So after finishing Queer Eye I have determined that I’m in a rut and the only cure is to start working on all the projects I have put off with my apartment. ( Read more... )
I post by email. It was easy to set up and it is the FAQ somewhere.
So, I used to work for a mortgage bank, a *lot* of Toronto applicants had co-signers and tons of them were showing rental income. I am serious skeptical that every fucking house has got a basement apartment in Toronto and Vancouver, but there ya go. I'd say the vast majority of applicants there had their parents on the forms with them and also they were paying only the bare minimum downpayment and barely making the debt servicing. This means they were getting bleh rates, but that's the basic answer to your question.
Very interesting comment, thanks! So this is what I don’t get: As of January 1, banks have to apply a 2 percent mortgage stress test. So right now the bank will give like a 2.5 percent interest rate or so, and then they’re like “oh but we have to test you at an interest rate of 4.9 percent even tho that isn’t what we charge you”. I’m just mystified that so many people can demonstrate carrying a huge mortgage at a 5 percent rate. They would need huge incomes and I don’t think toronto has huge incomes (outside of the 0.1 percent).
Yeah, I agree. My sister in law is a doctor and she said that her married doctor friends have been working for 10+ years and some of them can't get a decent house, a lot of times because of significant debt from medical school (especially if they're really specialized). That's my point though, like - if doctors and lawyers have a hard time, then how are so many of these ridiculously priced houses selling for 600K over asking in an instant!?
I use the LJ website through Google Chrome instead of the app. The only time I use the app is to read posts.
I like that bookshelf! I think what you're doing is a good compromise for yourself. Like, it's impossible finding a house right now, so let's make the apartment what we want. Denver is very similar to Toronto in that it is ridiculous to find a house that isn't in some horrible state for an affordable price. It does seem like the market is steadying out a bit, but maybe that's just the winter market? I don't know... It's disheartening for us, too, because we'd like to purchase some property with a regular no-frills house and can't find anything under $650k that would be suitable commute-wise/horse-wise.
Thanks for the tip about just using it on the browser. Good idea.
I wish I could stop my hang wringing between "OMG WE HAVE TO BUY A HOUSE NOW OR WE WILL NEVER BE ABLE TO AFFORD IT" and alternatively "Welp guess we'll be renters forever"!
Yeah, it's much easier to use in a browser. The app is terrible.
I feel you. Isaac and I are sort of okay being renters right now, but also not? It's frustrating. Part of me wants to own a house, and another part wants to take care of some other things before buying.
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So, I used to work for a mortgage bank, a *lot* of Toronto applicants had co-signers and tons of them were showing rental income. I am serious skeptical that every fucking house has got a basement apartment in Toronto and Vancouver, but there ya go. I'd say the vast majority of applicants there had their parents on the forms with them and also they were paying only the bare minimum downpayment and barely making the debt servicing. This means they were getting bleh rates, but that's the basic answer to your question.
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Very interesting comment, thanks! So this is what I don’t get: As of January 1, banks have to apply a 2 percent mortgage stress test. So right now the bank will give like a 2.5 percent interest rate or so, and then they’re like “oh but we have to test you at an interest rate of 4.9 percent even tho that isn’t what we charge you”. I’m just mystified that so many people can demonstrate carrying a huge mortgage at a 5 percent rate. They would need huge incomes and I don’t think toronto has huge incomes (outside of the 0.1 percent).
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So here is what baffled me, I had doctors, DOCTORS!, showing basement suite rental income. I mean, their income was in the 0.1%!
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I like that bookshelf! I think what you're doing is a good compromise for yourself. Like, it's impossible finding a house right now, so let's make the apartment what we want. Denver is very similar to Toronto in that it is ridiculous to find a house that isn't in some horrible state for an affordable price. It does seem like the market is steadying out a bit, but maybe that's just the winter market? I don't know... It's disheartening for us, too, because we'd like to purchase some property with a regular no-frills house and can't find anything under $650k that would be suitable commute-wise/horse-wise.
Reply
I wish I could stop my hang wringing between "OMG WE HAVE TO BUY A HOUSE NOW OR WE WILL NEVER BE ABLE TO AFFORD IT" and alternatively "Welp guess we'll be renters forever"!
Reply
I feel you. Isaac and I are sort of okay being renters right now, but also not? It's frustrating. Part of me wants to own a house, and another part wants to take care of some other things before buying.
Reply
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