Looking for a new car...

[Duncan]

actually, i think it's still leaking a little, but not as much... so we might just get a new car anyways to avoid sinking money into a lost cause...

[tiger]

does this mean that there's going to be a family addition soon?

***oops. Didn't read next page's posts before I posted.

From an investment point of view, vehicles are the worst. Especially if you are paying for more than what you need.

If you plan on owning your own place one day, save for your downpayment instead.

[tiger]

[tiger]

For the house thing, there's going to be HST on it too. They are working on an exemption, I think, if the house/townshouse is less than $400k, maybe higher. So look for more townhouses to be at $399k, but they will give you less or it'll be smaller. They are splitting the coach houses/garage construction from the main house now to keep it under. So you build the garage after with a separate permit after the house is sold.

If you are over whatever the exemption is, you have to factor that in with your mortgage. Some people say that it could be a deal breaker cuz the banks won't ease up on their lending requirements now too. So if you have to come up with another $30K in taxes, the bank may want another $7-$10k downpayment before they will approve you. So that could mean saving another 6-12 months more.

Townhouse sales are strong because of the price point, and will continue to be strong if it stays under the HST exemption. You will probably find that you will not be getting the best bang for the buck because prices for houses say at $500k+HST, could still be a better deal overall, but people just can't afford it. Was the same when I bought my house. It was only 15% more to get 25% more land/house.

Not sure if the HST applies to older places.

The best scenario is that if you can handle it and you are able to save money while doing it, live with Alicia's parents. There's a lot of work that goes into owning your own place. It'll suck up more of your time and money because nothing is shared. Food/Phone/internet/hydro/house insurance/property tax/house maintenance. Don't forget all the inital set up fees! It's not just restricted to cell phones.

Since you have a couple of years to get ready to move out, try living as if you were on your own. Clean toilets and sink, mop/vacuum/sweep floor, mow lawn, dishes, cook, grocery shop, laundry, dusting, etc.

Just don't want you guys to get caught surprised like we did.

[jeSteR]

[tiger]

But you have to still remember to set money aside for the next car. Otherwise you could leave yourself over leveraged with too many loans. So if something happens to reduce your family income, you're screwed (i.e. layoffs, maternity leave, change in career, going back to school, etc)

[nature boy]

[jeSteR]

[nature boy]

[Duncan]

[Duncan]

ok, i just read my own post and it sounds quite stand-offish... haha.. damn this lost in translation thing over the forums...

anyways, i don't mean to seem like i'm being an idiot and not taking advice from people who obviously have gone through it all with the mortgage and car payments. Advice is greatly appreciated thanks!

When the time come, i'm sure God will allow us to move out. In the mean time, i'm not in a huge rush, it's just that i'd much prefer to move out than live in the cramped basement. Plus, i think Alicia gets annoyed at living there more than i do...

[nature boy]

that's why there's an edit button. stop pw'ing haha.

anyway, kitty's renters are moving out from next door. you can move there if you want. then we'll be neighbours. i can get winnie to distract you while i sit here raising my post count.

but does anyone know of anyone who needs a place the first of january? it's a full house with 5 bedrooms, 1.5 bath (i think) and a garage. not sure what the rent is as she's raising it, but it was something like 1200 a month (dang cheap for a house).

[Duncan]

haha... letting you raise your post count is definitely a deal breaker... no thanks!

yea, 1200 is cheap for a house, but that's pretty close to a mortgage payment on a smaller place too...

not to mention, stop pwing

[nature boy]

oh yeah, and the colt had a mitsu engine in it...although i forget which one...

[tiger]

Some homework for you if you really want to know where your money is going. You can set up a sensitivity spreadsheet for yourself so you actually can monitor what are the effects of certain changes. i.e. rates rise/drop, lump sum against principle, topping up yearly, etc. It was pretty helpful for me.

Payment Frequency Amount AmortizationYears Total Interest Paid Savings vs.Monthly Payment
Monthly $615.65 25.0 $84,651 $0
Bi-Weekly $284.15 25.1 $84,354 $297
Weekly $142.07 25.1 $84,256 $395
Bi-Weekly Rapid $307.83 21.2 $69,308 $15,343
Weekly Rapid $153.92 21.1 $69,134 $15,517

* Assumes constant interest rate throughout amortization period.

1. What is the principal mortgage
amount you are considering? $ 100,000

2. Interest rate for the term of
the mortgage. 5.59 %

View Rates:
TD Residential Mortgage Rates
6 Month Convertible 4.600%
1 Year Open 6.550%
1 Year Closed 3.650%
2 Year Closed 3.950%
3 Year Closed 4.500%
4 Year Closed 5.190%
5 Year Closed 5.590%
6 Year Closed 6.100%
7 Year Closed 6.600%
10 Year Closed 6.700%
TD Variable Rate Mortgage 2.250%

at 3.65%
Monthly $507.23 25.0 $52,149 $0
Bi-Weekly $234.11 25.1 $51,995 $154
Weekly $117.05 25.1 $51,938 $211
Bi-Weekly Rapid $253.62 22.0 $44,872 $7,277
Weekly Rapid $126.81 22.0 $44,795 $7,354