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  1. #61
    Quote Originally Posted by Tyrianth View Post
    $800 a month that includes taxes?! I can't even find a mortgage for like less than 1500 and it definitely doesnt include taxes.

    I purchased a home last year in my area 3 bedroom 2.5 bath although it is pretty small around 1300 square feet I pay 530 a month and that is taxes+insurance+mortgage.

  2. #62
    Quote Originally Posted by Tyrianth View Post
    $800 a month that includes taxes?! I can't even find a mortgage for like less than 1500 and it definitely doesnt include taxes.
    LV homes are pretty inexpensive. Certainly compared to Toronto lol. Shit even compared to Calgary.

    US property in general, unless you're trying to buy in New York City or something, is cheap as borscht.
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  3. #63
    Quote Originally Posted by Revik View Post
    Like rents going up which you have little or not power to change while someone with a fixed mortgage payments stay the same. Yes insurance can go up and taxes can go up depending on where you live but this isn't as dramatic as rent.
    School / property taxes rarely, if ever, go down, and for many people, property tax at least is rolled into their mortgage payment. Home improvements that add living space can make your property taxes go up as well (though you likely don't care about this if you're doing this sort of work to begin with).

    When rent goes up (which it generally doesn't over the course of an agreement)... you simply pack up and move.

  4. #64
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    Quote Originally Posted by Tyrianth View Post
    $800 a month that includes taxes?! I can't even find a mortgage for like less than 1500 and it definitely doesnt include taxes. .
    Granted, the place I got was cheap for the area. And Vegas is cheap in general... But the scale goes up both ways. High rent = high mortgage areas.

    it's one of the reasons I'm super happy about it.

    But no matter how you swing it.. Even if you're paying the same as renting, or even slightly more... you own the house, can do what you want with it, and it builds an asset.

    You can't sell your apartment when you move out and end the rental lease.
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  5. #65
    Quote Originally Posted by chazus View Post
    Granted, the place I got was cheap for the area. And Vegas is cheap in general... But the scale goes up both ways. High rent = high mortgage areas.

    it's one of the reasons I'm super happy about it.

    But no matter how you swing it.. Even if you're paying the same as renting, or even slightly more... you own the house, can do what you want with it, and it builds an asset.

    You can't sell your apartment when you move out and end the rental lease.

    The downside to this has to be remembered to. You own that house but you are not guaranteed that you will be able to sell it. I have a number of friends who now own two houses because they purchased one and then had to move for a job but due to the 2008 shenannigans are underwater enough they basically can't really sell their old houses for the forseeable future unless they are willing to just write them off totally.

    If you are moving jobs frequently renting has the advantage is you can know how fast you can get out of your lease guaranteed. You are not gaining equity but you are also not hanging a liability around your neck like an albatross either.

  6. #66
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    Quote Originally Posted by Tradewind View Post
    LV homes are pretty inexpensive. Certainly compared to Toronto lol. Shit even compared to Calgary.

    US property in general, unless you're trying to buy in New York City or something, is cheap as borscht.
    I'm not actually in Toronto, but close enough that I still have outrageous house prices.
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  7. #67
    Quote Originally Posted by Tyrianth View Post
    $800 a month that includes taxes?! I can't even find a mortgage for like less than 1500 and it definitely doesnt include taxes.

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    Being more expensive is fine, because with a house you're paying into an investment. Unless you let the house turn to shit you will more often than not turn a profit when you sell it. With renting you get nothing in return.
    Good luck getting a mortgage without taxes and insurance being escrowed and part of the payment. Literally no bank on THIS planet is going to loan you truckloads of money, and they let you not insure it or pay the taxes. Exactly 100% of mortgages include property tax.

  8. #68
    Quote Originally Posted by Tijuana View Post
    Good luck getting a mortgage without taxes and insurance being escrowed and part of the payment. Literally no bank on THIS planet is going to loan you truckloads of money, and they let you not insure it or pay the taxes. Exactly 100% of mortgages include property tax.
    They will if it's not your first home.
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  9. #69
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    Quote Originally Posted by Tijuana View Post
    Good luck getting a mortgage without taxes and insurance being escrowed and part of the payment. Literally no bank on THIS planet is going to loan you truckloads of money, and they let you not insure it or pay the taxes. Exactly 100% of mortgages include property tax.
    That's not true at all. You can definitely get a mortgage that does not include property tax. You CAN include it, but it is not a requirement. What they do have to include is mortgage insurance if the down payment is less than 20%.
    Last edited by Tyrianth; 2016-09-19 at 08:02 PM.
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  10. #70
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    Quote Originally Posted by May90 View Post
    Depends. For example, I pay $665/m; that is around $8,000 a year. Taking a typical house worth of around $300,000, we get that in around 40 years I will have lost the same amount of money on renting as I would have if I had bought a house. I'm not sure if living in debt for possibly decades is worth it. Especially since owning a house cripples mobility significantly: selling a house and buying a new one when moving is a pain in the butt, while when renting you can just stop renting here and start renting wherever you move, caring only about moving the stuff (which is much cheaper than moving the stuff from house to house, as well).

    Granted, salaries in my field increase rapidly with time, and in 10-15 years I should make enough money to afford a very good house via mortgage. Then, perhaps, my preference will change. But that day is not today!
    Going on this, you are more likely to get vacated than your house getting destroyed (in some parts, and opposite in others of course) so depending on where you live and who you are as a person it might be better to buy than to rent. Also considering if you resell your house later on when you are about to move you might gain money from selling. I won't say lose because that entirely depends on how long you live there, rent you will never get back on moving so that is just a pure loss.

