If approved for mortage, can I setup the amortization?
Say the bank approves me for 250000$. I want to only have 5 year amortization. Are they allowed to deny me based on my salary, while they would have no problem giving me the mortgage on a 25 year amortization?
Would banks give you a harder time the shorter the amortization since they aren't making as much off interest? I know I can't just take whatever amortization because unlike car loans, you can't lump-sum pay as much as you want since you will get penalties since the banks can't get their fat profits from the interest.
Basically I want to max out the mortgage I pay monthly to be very close to what I bring home. I have my savings funds for emergencies and I live very frugally. Besides the daily expenses and bills which are pretty consistent I want to use ALL the remaining money into the mortage. But I can see how the banks will give you the whole spiel that your mortgage should be a max 40% of what you bring home or whatever. For me, that is definitely WAY to low (and too much interest paid for nothing)
Would banks give you a harder time the shorter the amortization since they aren't making as much off interest? I know I can't just take whatever amortization because unlike car loans, you can't lump-sum pay as much as you want since you will get penalties since the banks can't get their fat profits from the interest.
Basically I want to max out the mortgage I pay monthly to be very close to what I bring home. I have my savings funds for emergencies and I live very frugally. Besides the daily expenses and bills which are pretty consistent I want to use ALL the remaining money into the mortage. But I can see how the banks will give you the whole spiel that your mortgage should be a max 40% of what you bring home or whatever. For me, that is definitely WAY to low (and too much interest paid for nothing)
