warning: Creating default object from empty value in /var/www/vhosts/askphil.ca/httpdocs/modules/taxonomy/taxonomy.pages.inc on line 33.

Condo fee conversion for mortgage qualification

See video

A number of people look at buying townhouse condos instead of half side duplexes or smaller houses because there is an element of "sticker shock".   The half side or smaller house often have a higher price than the townhouse condo.  Price is important.

For rule of thumb for qualifying, when using a five year fixed rate, 35 year amortization mortgage on a house bought with five percent down- I have used 4.64% as a test rate.

For each $100 of monthly condo fee, it equates to the qualifying power of about $10,000 of net mortgage proceeds.  Net mortgage proce

Country Living

See video

If you are looking to buy a home in the country, there are some additional considerations to your buying decisions and perhaps restrictions on the choice of financing you have available to buy a home in the country.

  • Water quality- recent tests should be done for your own sake, but the lender will usually ask for oganic and mineral content of a well.   If you have community treated water, this is not an issue.
  • Water quality- a well digger's report and recent flow test should be done for your own sake, but the lender will usually as for the rate of the water

Buying Foreclosures

See video

Questions from other participants at a Tom Hopkins sales seminar about buying foreclosures

Subscribe: Syndicate content