Seriously these **** semi-detached you need like a 40k down payment for one. Is everyone rich or am i missing something
Ontario GTA btw
|
-
12-31-2017, 08:02 PM #1
-
12-31-2017, 08:07 PM #2
-
12-31-2017, 08:09 PM #3
-
12-31-2017, 08:13 PM #4
-
-
12-31-2017, 08:14 PM #5
-
12-31-2017, 08:15 PM #6
-
12-31-2017, 08:21 PM #7
I was just saying not a lot of people have 40k to drop on a house, so they rent an apartment for 5+ years?
Right but thats not where the jobs are. They are in the GTA, the hour+ drive each way would eat your soul
Lmao
I'm just peppering my angus when i want to move out*Voices opinion without fear of being negged crew*
*SHAME 🔔 SHAME 🔔 SHAME 🔔 SHAME 🔔 SHAME 🔔 SHAME 🔔 SHAME 🔔 Crew*
-
12-31-2017, 08:22 PM #8
-
-
12-31-2017, 08:27 PM #9
There are a few options.
1. Have enough room-mates so you can save a lot of money.
2. Save a lot of money while living with your parents.
3. Borrow the down-payment from parents (if thats an option).
4. Start saving/investing while your young so when you do decide to buy a house you've got the capital.
Unfortunately all of them require good financial sense/restraint and/or having parents that are wealthy/successful.
-
12-31-2017, 08:28 PM #10
- Join Date: Sep 2004
- Location: Norristown, Pennsylvania, United States
- Age: 40
- Posts: 12,103
- Rep Power: 16119
20% as a down payment is whats recommended.
Most people dont actually put that much down.
When we bought our house 4 years ago we only put about 8% down.
We had to get mortgage insurance(which I think was like $60/month).
We got lucky in how we did things. We actually sold points back to the mortgage company. This means that they gave us money up front in order to charge us a higher interest rate. Our plans for this house were to only be here for 10 years, so we knew that as long as we lived here less than 10 years then we would end up on the positive side of this deal. I forget the exact #s, but we got around 4.9% interest, and they gave use like $6k up front.
3 years later, we were able to refinance our mortgage down to 3.3%. We put some additional money in and got rid of the mortgage insurance.
The fact of the matter is, if you can afford $1500/month for rent, then you can afford $1500/month for insurance. The only difference is, you need to have a slush fund for potential issues with your house.Negs to anyone that:
makes a terrible troll thread
makes any conspiracy theory thread
makes a religious/political thread without knowledge of what they're talking about
-
12-31-2017, 08:31 PM #11
-
12-31-2017, 08:32 PM #12
-
-
12-31-2017, 08:38 PM #13
-
12-31-2017, 08:38 PM #14
-
12-31-2017, 08:39 PM #15
-
12-31-2017, 08:41 PM #16
-
-
12-31-2017, 08:41 PM #17
-
12-31-2017, 08:43 PM #18
-
12-31-2017, 08:43 PM #19
-
12-31-2017, 08:44 PM #20
Americans don't understand the word "save". I see poor people walking around with Iphones and expensive clothes while making minimum wage with maxed out credit card, while whining about cars and houses other people have. If you're 18 and stuck at a minimum wage job, you're just lazy. You can be in the top 10% of people simply by putting time into reading and bettering yourself. Anyone with a PC can learn Solid Works, Coding, Business etc.
The same applies to people all the way up to the middle class. People finish a degree and expect a high paying job. No, you need to spend time bettering yourself everyday to make you irreplaceable and in demand
-
-
12-31-2017, 08:47 PM #21
-
12-31-2017, 08:47 PM #22
-
12-31-2017, 08:48 PM #23
-
12-31-2017, 08:49 PM #24
-
-
12-31-2017, 08:50 PM #25
-
12-31-2017, 08:53 PM #26
-
12-31-2017, 08:57 PM #27
-
12-31-2017, 09:05 PM #28
3 ways they can afford it:
1. Parents just give them $50,000 - $100,000 for a down payment. There's loads of parents paying for their kid's college tuition, annual vacations and cars. They can afford the kid's down payment too. Blame your parents for being deadbeats or bad with money.
2. Interest rates are laughably low. Around 2% - 3% these days. Pretty affordable if you're a millennial couple and your gross household income is $100,000 or more.
3. All sorts of people who got lucky in the last years on either cryptocurrency, marijuana stocks, lotto tickets or received an inheritance from Grandparents. They then use that money (see #1) to get a mortgage.
BTW, only 5% of homeowners actually own their homes outright. If you're one of those 5% (which is maybe 2.5% of the adult population?) then you're technically winning at life).
-
-
12-31-2017, 09:06 PM #29
-
12-31-2017, 09:06 PM #30
Bookmarks