While I'm being optimistic and not overly cautious...

[mousme]

TD looks like it has a good mortgage plan for rural properties and hobby farms. I feel marginally better about this now.

Realistically, I know I probably shouldn't even be considering a property purchase right now, but since this got dropped in my lap, I'm still going to try. The realistic and cynical part of my brain is trying to convince me that I'm being ridiculous, and yet the other part of me has a good feeling about this.

So.

Yeah.

Rational, this is not. Hell, I don't even know what the closing costs would be, let alone mortgage insurance and regular insurance, and all repairs/other hidden costs associated with this. I guess it's something of a leap of faith.

Comments

[chasingthenuns.livejournal.com]

do they have escrow in canada? here the insurance costs are all with the mortgage bill and it's put in escrow. then the bank pays the insurance. that way the bank knows the insurance is getting paid and it's better for them. also, we avoided mortgage insurance by taking out 2 loans, one for 80% and the other for 20% of the mortgage. we weren't able to put money down so it was our best option.

i think buying a house is always rational because it's an investment.

[swestrup]

Yes this insurance escrow system is standard here as well.

[curtana.livejournal.com]

If you did get this house, would you be commuting into Mtl every day? Do you have a reliable car? (I'm remembering correctly that you're currently borrowing one, and it's recently had a bunch of repairs, right?) Are you willing to add that kind of time commitment (what, about an hour each way in good traffic?) to your workday?

I don't mean to rain on your parade, and it's certainly lovely to dream about, but I just worry that you could be setting yourself up for a lot of potential problems, not to mention digging a great big financial hole for yourself - especially when you've just recently gotten out of one :/

[mousme.livejournal.com]

I've thought about all that, so don't worry about raining on my parade.

I'm more worried about the problems I haven't thought about, because I don't even know that they're there, if that makes any sense.

The car thing is probably the least of my worries in this context, but I am well aware of the potential of digging a giant financial hole here. I am proceeding optimistically but with a lot of caution. Besides, there's a really good chance this won't work no matter how much I try.

Thank you for being concerned. It means a lot to me to know that my friends are looking out for me and willing to give me a reality check every so often. :)

*hugs*