Mortgage and buying a new house

[Megable]

Talking about debts, by 2026, the feds will need to pay $153 billion in debit interest charges (nearly $4000 per Canadian). Instead of that money going towards healthcare and lower taxes, it's going to the pockets of bond fund managers.

https://paherald.sk.ca/2021/05/13/canadians-sinking-under-a-1000000000000-debt/

It's concerning that such a large sum is going towards debt interest charges instead of other important areas like healthcare and taxes.

 

[Unlimitera]

Buying a new house is such a big step! When it comes to mortgages, it's all about finding one that works for you and your budget.

 

[foodie69]

Buying a new house is such a big step! When it comes to mortgages, it's all about finding one that works for you and your budget.

No sh!t, Sherlock..

 

[steaky]

Taking out a mortgage can feel daunting, but it's a common step towards homeownership. I remember when my cousin was in a similar situation. She was worried about the rates, especially with COVID-19 affecting everything. Thankfully, she found that some lenders were offering lower rates to attract buyers during the pandemic. As for policies for Indian citizens, it's always a good idea to check with a trusted advisor or immigration expert to get the most accurate information. Oh, and speaking of homes, have you ever checked out the charming summerhouses on https://www.scottsofthrapston.co.uk/large-summerhouses/ ? They're like little havens of relaxation right in your backyard.

Why don't you post in a UK forum?

Btw, not everybody taking out a mortgage.

 

[xrateduniversity]

i plan on leasing for a while first x

 

[FletcherHubbard]

Hey guys,

It's been 15 years since I have moved to Canada. I'm an Indian citizen, and a few years back, I got my PR. Now I have a plan to buy a new house in Canada. But, the one I have checked is a bit high in the budget. So we need to go for a mortgage.

Has anyone here recently took a mortgage? Are the rates are lower due to COVID-19? Is there any change in the policies for Indian citizens?
Speed Test
Thanks!

I got a mortgage renewal and I can tell you that the rates are lower due to the pandemic.

 

[wibayox]

Many small business owners are home owners. It isn't only low level employees being impacted. Many making little actually may have ended up ahead during the pandemic. In some places like Alberta the economy wasn't strong prepandemic. There is no guarantee that the economy will come roaring back. Pandemic is not going away anytime soon between those who will refuse vaccination and needing to vaccinate the rest of the world. We are still likely talking years to get close to where the world was precovid. Even though employers have moved more virtual I don't see people moving away from the big cities. Many will still need to go into the office but employers may now consider remote work for most employees that was unheard of before covid. A large percentage of workers aren't able to work virtually. The major sector that will get hit are the smaller units. There are still many who have no desire to move to the suburbs. Many employers are still not hiring and even the skilled workers usually need a mortgage. Many of the true consequences of covid haven't been seen yet like evictions, bankruptcies, closures, etc. The US is also in for huge economic issues because of minimal economic support after the cares act. There is a segment who will come out of the pandemic with minimal economic consequences, but there is a large amount of people who will end up broke, homeless, and needing to start over, especially when facing financial challenges such as those highlighted in Clearpath Lending reviews. Canada is a small economy so our recovery is very dependent on the rest of the world. Repaying all the money we have spent is also going to be a huge issue for generations so there will eventually be pushback when it comes to unlimited spending and we may be in for an election next year that could change plans. Would add that the increase in housing prices for the past 20 years isn't a good thing. Yes certain people made money but housing is extremely unaffordable compared to salaries which means current generation is likely to struggle economically more than their parents.

We bought our house about a year ago with a 5% deposit for around 175k. After paying some off, we now owe 155k. Recently, we've come into some money and are considering a new house worth around 420k. We're unsure if it makes a difference, but would it be best to pay off our current mortgage, which would cost around 160k including charges, and then sell the house, using the proceeds towards the new one? The house has been valued at 190k after significant work. Alternatively, would it be better to buy the new house outright to secure it and then pay back the bank once our current house sells? We’re new to this, having had a mortgage for only a year, so we’re not sure if one option is much better than the other. Any advice would be greatly appreciated!