Is erinmills mississauga expensive..
- Thread starter Saba321
- Start date
You could have googled that yourself:
https://www.realtor.ca/on/mississauga/erin-mills/real-estate
Best downpayment is above 20%
Most of the GTA is expensive especially at current interest rates. You will need a big deposit and your family income will need to be a couple hundred thousand dollars minimum. Depends on your downpayment and type of property.
It's even more expensive at previous low interest rates. Prices has dropped already. Depending on your downpayment and type of property, family income do not need to be a couple hundred thousand dollars minimum.
A mortgage calculator will give you a pretty good idea how much home you will be able to qualify for based on deposit, family income, other debt, condo fees if applicable, etc. You may be able to get a slightly discounted rate from what is used by the calculator. If you make 200k and can put down a downpayment of 200k and have no other debt (which is pretty unusuAl) you would be able to get qualified for a mortgage of around 875k which won’t buy you a 3bed home. Also doesn’t count closing costs, lawyers fees, etc. So yes you need a couple hundreds of thousands of dollars of income these days to buy a 3bed home in the GTA.
Reach out a mortgage broker for a preapproval is a better idea than a mortgage calculator. A realtor can take you to different 3 bedroom apartment or house.
Actually there's online mortgage calculator. No need to download. Also, you don't need the calculator in order to came to the conclusion it is very expensive. Your realtor would probably told you it's even more expensive two years ago when mortgage interest were still low.