getting approved for a mortgage

[vietdood]

how hard is it to get approved for a mortgage right now? i have a chance to buy a house for a very good price if i can get a mortgage. OR, if i can get a loan, (with help from parents) i can assume the mortgage and save alot more money as the interest rate is locked at a very low rate and payments are more towards the principle as opposed to the interest. I'm kicking myself in the ass for not buying a house last year but if i take this place i pretty much make up for the loss as i can not lose money on this house.

[theken]

depends how much you make and how much the house is, i got approved for 215,000 in january and i made 40,000 last year, this year is a totally different game though, make closer too 100

[calgarys_finest]

i made a topic by accident but if your parents are co-signing it should be easy. if you need help i know a specialist gimme a pm and ill see if i can get her in touch with you

[rony_espana]

just curious, what is a good interest rate for a mortgage? I used to have 4.25% but I hear its going to go up when I renew. Also I don't know much about mortgages but I'm pretty sure even with a low interest rate your paying way more interest than principal. During 2 years at my house my mortgage only went down $10,000 and I paid probably a good $30,000 during the 2 years.

[nosegrindR]

Wow, 4.25% that's nuts! The interest rate I got in Feb was 4.99%, which is still really low compared to what my buddy got last month, 5.25%.

As for paying more of your interest than your principal, that's pretty normal regardless of what your interest rate is. The general rule of thumb is to make as many payments as possible.

Also if your mortgage has some sort of annual lump sum payment plan, put in as much of a lump sum as you can.

I feel your pain though, after my ammortization period is done, I'm going to be almost paying for my condo twofold

[HRD2PLZ]

PM D. Dub for mortgages and renewals. He can help you out with any questions and get your started on the approval or renewal process

[Celica TVS3]

The interest rate you pay is going to depend on the terms of your mortgage. Ie, Floating vs. Locked In. I bought a place last summer and have a locked in 3 year motgage at 3.99%

[D. Dub]

Originally posted by vietdood
how hard is it to get approved for a mortgage right now? i have a chance to buy a house for a very good price if i can get a mortgage. OR, if i can get a loan, (with help from parents) i can assume the mortgage and save alot more money as the interest rate is locked at a very low rate and payments are more towards the principle as opposed to the interest. I'm kicking myself in the ass for not buying a house last year but if i take this place i pretty much make up for the loss as i can not lose money on this house.

PM me if you need any help.