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Today: 22.01.2018 - 14:19:23
   Canada Mortgage Hub Discussion Board -> Mortgage Calgary -> Can a 19 year old get a mortgage?
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recryting

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Can a 19 year old get a mortgage?
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Post # 1.

preyes8827

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I only know the rules in the USA and you'd need 20% down on a home and money for the closing, appliances, furniture, maintenance, upkeep, insurance, taxes, etc. They say when you go to rent an apartment the "highest" you should go is 31% of your income. 31% of $54,000 is $1395 per month you could pay on a home....and you should allow a little wiggle room. But principal, interest, taxes, and insurance should come to more than about $1,200 a month. And I'd suggest that you take out a 30 year mortgage (with NO balloon payments). $250,000 here in FL where I live is an average house but if you can buy one for $100,000 or less it would be better for you (lesser in taxes, lower heating bill, etc.) and later you can rent it out, and then move back into it for retirement.
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ntq235

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you have a chance to get one..but not for 200k or more, unless Dad cosigns.100k is more likely.
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paswi

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Check out any sort of mortgage calculator (ING Direct has an easy one to use...) You're just on the edge of potentially getting $200K mortgage - beyond credit rating, you have to have at least 5% down for a first time purchase (so minimum $10K), and there's limits on how much you're allowed to borrow based on your income, and that includes thinks like property taxes and condo fees if applicable. You're probably in better shape if you save more as a down payment, and an extra year or two of credit history will probably help a great deal as well. One year of credit card history isn't very predictive of your future habits.
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pseudoconclude11946

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You will need a stronger financial history than this. Start with 2 years at the same job or in the same occupation. If you do eventually qualify, all things being equal, you would have to work extra to be able to afford your house. That means never going out to eat, never going to a concert, never taking a nice trip.. Be careful about spending too much. So far you are doing well. You need more time to demonstrate your good sense in managing money. It is very important to have saved enough money to tide you over in an emergency. So an emergency fund is very important. You also need an emergency fund for car expenses. A house is more than a single purchase. It is an ongoing expense that never stops.
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