Montreal, QC Mortgage of 333k with low saving?
Hi,
long story short,
I have low saving near 17K in bank because I use most of it to help parent with their house and payment (old folks). Now I want to move on. I don't expect them to repay me back. Beside their my parent, I won't ask an penny back from them.
Now I saw I house I want to get. Before tax is 298 000$, after tax around 334K $.
Municipal and school fee maybe around 3000 per years$.
I have an car which is 4 years and 5 month (5 years financing) and close to finish to pay it.
I make about 64K Salary.
I have no debt. Credit rating around 780.
What is the change the bank will gave me an mortgage to cover the cost?
I was planning to pay the 5% down payment and get hit with the insurance fee.
In RBC online mortgage say it's 263K they can give me, but it just use my salary and my expense.
Thanks!
long story short,
I have low saving near 17K in bank because I use most of it to help parent with their house and payment (old folks). Now I want to move on. I don't expect them to repay me back. Beside their my parent, I won't ask an penny back from them.
Now I saw I house I want to get. Before tax is 298 000$, after tax around 334K $.
Municipal and school fee maybe around 3000 per years$.
I have an car which is 4 years and 5 month (5 years financing) and close to finish to pay it.
I make about 64K Salary.
I have no debt. Credit rating around 780.
What is the change the bank will gave me an mortgage to cover the cost?
I was planning to pay the 5% down payment and get hit with the insurance fee.
In RBC online mortgage say it's 263K they can give me, but it just use my salary and my expense.
Thanks!