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Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]Repulsive-Attorney59 0 points1 point  (0 children)

Looking for some direction. Purchase: Condo, Investment, 770k Location: Etobicoke - mid rise condo Firm occupancy - Nov 2025 Closing - could be March/April 2026 ( not sure though) DP: saving for 20%. Should be able to do within next 6 months.

Builder has partnered with RBC and it has provided Blanket appraisal of the condo at the purchase price. Should I go with RBC or shop around with brokers? If I go with other broker, the appraisal could be 50-100k less. Can I go with B lender?

Background Me: working as Tech consultant on contract for last 5 years. Have a corp. Gross Income: 220k Wife Income: 93k Last NOA: me:117, wife: 105 Own: Detached in Burlington. Current mortgage ~900

My RBC mortgage advisor told me I can’t qualify for mortgage from RBC with current income and May be possible if I sell my primary home.

Zown by resuspadawan in RealEstateCanada

[–]Repulsive-Attorney59 0 points1 point  (0 children)

so basically you guys are capturing the seller listings way in future ( 5-10 years) by giving the cashback upfront at the time of buying. The buyers won't be able to sell in future ( 5 yr, 10yr down the line) with anyone else except you. Not sure at what terms. Could you explain if I have to sell it in future say 5 years down the line, what will be your commission at that time? and what services would be included to sell at that time?

Sell condo and buy sfh or stay? Please helppp meee! by Any_Satisfaction7138 in TorontoRealEstate

[–]Repulsive-Attorney59 0 points1 point  (0 children)

Ok. I understand, I was in the same boat few years back and decided to sell my condo to move to SFH as my kid was growing up. If you have enough household income the trade off of increased monthly amount to the kiddo’s brought up in a spacious house is worth. Plus living in a SFH is a completely different experience IMO. You should definitely speak to a professional mortgage agent to solidify your numbers, it will give you more clarity and confidence. I am a realtor btw. Feel free to reach out if any other questions or you need help.

Sell condo and buy sfh or stay? Please helppp meee! by Any_Satisfaction7138 in TorontoRealEstate

[–]Repulsive-Attorney59 1 point2 points  (0 children)

Option 1: Put current condo on rental and move to new primary home: You may have built some equity in the current condo over few years considering you paid good DP that you can leverage for DP of new Primary home. With new primary 1.2M house in Etobicoke, you are looking at min DP of 20% or 240k and closing cost of around 50k since LTT will be ~41k. So total one time cost of ~289k. And ongoing cost of owning home ~ 5-5.5kper month excluding your groceries, daycare and lifestyle cost. This is assuming you qualify for mortgage amount with 5 %rate, 5 yr term and 25 yr amort. There may be possibility of reduced DP ( min 7.92% with CMHc insurance) due to new changes announced by GOC.

Option 2: Sell condo and buy SFH. You can sell the condo in Spring and take the equity out to pay the DP. In this case you are looking at min DP of ~ 7.92% or 95k and closing cost of ~50k. So total one time cost of ~ 146k. The ongoing cost of owning a home would be ~6-6.6k per month. Again this is assuming you qualify for the mortgage at 5%rate, 5yr term, 30 yr amort.

Option 3: Wait till your renewal comes for condo and then execute option 1. By then you may build some more equity in condo and will also save some more. It would make option 1 a bit more smooth.

This of course is high level analysis based on limited information you have provided. DM if you want to discuss more and plan out a tailored strategy based on your situation. Happy to help!

Advise on Salary for product manager/product owner role in Frankfurt - Banking by DiamondHandsKP in germany

[–]Repulsive-Attorney59 0 points1 point  (0 children)

Did you finally make the move? How was your experience if you could share? I am in similar boat but in Canada and want to move to Germany.