evav123
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 Posted: Mon Apr 17, 2006 12:05 am Post subject: Is it a reasonable mortgage? |
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I am discussing on purchasing a home at a price of CAD 515,000. I would be putting a down payment of CAD 215,000 and rest I will finance at 5.1% for 10 Years. So, my monthly payment would be about CAD 3,197. My monthly income is CAD 15,000 and I have a debt "daycare fees" of CAD 970 per month.
My bank manager says that this is reasonable but I found the amount will be mortgaging is quite high. Is it considered as reasonable mortgage?
Any feedback is appreciated
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 sarah
Joined: 19 Mar 2006
Posts: 25
5.06 Dollars($)
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| Posted: Mon Apr 17, 2006 1:12 am Post subject: Re |
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Hi evav
The amount CAD 300,000 you are borrowing is well reasonable mortgage amount what any bank would consider. The main problem is that you will be responsible for the payments on the mortgage and have to sound sleep at night with the debt.
Many people support larger mortgages on less income but it really comes down to you to see whether you are comfortable with it or not.
Take a look at your monthly housing expenses along with the existing debt, taxes and insurance payment. If you feel comfortable, then go for it.
SJ |
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