Evening Reading

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  $500 a month puts you well over the average amount being saved, but try to do whatever you can to increas... : theghostofsmdever
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    This is true. Many people, including myself, are quite happy if they can save that much a month. And I ha... : gooblerampling
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      Yeah its not terribly bad - 6k a year - especially if you can get it into some sort of high interest yiel... : theghostofsmdever
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        You people are silly. 6k is my yearly income. : Hello Kitty
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          Is it possible to survive on that? : theghostofsmdever
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            Very, my rent is $200 to $220 a month. So I have 200-400 a month depending, to save and spend. If you liv... : Hello Kitty
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              Ok, I know it's possible, but who would want to is the real question. Are you saying this is out of choi... : Githyanki
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                Choice. I realized I wasn't happy in my jobs and they were hurting my body with physical labor. I picked ... : Hello Kitty
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                  I recently turned away from a opportunity to make another 5-10K/ yr job because I didn't think it would s... : Githyanki
                  • I won't always be so low, it just works for now. Be happy knowing the raise alone you turned down for ano... : Hello Kitty
  • It'll probably go in some guarenteed rate GIC or something, given that we're thinking we may need to draw... : Milleh
• the rule is something like your monthly repayments should not exceed more than 30% of your gross monthly ... : erotic sock
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  5/1 ARM? Just refinance when the fixed rates drop in the coming months. : gmd
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    It's a new construction, and actually I JUST found out that we were delayed a few months, so we won't be ... : Milleh
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      If you haven't closed yet, do not get a ARM. There is nothing good about it. You should be able to get th... : Githyanki
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        How does one do this? The longest closed term my bank quotes is 7 years. : Milleh
        • Different bank. If your in the US, try here: http://www.churchillmortgage.com/ : Githyanki
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        ARMs are fine if you know what you are doing : gmd
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          Its possible, but I wouldn't unless you got a GREAT rate on the 5 yr portion, and they didn't. : Githyanki
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            well he is in canuckistan, I don't know how things are over there. : gmd
            • Apparently quite horrible :( Too bad we couldn't finance with a US bank. : Milleh
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          A few years ago I would have agreed with you. I used to recommend ARMs to first time home buyers that we... : arhughes
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            I was agreeing with you, but he's a Canuck. It is apparently hard to get longer fixed rates there. http:/... : Githyanki
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              For once, I'm glad I don't live in Canada. : arhughes
              • :( : Milleh
  • Since they just barely got this one, more than likely their credit is not great. If its not, they probabl... : Githyanki
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  Remember that if you have a mortgage, all that mortgage interest (and pmi if you are subjected to it) are... : riptyde
  • I don't think that's the case in Canada : Milleh
  • i think some people like getting the big return : arizona bay
  • What about this: http://www.unisourcemortgage.ca/mortgage-news/archive/2006/2006-01-01_Unisource-is-it... : Milleh
• My mortgage is over half of my yearly income. It wasn't before but my last job was outsourced and my new... : silent77
• #2508

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  By: Force[FED] x Show Full Post

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  $330k is a fairly "large" mortgage, is that the amount you actually financed?
  
  With a mortgage that large, I would think being able to only save $500 a month (2 incomes? both of you work?) is on the low side, and maybe a sign that your budgeting is a little off. Don't trust the bank to tell you what you can and can't afford, of COURSE they will tell you that you can afford a $330k mortgage. It's one reason why the housing market (particularly here in the States) is in turmoil, people overspending for homes.
  
  What are your other monthly bills? Cars, food, electric, cable, whatever...write it all down, and estimate HIGH. Only you can figure out if you can really afford this house.
  
  As for the ARM mortgage, just remember again this is one of the disasters going on here in the States...too many damn ARM loans, and when they all just came due on the 5 year mark and rates SKYROCKETED, people are foreclosing in record numbers. Personally I would stick to a low rate fixed loan, so there is no surprises (and you WILL be surprised in 5 years when it shoots to 9+%)
  
  

  Mar 21, 2008 8:27am PDT
  $330k is a fairly "large" mortgage, is that the amount you actually financed? With a mortgage that l... : Force[FED]