Financial Challenges Support Group
This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.
Hi,
I have been working in a firm here for the last seven years and I have a fair monthly income from it. I am planning to buy a home, but, my savings are not enough for that. So, I am planning to take a mortgage. I haven't taken a mortgage before. So, I want to know more about the formalities regarding the application of a mortgage. And my credit score is something between 600 and 650. So, I doubt whether it is easy for me to get a mortgage.
In my search, I came across the first mortgage solutions of one of the mortgage brokers in Toronto. But before consulting a broker, I want to clear my doubts. Which mortgage is more beneficial: fixed rate or variable rate? What are the advantages of a variable rate mortgage? Please help me by sharing your experience. Thank you.
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I invited Bill to have dinner with me last Sunday. He wasn't willing to drive 7 hours to mid Michigan and teased me with his beautiful ribs!!! So, of course I ate alone and had cedar salmon
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check out that smoke ring. It tasted really good. I smothered it with Maulls BBQ sauce which is Local to St. Louis and one of the best I ever had.....
Didn't. Have. a. CLUE.
how to buy it.
Learned fast and did it all the hard all... by doing it.
Now, I do how and could do it better, I think, but doubt I will ever get the chance again short of miracles.
My few tips?
Make sure the roof, foundation, plumbing, and electric are all rock solid. ESPECIALLY the roof.. IF it ever starts being the slightest problem...
HAVE IT PROFESSIONALLY FIX IT IMMEDIATELY WHATEVER IT TAKES!!!!
Never fun having a quarter of your ceiling come down right next to you in the middle of the night while you were sleeping. Or any of the other problems that go with it.
Trust me.
Get a 15 year mtg. if you can, no more--
And put the payments on AUTO-PAY for the duration. Make DARN SURE whomever you use as your pay service doesn't screw it up!!! Check it EVERY month!
Find out what "ESCROW" is all about, and ASK what would make it go up year after year, and then you will know why I recommend the auto-payments.
Also... Find out the EXACT RULES PER YOUR CONTRACT for making ANY extra principle payments BEFORE you ever attempt to make the first one.
Hope it all works out for you. ;)
Ever.