It has been 6 months that we got married and still we are apart. Me and my husband was working in the same company but we are in two different countries. So I resigned my job and searched for jobs and finally I got placed in a reputed company and that to in Canada where my husband works. He stayed in a rented house with his friends. But when I got job I migrated to Canada. We were still apart because we didn't get a rented house together . So we thought of buying a house. We are planning to take a mortgage .We don't have any idea about the mortgage as we haven't taken any. We asked our friends about it and also searched online about it. We thought of calculating our amount so that we get an idea how much each month we need to pay. So we also searched for calculators online and calculated the amount http://www.northwoodmortgage.com/mortgage-calculators/mortgage-qualifier-calculator/
But we don't know where these amount of interest are high or not. Can anyone suggest us if anyone have taken any mortgages? Please advise.
Mon Aug 29, 2016 10:31 am
oldguy Senior Member
Cash: $ 717.80
Joined: 21 May 2006
quote: So we thought of buying a house.
Congratulations on your marriage!
No, don't buy just yet. Paying rent is a good inexpensive way to maintain your mobility, you and dh will probably change jobs 2 or 3 times, in the next 5 years - and maybe you'll change cities, maybe even countries. And every time that you move, you pay about a 6% commission, plus some fees - so all of the appreciation gets spent on fees. You need to stay in a house for at least 5 yrs to actually make money.
Rent a nice 2 bdrm apt, start investing, let your wealth build for a few yrs. To answer your question - the interest rate on a 10 Year fixed rate loan in Toronto is 3.69%. Avoid variable rate loans, those normally have low 'teaser' rates but they quickly escalate. And avoid the cheaper 'short' loans - eg, when a 5 year loan comes due for reset, the only loan available might be 5% or 8% mortgages - and you would be forced into one to save your house.