That's why to get a mortgage, the qualifying rate is 5.34% or your rate + 2% to minimize interest rate shock.
Locked: Why aren't more people panicking about the rising interest rate? Did I overextend myself?
- Last Updated:
- Nov 26th, 2018 12:51 pm
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- bomber17
- Deal Fanatic
- Apr 5, 2016
- 6116 posts
- 4613 upvotes
- Calgary/Vancouver
- BrianWS6
- Member
- Apr 2, 2016
- 482 posts
- 318 upvotes
Troll thread.
/thread
/thread
- Sanyo
- Deal Guru
- Feb 9, 2009
- 12381 posts
- 11307 upvotes
To be honest OP is probably one of those bears on the real estate forum -- probably signed up with a new nickname to try to cause "panic" but clearly the guy ran away.
- FreshCo
- Deal Addict
- Apr 14, 2017
- 1967 posts
- 621 upvotes
- DT Calgary
It amazes me how many made up stories of success there are on RFD.
- XtremeModder
- Deal Guru
- Aug 14, 2007
- 12807 posts
- 3837 upvotes
- --
I think I’d be much more worried about my other half not working... I’d be really angry about it to be honest and while school is important, so is providing for your own family...
But what do I know I’m separated...
As for asking if you over extended yourself. I would say no, if your wife was working when you bought your home, then decided to go back to school then I’m sure you were fine. If after the fact then for sure I’d say your on a fine line of that.
It’s going to be pretty interesting to see what happens over the next couple of years. There’s tons and tons of people who are right on that edge and are so house poor they can’t afford to do anything but pay their household bills.
But what do I know I’m separated...
As for asking if you over extended yourself. I would say no, if your wife was working when you bought your home, then decided to go back to school then I’m sure you were fine. If after the fact then for sure I’d say your on a fine line of that.
It’s going to be pretty interesting to see what happens over the next couple of years. There’s tons and tons of people who are right on that edge and are so house poor they can’t afford to do anything but pay their household bills.
- TorontoDavid
- Member
- Sep 9, 2012
- 372 posts
- 120 upvotes
- TORONTO
- brunes
- Deal Expert
- Dec 11, 2005
- 20136 posts
- 2964 upvotes
"Did I overextend myself?"
Yes. </thread>
For reference, I make a significant amount more than you do and my mortgage when I got it was for ~ 300K. Much higher than that I would not have been comfortable.
My mind boggles at someone who makes $120K / year household getting a 620K mortgage and thinking that's a good idea.
Yes. </thread>
For reference, I make a significant amount more than you do and my mortgage when I got it was for ~ 300K. Much higher than that I would not have been comfortable.
My mind boggles at someone who makes $120K / year household getting a 620K mortgage and thinking that's a good idea.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
- Jon Lai
- Deal Expert
- May 30, 2005
- 49009 posts
- 10302 upvotes
- Richmond Hill
I think many people have already chimed in on the overextending yourself, but one thing I wanted to add is, if your mortgage is only 2.09%, why are you paying it down aggressively (over the monthly payments) when a bland savings account pays more than 2.09%? You should be investing that money instead of doing lump-sum payments. EQ Bank is doing 3.33% on 3-month GICs right now.
- Chickinvic
- Deal Fanatic
- Dec 27, 2009
- 7941 posts
- 5483 upvotes
- Victoria, BC
- MrDisco
- Moderator
- Sep 30, 2001
- 30160 posts
- 10147 upvotes
- Toronto
op has 'signed off' on this topic. locked
Be kind and civil with one another
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