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Questions by potential first-time home buyers


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#41 jonny

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Posted 15 December 2016 - 11:17 AM

Yup, but is it a good deal?

#42 Nparker

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Posted 15 December 2016 - 11:18 AM

Yup, but is it a good deal?

I suppose that depends on who you ask. For those receiving the loans I'd say yes. For the rest of the BC taxpayers, I am less certain. 



#43 VicHockeyFan

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Posted 15 December 2016 - 11:22 AM

Yup, but is it a good deal?

 

YES, you'd be foolish not to take it, even if you do not need it.  Free money for 5 years.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#44 jonny

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Posted 15 December 2016 - 11:31 AM

What happens at the 5 year mark? What's the interest rate?



#45 VicHockeyFan

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Posted 15 December 2016 - 11:32 AM

What happens at the 5 year mark? What's the interest rate?

 

"The prevailing rate".   But you can re-pay the entire amount any time, so you could take it for 5 years, no repayment and no interest, then pay it all back at 4 years and 364 days.

 

At the 5-year make, principle and interest payments are required over 20 years.  It's a 2nd mortgage.

 

Yes, I'm sure it's an election promise.  


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#46 LeoVictoria

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Posted 15 December 2016 - 01:20 PM

Seems like a pretty straight-forward pre-election vote buying scheme to me.


Got it. Young people lean left but free money may bring them back.
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#47 Szeven

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Posted 15 December 2016 - 02:42 PM

How to solve a housing crisis. Make the houses cost more? Huh?

#48 LeoVictoria

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Posted 15 December 2016 - 03:14 PM

How to solve a housing crisis. Make the houses cost more? Huh?


Well until the market catches up the first few buyers will get free money and it will make their houses a bit more affordable.
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#49 VicHockeyFan

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Posted 15 December 2016 - 03:18 PM

Well until the market catches up the first few buyers will get free money and it will make their houses a bit more affordable.

 

Yes, that's true.  But should only take a few months.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#50 Layne French

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Posted 15 December 2016 - 06:11 PM

I can't say I agree with this policy at all....


Edited by Layne French, 15 December 2016 - 06:15 PM.

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#51 LJ

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Posted 15 December 2016 - 07:23 PM

I hope that anyone that gets the "free" money has to qualify for the entire amount of their mortgage including the "free" money or we are going to see a bunch of foreclosures in 5 years. But, of course, the next election will have already been won by then.


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Life's a journey......so roll down the window and enjoy the breeze.

#52 VicHockeyFan

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Posted 15 December 2016 - 07:37 PM

I hope that anyone that gets the "free" money has to qualify for the entire amount of their mortgage including the "free" money or we are going to see a bunch of foreclosures in 5 years. But, of course, the next election will have already been won by then.

 

A foreclosure is not the end of the world.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#53 LJ

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Posted 15 December 2016 - 07:39 PM

Unless, of course, it is you being foreclosed on and you lose any equity you had in the place.


Life's a journey......so roll down the window and enjoy the breeze.

#54 VicHockeyFan

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Posted 15 December 2016 - 07:50 PM

Unless, of course, it is you being foreclosed on and you lose any equity you had in the place.

 

Well, you actually get to keep the equity, after fees.  Foreclosures most often only happen on high LTV situations where there is not much equity.  Otherwise, there is always some private money that will come bail you out.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#55 LJ

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Posted 15 December 2016 - 07:53 PM

No, if you are foreclosed on you get nothing. If you sold the house prior to being foreclosed on then what you say is correct.


Life's a journey......so roll down the window and enjoy the breeze.

#56 VicHockeyFan

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Posted 15 December 2016 - 08:05 PM

No, if you are foreclosed on you get nothing. If you sold the house prior to being foreclosed on then what you say is correct.

 

That's not completely correct.  But if you have significant equity, you can easily get private money during the redemption period.  It will not get to full foreclosure and before a judge on sale.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#57 LeoVictoria

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Posted 15 December 2016 - 08:45 PM

That's not completely correct. But if you have significant equity, you can easily get private money during the redemption period. It will not get to full foreclosure and before a judge on sale.


You can easily get private money when you are incapable of paying your mortgage? Doubt it

#58 VicHockeyFan

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Posted 15 December 2016 - 08:49 PM

You can easily get private money when you are incapable of paying your mortgage? Doubt it

 

Private money does not care about your ability to pay, just the equity stake they can take.

 

A bad credit loan from Alpine Credits only requires you to be a homeowner. Even if you have bruised credit, poor credit, bad credit or are just self-employed. If you own a home, we can help.

 

 

http://alpinecredits.ca/faqs/


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#59 LeoVictoria

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Posted 15 December 2016 - 08:52 PM

The bank has precedent given they are the first mortgage. Generally people don't get into foreclosure if they can still borrow money

#60 VicHockeyFan

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Posted 15 December 2016 - 08:55 PM

Unless, of course, it is you being foreclosed on and you lose any equity you had in the place.

 

My initial reply that started this bit was to this comment.

 

Generally, people do not go into foreclosure if they have significant equity.  It's not an issue.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

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