Question regarding purchasing condo

[Nekura]

I'm looking into hopefully purchasing a condo sometime soon. I'm looking for some advice here. I am a very capable 19 year old female wanting to purchase my own place and possibly eventually getting a room mate. I've been looking into the slightly cheaper end condos like Red Haus by Streetside development and Ascent by Jayman. I have approximately 15 grand available for down payment and have a steady job working for Calgary Lab services. I have three credit cards, but all are fairly new. Tell me if this possible and if so how can I go about doing this. Or am I really doomed to renting? Thank you.

[Weapon_R]

You sound like you are in a decent position. First thing you need to do is find a broker who will preapprove you so that you get a sense of what budget you'll have. A preapproval will tell you how much you can spend on a new property.

A broker or bank will look at your income and credit. Since you have fairly new credit, you'll probably be stuck with a second rate lender and pay a slightly higher interest rate than those with better credit, but it isn't too bad.

[revelations]

My guess is that u will need a co signer with good credit.

Speaking of which, check your credit score online once a year. Its about 30$ and can be done through Equifax online.

[barmanjay]

I did up a youtube vid for first-time buyers and pm'd the link to you

yes, the first step is to find out how much you are approved for,.. not qualified, but approved

You want to approach your bank and talk to a mortgage specialist or find a mortgage broker of which I have a handful that will bend over backwards for you.

[JfuckinC]

Yah, its super easy to get pre-approved, just a few simple steps. i just did it 5 minutes ago haha..

[ckangarloo]

OK, I hate to make this another Rent vs Buy thread but is renting so bad right now??
Why would you want to buy when you have very little down and possibly a co-signer? In that situation you are simply renting money from the bank so that you can own some air (condos give you air, not land) as opposed to renting an apartment.
If, knock on wood, your job situation goes belly up or you get a special assessment on the condo, your co-signer is SOL.
Note:
I am very biased. I rent a gorgeous place overlooking Lake Okanagan for fractions of what it would cost me to own. This gives me the flexibility to move with 30 days notice, don't have to worry about condo fees, taxes or maintenance.

That being said, I have read lots of good advice here. Just trying to be objective.

[e36bmw///]

nm

[barmanjay]

Originally posted by ckangarloo
OK, I hate to make this another Rent vs Buy thread but is renting so bad right now??...


then lets not make this a rent vs buy

if she wanted to debate,.. she could go through the numerous other threads related

with 15k down (5%) theoretically she can buy up to 300k + closing costs

she doesn't have to get into a condo,.. she can find a 1/2 duplex or a detached house.

heck, even look at one of the current threads about the 1057 sq/ft new built home for 299k in the NW.

mind you there is gst on that and they probably wont negotiate, but none-the-less, there are many properties out there for under 300k which she might find appealing that doesn't have to be a condo.

Pending her credit score, she might not need a co-sign?

She really needs to talk with a mortgage specialist/broker to figure out her debt ratio which in turn will tell her how much the lenders are willing to give.

[ckangarloo]

Originally posted by Nekura
am I really doomed to renting?

I was picking up on this...

[ExtraSlow]

If you've had that job for a while, and it sounds like you have, you are probably in a position where you would be approved for a mortgage. Talk to a broker. I have one and if you want the contact info PM me. There is also a user on beyond who is a broker. I think it's el-nino.

Steps:
1) Get pre-approved
2) go shopping
3) enjoy your new place.

[S4maniac]

One note ... you mention you have 3 credit cards. The limit on those cards is counted in your debt service calculation. Not the amount due .. the total credit.

[Nekura]

Thanks for all the input guys. This job is also fairly new being that I just graduated in jan. I've been working here since the beginning of feb but its a very steady job since people always get sick recession or not lol. I am confident that I will be able to make this all work out, the only thing stopping me is my age. I do not think I will be able to find a co signer. I am now looking into getting preapproved. Does anyone have any good recommendations especially for cases like mine? Thank you.

[KrisYYC]

Your best bet is through a mortgage broker. Never, EVER just go walk into a bank and ask for a mortgage. Unless you're a perfect credit case they'll probably deny you. They are just clerks who have no personal gain for getting you a mortgage, whereas a mortgage broker gets a commission from the lender so they'll work much harder to get you a mortgage.

Some things to think about:

1. Your age will hurt your application, even though you have a steady job and good credit, your credit history just isn't very long.

2. Are you sure you want to get into this? Buying property (even an apartment condo) is a big responsibility, much more than most people think. Many people thought very lightly of it, only to have the rug pulled from under them when they were laid off or what have you.

3. Do not buy a property that's at your absolute limit for qualifying (ie: If you qualify for $250,000 I'd look for something around $200,000) to keep the payments easily within your means.

4. Remember the 40 year mortgages are gone, so qualifying is a tad harder than before, but not much. Actually, with interest rates so low might even be easier than before.

I know a good Realtor and Mortgage broker if you need.


Good luck!

[civic_rida]

i know a good realitor and mortgage broker that are both on here.
Im going through this process as we speak.

[KrisYYC]

Originally posted by Nekura
I am now looking into getting preapproved. Does anyone have any good recommendations especially for cases like mine? Thank you.

I know a fantastic Realtor and Mortgage broker who specialize in first-time buyers and unusual credit cases.