I did once. Wifey kept the house after the divorce. I'll never do it again (loan or marriage).
Sky, did you in your quest for your house?
Scotiabank was advertising mortgage loans a few months back, try them.
Why? ..
Thanks for the detailed response. Was there any pre-payment penalty attached to the loan?
I have taken out a few mortgages with both APAP and ALNAP, ranging from 10 to 15 years.
First one was the most difficult, lots of questions about income, work, etc. and a medical. That was about 20 years ago.
The latest one i have is for 10 years. It started off at 14%, but has come down to 13%. I have asked for it to be reduced again (it's standard to ask monthly, because they won't reduce it on their own volition).
Expenses include their legal fees, their insurances (life and fire).
For first timers, i think you can get mortgages as low as 9% at the moment.
I always pay on time and i believe that has now made it easy to apply and get another one. There doesn't seem to be a problem with how many on the go either.
Why would i do this?
I rent the properties out in US$ for much more than the monthly payments, without problems for 90% of the time. As a previous poster said, after a while it feels like you are paying pennies.
Of course, i could pay off the balances with any savings i have.....but, if i wish, i can use that money as a down payment on the next one instead.
If an earthquake hits, then i am in the shi*s....but also so will a lot more of us.
I have taken out a few mortgages with both APAP and ALNAP, ranging from 10 to 15 years.
First one was the most difficult, lots of questions about income, work, etc. and a medical. That was about 20 years ago.
The latest one i have is for 10 years. It started off at 14%, but has come down to 13%. I have asked for it to be reduced again (it's standard to ask monthly, because they won't reduce it on their own volition).
Expenses include their legal fees, their insurances (life and fire).
For first timers, i think you can get mortgages as low as 9% at the moment.
I always pay on time and i believe that has now made it easy to apply and get another one. There doesn't seem to be a problem with how many on the go either.
Why would i do this?
I rent the properties out in US$ for much more than the monthly payments, without problems for 90% of the time. As a previous poster said, after a while it feels like you are paying pennies.
Of course, i could pay off the balances with any savings i have.....but, if i wish, i can use that money as a down payment on the next one instead.
If an earthquake hits, then i am in the shi*s....but also so will a lot more of us.