  11. #71
    Quote Originally Posted by Tyrianth View Post
    That's not true at all. You can definitely get a mortgage that does not include property tax. You CAN include it, but it is not a requirement.
    Not on THIS planet. Nowhere is that a thing. Your mortgage is an investment to them. They do not want their investment seized by the government for lack of taxes being paid.

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    Quote Originally Posted by Gamdwelf View Post
    They will if it's not your first home.
    There is no tax waiver for first time home buyers, sorry. It simply does not work the way you think it does.

  12. #72
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    Quote Originally Posted by Tijuana View Post
    Not on THIS planet. Nowhere is that a thing. Your mortgage is an investment to them. They do not want their investment seized by the government for lack of taxes being paid.

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    There is no tax waiver for first time home buyers, sorry. It simply does not work the way you think it does.
    I'll have to tell that to my bank when I was discussing mortgages with them.
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  13. #73
    Quote Originally Posted by Tyrianth View Post
    I'll have to tell that to my bank when I was discussing mortgages with them.
    You aren't in any talks with any banks or you would know this already.

  14. #74
    Quote Originally Posted by Tyrianth View Post
    That's not true at all. You can definitely get a mortgage that does not include property tax. You CAN include it, but it is not a requirement. What they do have to include is mortgage insurance if the down payment is less than 20%.
    First time home buyers are required by law to gave an escrow portion rolled into their payments each month.

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    Quote Originally Posted by Tijuana View Post
    Not on THIS planet. Nowhere is that a thing. Your mortgage is an investment to them. They do not want their investment seized by the government for lack of taxes being paid.

    - - - Updated - - -



    There is no tax waiver for first time home buyers, sorry. It simply does not work the way you think it does.
    That's not what I said at all.
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    I'm calling it, Republicans will hold congress in 2018 and Trump will win again in 2020.

  15. #75
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    Quote Originally Posted by Tijuana View Post
    You aren't in any talks with any banks or you would know this already.
    https://canadamortgageblog.wordpress...you-pay-yours/

    You are talking about Option 1. Option 2 and 3 are both viable and legal options outside of your mortgage. Stop talking out your ass.

    Here's another site that discusses the option of paying it through the mortgage:

    http://www.ratehub.ca/blog/should-yo...your-mortgage/

    Here's a bank explaining the benefits of paying your taxes through your mortgage:

    http://www.tdcanadatrust.com/mortgag...operty_tax.pdf
    Last edited by Tyrianth; 2016-09-19 at 08:08 PM.
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  16. #76
    Quote Originally Posted by Tijuana View Post
    Good luck getting a mortgage without taxes and insurance being escrowed and part of the payment. Literally no bank on THIS planet is going to loan you truckloads of money, and they let you not insure it or pay the taxes. Exactly 100% of mortgages include property tax.
    Rules are clearly different. My Taxes and Insurance are not part of my mortgage payments, I pay them separately to the city and my home/auto insurer.

    I did have to have the home and title insurance though to get my mortgage. So there is that of course. But they're all separate payments.

    You are right in that no lender is going to issue a mortgage to someone without home insurance though lol.
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  17. #77
    Quote Originally Posted by Tyrianth View Post
    https://canadamortgageblog.wordpress...you-pay-yours/

    You are talking about Option 1. Option 2 and 3 are both viable and legal options outside of your mortgage. Stop talking out your ass.
    Sorry, I forgot they sort of wing it up in Canadia. This thing you do up there is not a thing down here. And it looks like it's only a thing up there because the government mandates the option and covers for you when you fall. I should never discount the fact that governments can step in and change the natural equation.

  18. #78
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    Quote Originally Posted by Tradewind View Post
    Rules are clearly different. My Taxes and Insurance are not part of my mortgage payments, I pay them separately to the city and my home/auto insurer.

    I did have to have the home and title insurance though to get my mortgage. So there is that of course. But they're all separate payments.

    You are right in that no lender is going to issue a mortgage to someone without home insurance though lol.
    Nah man, Tijuana knows the ins and outs of every single financial system on the planet.

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    Quote Originally Posted by Tijuana View Post
    Sorry, I forgot they sort of wing it up in Canadia. This thing you do up there is not a thing down here. And it looks like it's only a thing up there because the government mandates the option and covers for you when you fall. I should never discount the fact that governments can step in and change the natural equation.
    So you admit you were talking out of your ass and have no idea what you were talking about? You did say this planet after all.
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  19. #79
    Quote Originally Posted by Tyrianth View Post
    So you admit you were talking out of your ass and have no idea what you were talking about? You did sale this planet after all.
    No, I am still correct, in a way. No bank will willingly loan you money without escrowing the taxes and insurance. Where I was wrong, was to not consider that government can step in and provide the safety net the bank would require from the borrower. The logic I was using still remains, there are ways that finance works and ways that it doesn't. It takes government stepping in to make it different.

  20. #80
    Quote Originally Posted by Tijuana View Post
    Sorry, I forgot they sort of wing it up in Canadia. This thing you do up there is not a thing down here. And it looks like it's only a thing up there because the government mandates the option and covers for you when you fall. I should never discount the fact that governments can step in and change the natural equation.
    Don't knock it too much lol. It kept our banks in the black in 2008 while Fannie Mae etc. took it up the tailpipe
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    Quote Originally Posted by RICH816 View Post
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