Looking for a house in BC (Fraser Valley) - Half a million for what???

[Slick Fork]

Stay away from a 40 yr mortgage... you'll never pay the principal off. Payments might be a little cheaper, but that's FIFTEEN more years. Just my 2 cents!!

[andsoitgoes]

Originally Posted by Slick Fork

Stay away from a 40 yr mortgage... you'll never pay the principal off. Payments might be a little cheaper, but that's FIFTEEN more years. Just my 2 cents!!

Bi-Weekly payments!!

And we can always refinance once we're doing a bit better. It's not the best option, but if it's that or NOT owning (due to the debt ratio, etc.) - I'd rather own

[fishmaster]

Originally Posted by Slick Fork

Stay away from a 40 yr mortgage... you'll never pay the principal off. Payments might be a little cheaper, but that's FIFTEEN more years. Just my 2 cents!!

I second, stay away. I did a some quick calculations on MLS.
$450,000 over 25 years@6.0=$2879/mon $863700 total paid
$450,000 over 40 years@6.0=$2452/mon $1,176,960 total paid SCARRY!!!!!
Shaun