I am a graduating student this year and starting my job in less than a month. I will be making approximately $2,600/month net ($39,000 gross) and looking for somewhere to live near my new full-time salaried position. My significant other and I have around $45,000 (Hopefully this will be 20% down) we can afford as a down payment. The houses I want to purchase are asking $230,000. Some monthly expenses relating to the properties include:
- $150 for property taxes
- $50 for insurance
- $150 ** This is some unknown amounts for strata (most properties I am looking at are town houses)
I am curious on how much I can actually afford from a mortgage... I have calculated out on some mortgage sites that advertise 2.89% for a fixed 5 year term payment of $860/mo. which seems reasonable given that my significant other will be unofficially contributing around 25% of mortgage. However, I know that this will not help my affordability and I know that it should not influence my decision. Also, most places I have been looking at have more than enough room to rent out a room which could help a lot (however I don't want to rely on this).
Now, I have seen some advertised mortgage rates on the "mortgage calculator" websites that seem promising of around 2.89%. Are these rates attainable? Has anyone here actually locked in a mortgage at one of these advertised rates?
Is now the right time? Am I getting into this too soon? It seems as I can afford it, but I would like to hear your opinion.
Submitted April 15, 2019 at 02:27AM by No-Significance http://bit.ly/2GnE5zl
