Quote:
Originally Posted by covingtoncat73
Well, once you add the property taxes and insurance to that mortgage, it is starting to look bad. I doubles what the website estimates as the payment. That doesn't even include flood insurance. I have to say, I pretty disgusted and hopeless about the idea already. I think I understand now why rents are what they are.
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If you finance the insurance and legal fees either in your mortgage or through a line of credit it will raise your monthly payments by a little but still should be a lot less than rent?
When I bought I had to get a mortgage broker because my income was not high enough for normal financing. From this I learned that a mortgage broker is the best thing to do as they are skilled at negotiating with financers and can save you a whole pile of money.
Also in Canada we expect to pay at least 10% less than the asking price although this does not always happen. A good real estate agent will often get you a better deal. Best to have your own agent.
Not saying you should buy either property as how would I know, but if you are contemplating buying now or in the future it is good to have all of your ducks in a row beforehand.
Helen