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TOPIC: it has been a tough week for me.

it has been a tough week for me. 4 years 6 months ago #1

  • Kelowna Artist
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I am getting tired of renting, and am trying to buy this cute little house
http://www.bestedmontonrealestate.com/listing/e3338886-16131-109-av-edmonton-ab-t5p-4e5/
My offer of $250,000 has been accepted, pending financing and a home inspection.
The financing has been a little tough thought. Not because the bank doesn't trust me, but become until I bought a new to me car 5 months ago I chose to pay by cash for everything. So I have a very short credit history.

They have finally agreed to give me the mortgage, with letters from ny boss stating I make 4,400 or more a month, a letter from my landlord stating that u always pay my rent plus a letter from my phone company stating that I always pay my bill.

The first 2 letters were easy to get, however my phone company said they have no form letter like that so they won't help me.
On my second call to them, I told them I would discontinue their service, and talk to a lawyer if I lost my mortgage because of them. They are now making an effort, however I won't know the outcome until tomorrow.

My mortgage professional however made arrangements, so I can also get a letter from my insurance company, stating that I always pay my bill. So things are looking up.

So, yes my last week has been nuts. However, if it all works out I will have a really cute house.
I should be starting to move in 4 weeks, and am looking forward to it.
A photograph can be a Beautiful thing.
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it has been a tough week for me. 4 years 6 months ago #2

  • blackcloudbrew
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Good! Sounds like this is working out for you. Best of luck with this.
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it has been a tough week for me. 4 years 6 months ago #3

  • Friendly Photon
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Oh I know all about the pains of home financing, having just gone through it recently :D You're lucky you're doing this in Canada, though. Our recent experience in Vermont has shown just how complicated it is to buy a house in the US.

This reminds me of how over-priced houses are in some parts of Canada right now. When the US had the housing crash 5 years ago, most house prices plummeted to more reasonable levels, and they're still about where they should be. But the crash never happened in Canada, and home prices are still way too high. Around here (in Vermont), the house you made an offer on wouldn't sell for more than $120,000 or so. Obviously the general area has a lot to do with it, but still, that's a stark difference.

Keep in mind I'm not belittling your choice of home in any way :) I think it looks great, and I hope all the financing goes well for you. Being near the West Edmonton Mall is pretty sweet too.
Photons are your friends! :-)
Last Edit: 4 years 6 months ago by Friendly Photon.
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it has been a tough week for me. 4 years 6 months ago #4

  • Mr Pink
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Well I hope it has all worked out for you... And that you will be getting your house.

Keep us in the loop


gus
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it has been a tough week for me. 4 years 6 months ago #5

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And we want pictures!
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it has been a tough week for me. 4 years 6 months ago #6

  • Leighgion
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I'll trade you tough weeks. You get a house. I get to hunt for a job and twitch at the looming expiration of my visa. :p

I will say congratulations instead though. You got home.
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it has been a tough week for me. 4 years 6 months ago #7

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Thank you everyone,
The bank has said yes, and although I am still raising the down payment everything is looking great.
My girlfriend, Wanja will be flying into Edmonton on the 18th. I take possession on the 19th, and if Wanja likes everything she will be moving in too.
Friendly Photon wrote:
Oh I know all about the pains of home financing, having just gone through it recently :D You're lucky you're doing this in Canada, though. Our recent experience in Vermont has shown just how complicated it is to buy a house in the US.

This reminds me of how over-priced houses are in some parts of Canada right now. When the US had the housing crash 5 years ago, most house prices plummeted to more reasonable levels, and they're still about where they should be. But the crash never happened in Canada, and home prices are still way too high. Around here (in Vermont), the house you made an offer on wouldn't sell for more than $120,000 or so. Obviously the general area has a lot to do with it, but still, that's a stark difference.

