THE MORTGAGE FILES – PART 6: ONE HUNDRED THOUSAND DOLLARS

THE MORTGAGE FILES – PART 6: ONE HUNDRED THOUSAND DOLLARS

The Mortgage Files

** This is part five of a longer story. If you want to understand what’s going on I recommend starting with PART ONE (which is packed full of intensely awesome action), but if understanding isn’t a priority… by all means… read on!**


You need to prove that you have 100,000 dollars in assets

That’s what the email that woke us up this morning said.

Now… we’ve had some strange emails come down the pipes over the last week, but this one took the cake. I still laugh whenever I open my email and see the subject line “100,000”

Like… what do you say to that?

….

Seriously? (more…)

THE MORTGAGE FILES – PART 6: ONE HUNDRED THOUSAND DOLLARS

THE MORTGAGE FILES – PART 5: I CLAIM THIS POTHOLE IN THE NAME OF….

The Mortgage Files Part 5

** This is part five of a longer story. If you want to understand what’s going on I recommend starting with PART ONE (which is packed full of intensely awesome action), but if understanding isn’t a priority… by all means… read on!**

There are a lot of reasons why people want to own real estate. There are also many popular arguments out there about how it may not be the best investment, that you could earn more if you put your money in the stock market… but real estate just has a different feel.

It’s tangible. It’s a thing that you can more easily wrap your mind around. It’s literally a more solid investment.

I think that’s why it’s become such a rite of passage into adulthood. You no longer are just flitting through life, you now own a piece of this world that we live in. A concrete piece. Suddenly things like the use of land transfer tax dollars means something to you…

Those were just a few things that were floating through Mimi’s head as she picked up the bank draft that would secure the offer on her first piece of this great Canadian city (even though the rest of Canada likes to mock it).

Oh right! (more…)

THE MORTGAGE FILES – PART 6: ONE HUNDRED THOUSAND DOLLARS

THE MORTGAGE FILES – PART 4: 24 HOURS

The Mortgage Files - From Rags to Reasonable

** This is part four of a longer story. If you want to understand what’s going on I recommend starting with PART ONE (which is packed full of intensely awesome action), but if understanding isn’t a priority… by all means… read on!**

You can’t beat the drama of a 24 hour deadline. 

It’s an immense amount of time to wait. If it were longer you could relax, if it were shorter the waiting would… well… be shorter. But when you have 24 hours it feels like the call could come at any time. However, you can’t just let yourself not do anything and spend the day staring at your phone.

So we went about our day.

To make matters a little more interesting, the seller was out of country and so there was a time difference to factor in. All of a sudden the chances of an early morning call were much higher than they’d normally be, and as the clock ticked over to noon the tension was mounting.

The call came at 2:30. (more…)

THE MORTGAGE FILES – PART 6: ONE HUNDRED THOUSAND DOLLARS

THE MORTGAGE FILES – PART THREE: THE POWER OF MACE COMPELS YOU

The Mortgage Files - From Rags to Reasonable

** This is part three of a longer story, if you want to understand what’s going on I recommend starting with PART ONE (which is packed full of intensely awesome action), but if understanding isn’t a priority… by all means… read on!**

Two days had passed. We had gone from normal breakfast at home over coffee and listings… to Sunday morning breakfast with our mortgage agent.

We met with her because I had a lot of questions about mortgages (as a general rule… I have a lot of questions about everything… apparently I’m an ‘over thinker’).

So over coffee with the scent of bacon in the air she laid it all out.

Mulling over Mortgages

(more…)

THE MORTGAGE FILES – PART 6: ONE HUNDRED THOUSAND DOLLARS

THE MORTGAGE FILES – PART TWO: YOU JUST LOVE ME FOR MY CREDIT

The Mortgage Files Part 2

** This is part two of a longer story, if you want to understand what’s going on I recommend starting with PART ONE (which is packed full of intensely awesome action), but if understanding isn’t a priority… by all means… read on!**

Everything was falling apart because tax reporting is dumb.

Well, it’s not really dumb (it’s actually pretty logical), but allow me this moment of sulking.

But Mimi isn’t as easily daunted. She wasn’t ready to give up quite yet. She started looking into other possible arrangements, but it was me (after I was done pouting about dumbness) that asked if my numbers could possibly help the situation.

I don’t make a ton of money. I get by, but I’m not making “downpayment money” (still a few too many holes in the old freelancer schedule). But since she only needed a little bit of a boost to get over the line, it was my chance to be a knight in shining armour.

And so we talked about it.

It’s a big decision to go in together on a piece of property, and even though I wasn’t thinking of it as ‘mine’ in any way (it is all her money after all), legally it does end up showing up on both of our financial reports and there’s always enough liability to go around! (more…)

THE MORTGAGE FILES – PART 6: ONE HUNDRED THOUSAND DOLLARS

THE MORTGAGE FILES – PART ONE: AND UNTO US APPEARED… A CONDO

The Mortgage Files Part 1 - From Rags to Reasonable

If you’re not from Toronto, there’s one thing you have to know before this story starts.

Toronto is lousy with condos. We have so many of them.

It’s basically just one big condo.

So when it comes to thinking of them as an investment, they don’t exactly get me excited. Actually, if I’m completely honest, real estate doesn’t really get me that excited. That doesn’t mean it’s not a great thing to invest in (tons of people do) but it just doesn’t pump me up.

But my girlfriend has been bitten by the real estate bug. It’s something that really interests her, and for the last few years she’s been looking for an opportunity to get into the market.

Except that the Toronto market is … um… not super friendly to first time buyers these days. So after meetings with a great mortgage agent, running numbers, and exploring some possible situations, recently she accepted the fact that it wasn’t the time to buy and resigned herself to growing her nest egg.

Which is what makes what happened over the last week so unexpected.

It’s the story of our first foray into Toronto real estate… and man… nothing could quite prepare us for the ride. Seriously… things got weird. (more…)

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