Compared to truck tires, these are cheap.
Yeah, diecast models are super expensive and that makes them no fun to collect anymore.
Yeah, I've been out of touch with what's going on with models for more than 10 years, and I figured I could use something up to date for the Holidays, this one happened to be a relatively good deal, but I can't see ever buying many more again, hard to justify paying 10 times what I would have paid as a kid for a model of a current supercar in the same scale.
bought a new lightbar. https://www.ebay.com.au/itm/20INCH-...e=STRK:MEBIDX:IT&_trksid=p2057872.m2749.l2649
Just bought another property. 2 acres on a river. 3 bedroom 2 bathroom. With two separate shop/garages.
No danger of flooding as the house is actually 50 ft higher than the rivers highpoint.
Has excellent fishing and a swimming hole
And deer everywhere
Purely for investment? Or do you plan on moving there?
Investment mainly. I just loved the property. I may never sell it. It's surrounded by crown land that can't be developed. So it's gonna be my weekend getaway/hunting shack kinda thing. I have been buying up anything I can recently. This is my 7th property in the past 2 years. I own all but one of them still.
I need to move to Canada so that I am able to afford some properties as well and maybe turn them into profit.
Unfortunately our finance minister has been changing the mortgage rules. And has made it very difficult to get mortgages here now.
You now have to make double the amount of money to qualify for the same mortgage as you could before the rule change.
This property is quite rural. It's in a small town about 1.5 hours away from my city.
The same house in my city would be almost double the price.
If I'm close enough to get a mortgage and a property anywhere around here, I'm pretty sure I can afford a property in most of Canada (outside of the 3 big city centers). May not be a mansion, but it could be a nice house.
In numbers, it would take no less than 600,000 ILS (~220,000 CAD) cash to get a mortgage here for a normal 2-3 bedroom apartment (in an apartment building) in most of the cities within an hour from Tel Aviv.
Audioquest Nighthawks, my favourite cans for 90 percent of music i listen too.
just bought a igloo frame for when kids are playing outside
It depends on where. The average house price in British Columbia is 420k
But if you look on the east coast you can find very very nice houses for dirt cheap.
A friend of mine bought a house in Nova Scotia. 10 acres. 5 bedroom 4 bath house for 160k
It really varies by province and region.
Our finance minister has implemented a "stress test" every new mortgage has to qualify at 4.99% interest. Even though actually contract interest rates are about 2.8-3.2%. So it basically means you have to make over 100k a year to qualify for a 350k mortgage instead of 65k a year when you qualify at your actual contract interest rate.
It's now dropped my wife's closing rate from 75% to about a 50% closing rate. (She is a mortgage broker)
Interests aside, what is the initial sum you need to present to the bank?
I mean, here, you have to come to the bank with your own amount of money, your property of choice and of course some proof that you can pay the money back. In some cases, the mortgage may triple your money (i.e you have 500,000 of your own and the bank gives you another million). But you usually aim for less than that if you don't want to make a deal with the devil.
In very basic explanation. Here a first time home buyer can bring as little as 5% down payment. Most banks require 10%. And any mortgage with less than 20% down requires secondary mortgage insurance. Which on a 400k mortgage works out to about 14-20k. Which is generally added into the mortgage payment.
There are variations to this depending on provincial law on top of the federal standards.
I see. Around here, 30% is the minimum. The fact that properties are expensive (you will not get a place you could actually live in for less than 450-500,000 CAD and that too is for something very basic) and that salaries are low are probably the reason for that.
I've been looking at 2 bedroom apartments outside of Tel Aviv and I'd be lucky to find something old that may be up for a "demolish and rebuild" project.
I should totally move to someplace cheaper.
Getting a $350k mortgage with a $65k income would be fucking stupid.
qualifying for a mortgage isn't indicative of how much you can afford
In a very rudimentary explanation.
The amount you qualify for depends on how much you have as a down payment, your annual income, and your debt load. They add all your existing debt and the amount you are trying to mortgage. If your monthly/annual payments adds up to more than 44% of your monthly/annual income you will not qualify. And that is based at a 4.99% interest rate.
If you are within a few % They will often come back and say for you to qualify for this you'll need another 10k or 20k down. Or a second applicant on the mortgage. But if you are more than 4-5% away they will decline you.
So then you find a cheaper house and try again.
As for being indicative to what you can afford you are right. Because they don't consider living expenses. Groceries, cell phones, fuel, gym pass etc. They only consider debt.
It depends. We have 30 years mortgages here.
Say you put 10% down
Your mortgage payment would be 900-1200 a month with interest and mortgage insurance rate added into that allowing for variance of rates and what not.
It's just harder now because of the qualifying rates. Because with having to qualify at 4.99 instead of your actual rate you may not make the 44% income to debt ratio. Where if they qualified you at the 2.99 rate you actually sign at you could make the ratios work. 2.99 to 4.99 could raise your monthly payment a couple hundred dollars. Which would take you from 43% ratio to 45% which would mean not qualifying.
30y mortgage lol wtf
they offered me twice what I was looking for, and it didn't make sense at all.
Like no fucking sense.
I hate these banker who input a couple fields then generate a report
What did you take? 20year? Quebec has it's own rules. Every other province follows the standard federal law.
My wife can broker in every province except Quebec. She took an extra day training to be open for all provinces. Quebec is a completely different brokering course.
I bought long track pants to run with during winter. Got the semi-expensive Adidas ones. They convinced me to sign up for some credit/membership card that I don't really want for some extra discount. I feel ashamed for agreeing.