Keep in mind I'm not belittling your choice of home in any way :) I think it looks great, and I hope all the financing goes well for you. Being near the West Edmonton Mall is pretty sweet too.
Your future bundle of joy will make all the effort of everything your doing now pay off Frank,
Wanja and myself may just be planning on the same thing in the near future which is why buying this house is so important.
A photograph can be a Beautiful thing.
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it has been a tough week for me. 4 years 6 months ago #8

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Leighgion wrote:
I'll trade you tough weeks. You get a house. I get to hunt for a job and twitch at the looming expiration of my visa. :p

I will say congratulations instead though. You got home.
Good Luck with everything Leighgion,
I know how hard it is finding a job, and that it's even harder finding a good job.
I have been helping my best friend since he lost his job 3 months ago, and seen the stress drive a grown man to tears.
In his case I think that everything may be harder than it would be for either of us, because he has a 14 year old daughter.
If he accepts a job close to her, he won't make a livable wage.
We all know what happens when someone moves away from their children for work. It sure messes up the relationship quickly.
A photograph can be a Beautiful thing.
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it has been a tough week for me. 4 years 6 months ago #9

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I am starting to move in 3 days.
I was hoping on hiring a moving truck to move my bigger items, but that can't happen now with around $300 left to get me through the month.
This has been a brutal month with stress, with everything just sliding into place at the last second.
I have often wondered if it's all worth it, or am I better off renting my entire life. At this time I can't tell you either way, but I should know in 3 months or so.

There are some advantages to buying a home that I can mention right now.
You can have your payments tailored to you. While the bank gives you a minimum payment, you can actually have that figure up to doubled in Canada if you can afford it.If things change, you can have that payment dropped back down as low as the minimum again. Give the bank at least one month notice to get the paperwork done.

The big one for me, is that I can choose the date the payment is made.
I get paid between the first and the forth, every month, and that is it. Since my rent is due on the first it has been difficult to pay at times. The building manager has actually looked the other way more times than not, as I slid the payment in a day or two late.

The first month of my mortgage is only a partial month. So only around a $300 payment in my case, giving me some room to breath, and get ahead a little.

I will take some photos, after possession. However since they'll be done on large format it may take a while to post them.
A photograph can be a Beautiful thing.
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it has been a tough week for me. 4 years 6 months ago #10

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All of that said...congrads and you will not regret it.
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it has been a tough week for me. 4 years 6 months ago #11

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Kelowna Artist wrote:
I will take some photos, after possession. However since they'll be done on large format it may take a while to post them.

Congrats, You must be excited!

I'm excited to see your home in 4X5 :cam:
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it has been a tough week for me. 4 years 6 months ago #12

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Kelowna Artist wrote:
The big one for me, is that I can choose the date the payment is made.
I get paid between the first and the forth, every month, and that is it. Since my rent is due on the first it has been difficult to pay at times.
Ugh, that was one of the really annoying things when getting a mortgage in the US... I asked for a specific payment date so I could spread out the big monthly expenses, and was told "Too bad for you, mortgage payments are always due on the 1st of the month!".

I miss that flexibility of our Canadian mortgage.

Lender fees, lending fees, underwriters, fixed payment dates... what the hell kind of mortgage system is this? It's horrible! No wonder it crashed back in 2008...
Photons are your friends! :-)
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it has been a tough week for me. 4 years 6 months ago #13

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Friendly Photon wrote:
Kelowna Artist wrote:
The big one for me, is that I can choose the date the payment is made.
I get paid between the first and the forth, every month, and that is it. Since my rent is due on the first it has been difficult to pay at times.
Ugh, that was one of the really annoying things when getting a mortgage in the US... I asked for a specific payment date so I could spread out the big monthly expenses, and was told "Too bad for you, mortgage payments are always due on the 1st of the month!".

I miss that flexibility of our Canadian mortgage.

Lender fees, lending fees, underwriters, fixed payment dates... what the hell kind of mortgage system is this? It's horrible! No wonder it crashed back in 2008...

Ahh without getting too deep into the realm of P&R.. Each mortgage co / bank is different but they are all rather difficult these days because "everybody qualifies / have it your way " policies of the past contributed to the crash.

THAT ASIDE.... Congratulations Stu!
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it has been a tough week for me. 4 years 6 months ago #14

  • tiffpix
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Congrats Stu! And good luck with the move, don't strain anything.
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