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  Canada Immigration Forum > About Canada > Real Estate & Mortgages > Income spent on mortgage
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Income spent on mortgage




chittesh
Senior Desi
Member since: May 05




Posts: 448
Location: Here and There


You are correct it is 2150.
You are also correct i did not include CMHC cost.
However i have added 225prop tax and 225 hydero, heat in the calculation

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Post ID: 89378 09-11-06 09:38:24
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tamilkuravan
Senior Desi
Member since: Jun 05




Posts: 5740
Location: God's own country

No proper replies yet?
This thread has run into 3 pages and has been for 24 hours and just ONE Desi has cared to state the breakup.
Are Desi's of CD afraid of redicule to post such information or are they of a mentality as to "I have a house, donot let others know how I could afford it"?
I am really surprised.
TK A

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I am a Gents and not a Ladies.

 
Last edited by: tamilkuravan on 09-11-06 11:55:39
Post ID: 89381 09-11-06 10:14:47
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tamilkuravan
Senior Desi
Member since: Jun 05




Posts: 5740
Location: God's own country

Chittesh-Any news?
Chittesh,
No one expect Dimple has replied to what was asked in this thread. I assume that maybe others PM'ed you the details?
If so could you please make an analysis and post it in the forum.
As said previously, It would immensly help Desi's calculate as to if they can afford a mortgage or not.
TK A

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I am a Gents and not a Ladies.

 
Post ID: 89577 13-11-06 10:48:18
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Pramod Chopra
Senior Desi
Member since: Sep 03




Posts: 1284
Location: Pickering, ON


Quote:
Originally posted by tamilkuravan

Chittesh,
No one expect Dimple has replied to what was asked in this thread. I assume that maybe others PM'ed you the details?
If so could you please make an analysis and post it in the forum.
As said previously, It would immensly help Desi's calculate as to if they can afford a mortgage or not.
TK A





Hi TK,

As Dimple and I have mentioned earlier in our posts that every body's situation is different and it would not help any one to know what other is spending on his/her house costs. That is the reason you are not getting any posts here.

If you want to know about your situation, please either contact a mortgage professional or go to your bank and discuss your situation in full details and find out if you should continue renting or go for owning your 'own sweet home'.





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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada



 
Post ID: 89645 14-11-06 14:44:26
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kanjis
Senior Desi
Member since: Mar 05




Posts: 103
Location: Toronto, Canada

COST OF HOUSING:
To answer Cheetish's original Inquiry:

In the housing industry it is recommended that your housing expenses should be around 30 to 32 percent of your gross income.

For Qualifying purposes in the industry we say that there are two simple rules that can help you determine how much you can afford in monthly housing costs.

First, your home-related expenses cannot exceed 32% of your gross monthly income: housing costs include monthly mortgage payments (principal & Interest), taxes and heating.

Second, your entire monthly debt load including housing-related cost cannot exceed 40% of your gross monthly income.

I hope this is what you were looking for.

Please also read the "Articles" section on CD. Many readers who are in the Real Estate and Financing Industries have written some good articles.


Salim J Kanji
CIBC
1 800 265 2694

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S. kanji
I may not agree with your opinions, but I will fight to death for you be able to air your views.

 
Post ID: 89646 14-11-06 14:52:15
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kanjis
Senior Desi
Member since: Mar 05




Posts: 103
Location: Toronto, Canada

Income spent on Housing Expenses......
Oooooooooooops!

.........let me add one more thing to my previous input.....

You can bring down the actual monthly payment by using longer Amortization

The standard Amortization used is 25 years, however we can now use 30, 35 and 40 years, however, this can, for practical reasons, be shortened by making slightly larger payments each month immediately after the purchase is completed or in the future if you have extra savings each month.

This also has it's disadvantages and the main one is the total amount of interest (cost of borrowing) paid over the long term is more. It allows famalies easier affordability though.

Salim J Kanji
1 800 265 2694


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S. kanji
I may not agree with your opinions, but I will fight to death for you be able to air your views.

 
Post ID: 89650 14-11-06 15:08:44
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Contributors:
Big Vee(1)  chittesh(8)  dimple2001(1)  jagmag(1)  kanjis(2)  Pramod Chopra(3)  seenappa(3)  
tamilkuravan(7)  
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