BlackJack Posted May 20, 2009 Report Share Posted May 20, 2009 I'm moving to a city that has very few good neighborhoods to live in(good being defined as safe from crime). Needless to say, I want to live in a good area of town. The issue is that condos go for average 250-300k, and houses for even more. Rental units are between 1000-1500/mo. In five years of residency, that can add up to almost 100k plunked down for nothing. So I'm thinking that buying is more lucrative than renting at this point. However, the properties are extremely pricey and may be out of my range when it comes to getting a mortgage. I'm curious as to what banks you recommend for mortgages. Who will give the best deal, and the most money? Link to comment Share on other sites More sharing options...
smile Posted May 20, 2009 Report Share Posted May 20, 2009 Shop around for mortgages. Don't be afraid to negotiate at any bank. Fixed rates are VERY low, so I'd highly recommend signing a fixed 5-year mortgage. You can also try hitting up some mortgage brokers to see what sort of rates they can get for you. Try following this thread: http://www.redflagdeals.com/forums/showthread.php?t=351105&page=390 In terms of whether you should buy or rent, that all depends on the area. It's a buyers market in many areas (i.e. market is at a low) and it would be a good idea to buy (factoring in a stable resident's salary and all the tuition income tax credits accrued through the years). When looking for brand new condos, remember that maintenance fees will increase substantially in the next year. Low maintenance fees are a lure for developers before they're jacked up by the board. Link to comment Share on other sites More sharing options...
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