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Old Posted Oct 13, 2017, 6:51 PM
whatnext whatnext is online now
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Join Date: Feb 2009
Location: Vancouver
Posts: 9,192
Originally Posted by MolsonExport View Post

Can I Afford a Million Dollar Home?

Indeed, my first mortgage was less than $250K (current mortgage was at the closing date, about $500K). In other words, my original (first) mortgage principal debt WAS LESS than the down payment currently required for a million dollar home.
Yeah, I don't get how people qualify for these huge mortgages. When I bought my house in 2000 for $333k, the bank nickled and dimed over every penny. And we had over 10% down!

That leads to me to believe either a) banks are looking the other way when to comes to offshore income or even verifying local income b) alternative lenders are capturing a big chunk of the market and nobody is really regulating them.
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