Mortgage Question

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speedyforme	Mortgage Question	Lead	[-]
Posts: 7224 (04/16/08 12:35 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	OK so when they ask you for your annual gross income, easy when they ask you for expected heating costs, easy when they ask you about your down payment, easy when they ask you about monthly debt and give car payments, credit card debts, school loans etc. do they just mean obligated debt, not like monthly expenditures right? so say I have no credit card carryover because I pay it off every month, I have no more student loans, I don't have anything on my car because I fully own it etc, does this mean my monthly debt = $0???
r		#1	[-]
Posts: 1763 (04/16/08 12:36 PM) Registered loser Reply Quote More Recent Posts Message Connection Block Invite	Debt <> Expenses.
speedyforme		#2	[-]
Posts: 7225 (04/16/08 12:41 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	???
merkyl		#3	[-]
Posts: 51505 (04/16/08 12:42 PM) Registered loser Reply Quote More Recent Posts Message Connection Block Invite	The important thing is get the most expensive house the bank will let you get, because real estate values always go up so you can't lose money. Plus variable interest mortgages are the way to go.
Hamdingers		#4	[-]
Posts: 5516 (04/16/08 12:43 PM) Reply Quote More Recent Posts Message Connection Block Invite	merkyl wrote: The important thing is get the most expensive house the bank will let you get, because real estate values always go up so you can't lose money. Plus variable mortgages are the way to go. CUT THAT OUT! That'd be funny except WE'LL BE BAILING THE GUY OUT A COUPLE YEARS FROM NOW.
Dr Weems		#5	[-]
Posts: 37329 (04/16/08 12:44 PM) Reply Quote More Recent Posts Message Connection Block Invite	You should just say "It was my understanding there would be no math involved."
NotAnAnderson		#6	[-]
Posts: 1940 (04/16/08 12:44 PM) Not really here Reply Quote More Recent Posts Message Connection Block Invite	yes
speedyforme		#7	[-]
Posts: 7226 (04/16/08 12:45 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	sound advice, lol but why would a single gaysian need such a big house?
bucking fitch		#8	[-]
Posts: 712 (04/16/08 12:46 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	You're not buying something in TO, are you Speedy? You'll still have a mortgage on your deathbed.
speedyforme		#9	[-]
Posts: 7227 (04/16/08 12:46 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	NotAnAnderson wrote: yes so basically when they ask me about my monthly debt, my answer is $0?
speedyforme		#10	[-]
Posts: 7228 (04/16/08 12:48 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	bucking fitch wrote: You're not buying something in TO, are you Speedy? You'll still have a mortgage on your deathbed. Hells nah, I love working in T.O. but HATE living there, I cannot stand the noise, pollution and the general overpriced high cost of living here with no benefits, I'd rather live where I live right now in a suburb and commute...since I have a car getting around is not a problem.
Baby Please		#11	[-]
Posts: 3157 (04/16/08 12:50 PM) Baby Pees Reply Quote More Recent Posts Message Connection Block Invite	exactly
NotAnAnderson		#12	[-]
Posts: 1941 (04/16/08 12:50 PM) Not really here Reply Quote More Recent Posts Message Connection Block Invite	yes
ilikelissie		#13	[-]
Posts: 11246 (04/16/08 12:52 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	Your monthly debt might equal zero, but they will use the max limit on your credit cards in their calculations. Even if you aren't in that much debt right now, you COULD accrue it in the future.
nedloh3		#14	[-]
Posts: 3829 (04/16/08 12:52 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	If you have to ask that I don't think you can afford it.
speedyforme		#15	[-]
Posts: 7229 (04/16/08 12:52 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	Thank you all, cause when I submit my expenses I can barely afford shit and I'm like "I am pretty sure I can afford a bigger mortgage..." :) your daily gaysian thanks you for his stupid question
speedyforme		#16	[-]
Posts: 7230 (04/16/08 12:55 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	ilikelissie wrote: Your monthly debt might equal zero, but they will use the max limit on your credit cards in their calculations. Even if you aren't in that much debt right now, you COULD accrue it in the future. Ah IC. But aren't most credit card limits set REAL high? Mine are only $5,000 right now for security reasons. And unles my piece of crap 1993 Toyota dies on me, I am running it to the ground and not buying a new car, the savings on insurance alone is incentive enough to keep it. As for other debt, I doubt it, I mean my job will most likely pay for my CMA if I choose to do it. Thanks so a tip before applying would be to reduce my credit card limits.
ilikelissie		#17	[-]
Posts: 11247 (04/16/08 12:59 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	Not necessarily. I'm not sure how it works in Canada, but in the US, you really do not want to make any changes in your credit card situation while you are seeking a mortgage. Don't apply for cards, don't cancel cards, don't change the limits. All three will lower your credit score.
merkyl		#18	[-]
Posts: 51511 (04/16/08 1:00 PM) Registered loser Reply Quote More Recent Posts Message Connection Block Invite	Plus if your gay the bank factors in AIDS related expenses.
speedyforme		#19	[-]
Posts: 7232 (04/16/08 1:03 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	Sound advice from you all (you too Merk)
r		#20	[-]
Posts: 1765 (04/16/08 1:06 PM) Registered loser Reply Quote More Recent Posts Message Connection Block Invite	speedyforme wrote: ??? Debt is not the same as expenses. Maybe I am typing too fast today.

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