Mortgage

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pr0

Banned
Aug 22, 2005
42
0
0
I want a house that costs 350, 000 (Canadian). Right now I am saving for down payment. I am hoping to get 50, 000 by the end of October but the bank said regardless of how much money I put down, I am only 18 and therefore they would not approve me to get this house. All my friends are rich so their parents buy them their own house, car, etc. Unfortunatly for me, my family is poor and my mom has been renting a crappy 2 bedroom apartment for the past 25 years... yes I know, very smart. haha

Anyway, the bank suggested a mortgage broker. My question to you is am I dreaming? Do I have a chance to get this house?

I really don't want anything less as I do work hard and I have climbed to heights nobody ever thought I could possibly do. I make about 7-10k a month now from my business and still going to school. I am living at home now sleeping on a the couch as 5 people in an apartment isn't exactly the biggest place. I have been sleeping on it actually, for the past 10 years and it sucks. Since my mom found out I make 10 times more money than her she started mooching off me, which I don't mind but recently she has asked for ridiculous amounts to send to her family in the Philippines. When I decline because I am saving for my house she says "oh but I gave you life.... blah blah blah... its the law to help your family, etc" so yea... it sucks.

Thanks for your time,
Pete
 
FoBoT

FoBoT

No Lifer
Apr 30, 2001
63,084
14
81
fobot.com
you need to find out if you have to be 21 to have a deed in your name or if it is a just a "policy" of certain lenders to only lend to 21+ peoples
 
sixone

sixone

Lifer
May 3, 2004
25,030
4
61
You need to get away from your mother more than you need to buy a house.

Are you in love with a particular house, or what? Why not start with a small one and upgrade as your budget allows?
 
C

CTrain

Diamond Member
Sep 26, 2001
4,940
0
0
This is an easy one.
Move out....save money until you're 21...then buy a house.
If you make as much money as you say you do, you'll have no problem buying a house when you're 21.
 
P

pr0

Banned
Aug 22, 2005
42
0
0
Well I am going to see a broker tomorrow hopefully, I will keep you guys updated. I really want this house and don't want to rent as it goes towards nothing... haha A mistake my moooom did and still doesn't admit it.

I really don't want to work my way up because I can already afford this house, the bank is just not being reasonable... all my friends have nice houses and junk because of their rich parents and I don't wan to be sitting a a crappy condo. I would end up spending my extra cash on useless junk like modding my car or something haha. I would rather put it towards a nice house. I mainly like the area because its far from the parents and close to school and a higher class neighbourhood.
 
D

DaShen

Lifer
Dec 1, 2000
10,710
1
0
Originally posted by: pr0
I want a house that costs 350, 000 (Canadian). Right now I am saving for down payment. I am hoping to get 50, 000 by the end of October but the bank said regardless of how much money I put down, I am only 18 and therefore they would not approve me to get this house. All my friends are rich so their parents buy them their own house, car, etc. Unfortunatly for me, my family is poor and my mom has been renting a crappy 2 bedroom apartment for the past 25 years... yes I know, very smart. haha

Anyway, the bank suggested a mortgage broker. My question to you is am I dreaming? Do I have a chance to get this house?

I really don't want anything less as I do work hard and I have climbed to heights nobody ever thought I could possibly do. I make about 7-10k a month now from my business and still going to school. I am living at home now sleeping on a the couch as 5 people in an apartment isn't exactly the biggest place. I have been sleeping on it actually, for the past 10 years and it sucks. Since my mom found out I make 10 times more money than her she started mooching off me, which I don't mind but recently she has asked for ridiculous amounts to send to her family in the Philippines. When I decline because I am saving for my house she says "oh but I gave you life.... blah blah blah... its the law to help your family, etc" so yea... it sucks.

Thanks for your time,
Pete
Click to expand...


Move out now, to a new apartment. Don't buy the house. If you are 18 and thinking of a mortgage, something is wrong. Your business might not always be stable, so don't think about spending 1 3rd of a million dollars (canadian or otherwise), unti lafter you are out of college. You'll have no problems after college to buy a house. And your interest rates are low when you get to a certain age.

