Ok, here’s my question. I know 40 year mortgages aren’t the best idea, but here’s my situation and to me it seems like the best option. As the extra couple hundred $ $ will put a squeeze on me for the first year.
1) I’m forced to buy right now as I need a built showroom and office from home for work ( renting not an option lets not mention it)
2) Will be making more money one year from now for sure, not possibly, for sure.
3) 40 year mortgage , accelerated bi weekly so it’s actually a 31 year
4) Only 3 year term, at the end of 3 year term will have around $ 30-40$ k more to put on mortgage and switch to a 25 year.
Basically it allows me to get the house I want right now and I know I’ll be making more money within a year and able to throw a good chunk down and switch to a shorter term in three years.
Given my situation does this negate the negatives of the 40 year and make it a reasonable option? Thanks in advance
I don’t care about the people who KNEW and lost their homes…I’m not one of them. In Canada where I live you don’t get a nice home until you spend $ 350K+, and I’m a sales rep for the largest sporting good company in the world, when I got the job it was in the middle of their fiscal year and my earning potential was limited for the first year. Once next year rolls around my contract which is already in place will see my income rise about $ 25k per year. Waiting to have a house is not negotiable, I work from home and my basement needs to look like a 500sq foot retail store…..just trying to find the best short term fix