hoping to buy in 2015 - how much can i afford?
hey all. just wanted some input on my situation here before going for a pre-approval on a mortgage.
my average income the past 2 years is $40 000, and i plan on putting a downpayment of $50 000. i currently carry zero credit card debt and only have an $80 monthly cell phone bill to worry about. will this be enough to put towards a 30-year mortgage on a $250k condo in the gta area? or am i aiming a little too high? would my best course of action be to go to a bank first or a 3rd party when going for a pre-approval?
i also wanted to ask about location. i currently work downtown (close to union station) and my commute is 1.5 hours each way. ideally i'd be able to afford a condo downtown but i doubt one will fit in my price range and be of a suitable size for me (500+ sq.ft.). edit - i don't feel this way any longer and would actually prefer to live uptown. so i started looking at the yonge/sheppard area, where my commute time will be easily cut in half, if not more. will i be able to afford a 250k condo in that area and have it be a decent size for me? i'm looking to move out this year as well so pre-construction is not an option.
thanks a lot for any feedback, it's appreciated!