Buying Condo's

[Guest smalltownchic]

Hi Gang,

I have heard that many of the NMP and IMP students have purchased condos instead of renting. I was talking to my bank guy and he said I would need to have at least 25% down, with no debts before the bank would even think about giving me a mortgage. I have a good credit rating but the bank guy said that since I will have no income coming in after September CMHC would not approve the mortgage. So how did the IMP and NMP students manage to buy? Anyone know?

[Guest tiaga3]

Hi

 

If you want to buy a house or condo in Prince George you can go into it with as little as 5% down. In PG you can buy a place for around 99,000 that you could share and rent out another room to help on the mortgage. If you have a bit more money to spend it would be wise to buy a place with a basement suite that goes for around 129,900 and then you could either live and rent out the basement or vise versa. Basically if you have a renter you can expect to pay about 500 a month in rent to cover your mortgage. In a smaller place about 99,000 with 5-10% down you would be paying about 600 a month including taxes and such. Good luck! If you are moving to PG I know an awsome realtor who is just about the hardest working woman I know. Let me know!

 

Tiaga

[Guest smalltownchic]

Hi Tiaga,

Thanks for your response. Yes I am moving to PG, and I have found a condo that I am interested in. But how did you get your mortgage if you don’t have a job?

[Guest MekoMints]

I am also moving to PG.

Not sure whether I should rent or putting a min. down for a condo. Mostly I am worried about the hassels of finding tenants etc. Also not sure whether a vehicle in PG is absolutely essential (having doubts about my winter driving skills).

 

Thanks for your inputs!