I want to buy a small cheap Condo for 66k CAD because I don't want to pay rent anymore, plus buying a condo would mean I have to pay $200 less for a place to live.
ALSO I also plan on getting a 20-30k CAD line of credit, I need this line of credit because I have horrible health problems I have to pay for.
I make about 54k CAD before taxes every year. I have okay credit and have made monthly credit card payments on time for over 2 years. I bank with TD.
Would I be able to do both of these things or would I be able to do only one or the other?
Dude fuck off this is a crypto board. Take your bullshit to /pol/ or /adv/
Cameron Sanchez
>Dude fuck off this is a crypto board. Then why did they refuse to change the title of the board to Veeky Forums - Business, Finance & Cryptocurrencies?
Jonathan Young
I have no idea where you're living in Canada that condos are that cheap. Even in Barrie prices are astronomical now.
Maybe just use that cash to fix your health problems and invest in yourself? I dont know man.
Angel Richardson
If you buy a condo then you have to pay condo fees on top of utilities and taxes. I would deal with the health problems first.
Austin Barnes
Where are these condos for 66k?
Jackson Ross
remember that generally with condos you have to pay a permanent monthly strata fee on top, one of the reasons I've been hesitant to buy a condo
in the area i live in Canada most shitty condos are at least ~$130k+ which I'd need to get a mortgage for. Then on top of my monthly mortgage payments I'd be on the hook for about ~$250-400/month strata fee permanently (strata goes towards building maintenance, collectively contributing to the fund for things like groundskeeping, roof maintenance, paint, regular cleaning, etc.) which means I'd actually be paying out more compared to my current rent
Ryan Ramirez
Shitty old ones. I know. I want to see if I can get credit to do both at the same time. >I have no idea where you're living in Canada that condos are that cheap. Edmonton. Most of them are not cheap. I want to buy a shitty one in a decent area. >Maybe just use that cash to fix your health problems and invest in yourself? I don't have cash, that's the problem. I need cash to be able to do these things.
John Sanchez
>remember that generally with condos you have to pay a permanent monthly strata fee on top, one of the reasons I've been hesitant to buy a condo Yeah I know, but it's better than what I have now, also buying an actual house is much more expensive for me and I would have to pay for all maintenance and repairs.
Evan Powell
I work at a mortgage bank. you will not get the advice you need here and here's why >it matters how much money you put down, you can't put 0% down then expect another 20-30k as a line of credit. the loans would be 120-140% the value of the home. your income needs to also qualify to the amount you want to borrow, and you'll have that problem above so you'll need to take out a lot
you need to call or go to a loan officer and they have to run the numbers for you. I have to say though it will be difficult on your income.
Caleb Morales
I plan on putting down 5%.
Anyway, I'm retarded with this shit.
If I have a mortgage on a condo or whatever, would it make it easier or harder to get a 20k line of credit? I assume harder, but I dunno.
Leo Roberts
fuck off nocoiner
William Taylor
lines of credit require equity, ie: leftover value in the property after the mortgage. so you'd have 95% loans and 5% equity in relation to the value of the house
buy anything above 80% loans and 20% down means you'll need to pay monthly mortgage insurance on top of everything because it's a higher risk loan.
you're basically looking at it like free money but it doesn't work like that. the bank will not pay for the whole house and then give you another 20-30k on top. if the home burned down insurance would only pay the home value and the bank would eat anything it loaned out about the home value.
Nathaniel Nguyen
so basically I probably shouldn't get a mortgage and get the line of credit instead
basically I can only do one or the other?
The line of credit is far more important to me.
Luis Rogers
a mortgage buys the property.
a line of credit is a pool of money you can draw on that's secured by the value of the home you own.
you can't get a line a credit unless you own a home already, regardless. what you might need is a personal loan or something. but buying a house when you can't afford it, let alone afford medical bills along side of it is not smart, at all.
Jayden Jones
>a line of credit is a pool of money you can draw on that's secured by the value of the home you own. You can get a line of credit if you don't have a mortgage though. Lines of credit secured by mortgages just have lower interest rates.
>you can't get a line a credit unless you own a home already, regardless. WHAT? lol A lot of people do. TD even says you can on their website.
if you want a unsecured line of credit or a personal loan, where the bank just gives you money for nothing, then that's what you need, not to buy a fucking house.
I know. You can either get a mortgage LOC or a regular LOC.
>if you want a unsecured line of credit or a personal loan, where the bank just gives you money for nothing, then that's what you need, not to buy a fucking house. I'm not looking to get a house simply to get a LOC. I wanted to do both things but if I can only do one or the other then I will get the LOC only.
Brody Hernandez
so ask for a personal line of credit then. those can be secured or unsecured, but it sounds like you're gonna have to go the unsecured route. en.wikipedia.org/wiki/Line_of_credit
Samuel Carter
Okay that's what I'm planning on getting.
Do you think I can get 30k with my income(54k a year)?
My credit is just okay and I've been making money payments on time.