What is your monthly payment? Please read.

cool.

 

Do what I did... I am turning 23 tomorrow and I worked in the car industry. Every day I noticed people who over extended themselves.... for every 10k you borrow figure itll be around 150 a month with good rates. I bought my used 08 for 20k 1 year ago... I pay 325 a month for 72 months at 2.74pct.... be realistic with your payments and do not go new..... I have slowly built up everything and now I am closing on my first house next month. always buy with the expectation that you might have to work at a oil shop making minimum wage. my house payment is only going to be 824 <_< cheaper then rent in my area.

 

holy crap that's scary...

 

How does one making 40k/year even buy a house for 790k, let alone get past a pre-approval?

 

find a rich cougar, either marry her and use her money to buy you a brand new taco or get her to buy you one while you just do what she wants while dating.

 

the funny part is that he said cold and cloudy... PFFFTTTT BS. Lived in HB most of High school and I was on the water every other day in beautiful CA

 

That's what I'm trying to figure out. No bank in their right mind would approve a mortgage with a payment only slightly less than the monthly income

 

I make around 43k and my bank only offered 164k..... even that was scary for my income... got a house at 125k!

 

Banks haven't been in their right mind since they were loaning out their own money.

 

If you have a functioning vehicle, just take your time and continue doing your research. Pull the trigger when you are comfortable. No matter what route it is.

 

Anytime man. But this is the Internet so make sure you take advice with a grain of salt.

 

Holy shit!

 

They'll approve anyone here right now dude.
The crash that happened to the US is coming for canada soon.
All these dumb cunts signing mortgages for 780k+ homes (some over 1mil) because interest rates are at like 2%, but when they go back up to maybe 8%? All these fucks will be walking away from their homes. So many my age here keep talking about how they're buying houses all living outside their means completely forgetting that if interest changes they're fucked.
They all want to buy their first house and have it be their dream home not build it up, or just buy one house then eventually move into their dream when they are more established.

 

thats what I am doing... 23 tomorrow and my first house in closing this month.... its a 5 year plan house in which I will rent it out and build my dream home... if all is planned comes to fruition lol

 

houses for 125k? ha here? dude the condo I bought that I'm waiting for is 230k
my cottage was 170k (worth probably 4xs that now though)

 

yup the house is a 1925 684 sq ft 2 bed 1 bath home... beautiful inside and out with little stuff here and there.... I could rent it out right now for 1100 a month in this market but my mortgage is 824

 

I'm still struggling to understand it. The mortgage is what? 80% of that persons monthly income? And not even including insurance, property tax, pmi (if applicable) etc etc

 

best way to do it.
no clue why all the other guys I work with don't understand that.
they see the paycheques and think holy fuck this is great let me go buy out of my means.

 

This thread seems to have run its course. Can we just turn it into what we all drove at 22? Used 2004 WRX wagon here...just like this one

 

here its ridiculous dude.
my neighbors house sold for 150k OVER asking. got 810k for it. Ridiculous housing market here in Toronto man. I'm just happy I've lived within my means.