一个深受其害的买房者

bela

0% down payment is a bank trick to let you buy a house, but you need to pay the premium (insurance in case you cans not pay the money back to them) very high.

if you have 25% down, you don't need to pay the premium. But you need to have high salary job for the mortgage.

if you earn 30K/year, your bank will lend you only 7K -- 10K depend on your credit. this means that you can only buy a home @ between 100k --- 140K ( where to find home @ that price Arround Morning Side? a 15-20 year condo?) you still need to pay down payment $35000, $500/month condo fee + 500-600 mortgage + all insurance)

so it is arround 1200/month like a 2 bedroom condo rent, still good.

If you have 35% down, the bank will not check your salary, just give you a loan. But remember 35% of how much?

My salary is 35K/year, RBC ask me for 30% down payment to guaranty the loan @ 6.3% 3 years term

My Bank TD Bank gave me 6.1% for 5 years term.

I buy an under constrution condo last year, 1 bed room 600 feet square, 3rd floor @ Young & 16th,

It cost me total $190,000 ,
(I up grade the bath tub with wrilpool 按摩浴缸,) $3200
first time buyer no tax,
$4500 closing administration fee,
$950 RBC mortgage administration fee
$1200 Lawyer fee.
$57000 Down payment

Just to move in I need to pay $66850 and later new condo $280/month condo fees, and $950 mortgage fee including home insurance

Now I rent a 1 bedroom in a friend house $500/month all included cable +utulities, but I need to pay my own cellphone

It cost a lot in Canada to get your own home, I know you guys feeling.

I have never rent in my life, I always have my own house, I am on my 40's.

The most important thing is get your English better to get a good payjob,  you don't need further education, don't spend all your day to study. I know that, because I am an example.

My first job, first year pay me 1600/month $19200/year, work for Canadian all benefit included

I go Seneca to improve my English,

1 year later I change my job $2000/month $24000/year

after 1 year I get raise until $27000/year (work for Chinese boss, no benefit)

I give up the job because I cannot get raise anymore.

I find another job through Canadian agency,

6 month contract @ $30000/year in a Canadian Head office.

I get the offer @31000/year + all benefits,
6.5h/day, 15 days pay vacation/year, 6 sick days/year,
2 weeks during Christmas off, 100% family medical insurance included 100% dentist,  5% of salary of old age payment/year, 4% of salary cash bonus/year.

and average 2.5%-- 3% raise every year.
I work for the company full 3 years on March 2008, I am now @ #35000/year.

I am still going to Seneca part-time, 2 times a week for CPA Certificate and Human Resource Management Certificate, because the office CEO will be retire on 2010, I want his position. I have 3 years to finish my study.

I get tax return for the study, I pay arround $900 -$1200/ year for tuition, I get tax return arround $1500/year.

Don't get discourage, you can do it, just think about what you want and work on it.

good luck to you guys for me as well.