You really need to get away from your mom, ortherwise you'll end up resenting her, or hating her for taking advantage of you.
 
So

So

Lifer
Jul 2, 2001
25,923
17
81
Take the $$ you'd have otherwise given to your mom and rent an Apartment.
 
C

casper114

Senior member
Apr 25, 2005
814
0
0
Your 18!!!?????? and making that much money huh.... Well if you're not lying then you just havn't searched for the right mortgage company. Do you have credit? Obviously not because that's what it depends on, not your age. You should give your mom the money and buy her a house, live in it, and then when you establish some credit buy your own. You should take care of your family first and formost anyway because you wouldn't be here today if your mama didn't bring you in this world and it doesn't seem to me that they are doing that great.
 
S

SaturnX

Diamond Member
Jul 16, 2000
3,415
0
76
You're telling me you make between $84,000 - $120,000 a year, and you're still living in an apartment with your mom and sleeping on a couch, at the age of 18? Maybe I'm skeptical, but this sounds a little fishy.

--Mark
 
BlueWeasel

BlueWeasel

Lifer
Jun 2, 2000
15,943
475
126
Originally posted by: SaturnX
You're telling me you make between $84,000 - $120,000 a year, and you're still living in an apartment with your mom and sleeping on a couch, at the age of 18? Maybe I'm skeptical, but this sounds a little fishy.

--Mark
Click to expand...

I'll be the first to say it....Shens!
 
MikeyIs4Dcats

MikeyIs4Dcats

Lifer
Nov 5, 2001
18,366
3
0
Originally posted by: BlueWeasel
Originally posted by: SaturnX
You're telling me you make between $84,000 - $120,000 a year, and you're still living in an apartment with your mom and sleeping on a couch, at the age of 18? Maybe I'm skeptical, but this sounds a little fishy.

--Mark
Click to expand...

I'll be the first to say it....Shens!
Click to expand...

I'll join the choir...
 
D

desy

Diamond Member
Jan 13, 2000
5,442
212
106
There should be a lot of banks that want your money. All they look at is debt ratio and ability to pay based on take home pay.
Get your down has high as possible to avoid CMHC fees if you could get to 25% there would be none, breaks at diff %'s . . .

As far as your mother goes it isn't 'the law' to support your family, at 18 you are considered an adult in everyway and liable for what you do all on your lonesome if you don't live at home. There are still some insurance perks and student liabilities as long as you call your parents home home.
You may have to be nice to mom cause at your age without a credit history you will probably need a co-signer for any loan you get esp one that large.
 
R

RU482

Lifer
Apr 9, 2000
12,689
3
81
Originally posted by: BlueWeasel
Originally posted by: SaturnX
You're telling me you make between $84,000 - $120,000 a year, and you're still living in an apartment with your mom and sleeping on a couch, at the age of 18? Maybe I'm skeptical, but this sounds a little fishy.

--Mark
Click to expand...

I'll be the first to say it....Shens!
Click to expand...


c'mon guys...he's a pr0
 
C

CTrain

Diamond Member
Sep 26, 2001
4,940
0
0
Originally posted by: BlueWeasel
Originally posted by: SaturnX
You're telling me you make between $84,000 - $120,000 a year, and you're still living in an apartment with your mom and sleeping on a couch, at the age of 18? Maybe I'm skeptical, but this sounds a little fishy.

--Mark
Click to expand...

I'll be the first to say it....Shens!
Click to expand...

Alright, someone broke out the first shenzy.
 
S

stnicralisk

Golden Member
Jan 18, 2004
1,705
1
0
I call shens. New member calls himself poor sleeps on a couch makes 10k canadian a month from own business and goes to school. New member is an idiot if making that much money and still sleeping on a couch. If new member is an idiot it follows that new member would be hard pressed to make 10k canadian a month.

I think it follows that there are two possibilites: A) new member does not make 10k/month or B) new member sells drugs and will never get a loan without starting a shell business to show income.
 
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