Give Me Back My Five Bucks

The good news, and the bad news

I just spoke with my mortgage broker, who informed me that my credit score is 776. :) Which is a lot better than the 724 I pulled back in January. That’s the good news – my awesome new credit score.

The bad news? As a young, single-income, first-time home buyer who makes less than the median income in Vancouver, I’m basically priced out of anything. My mortgage broker’s words, not mine. Basically, she said that with my perfect credit and without any debt, I would get pre-approval in the blink of an eye. That being said, the maximum purchase price I can afford by myself is $230,000 with a 30-year mortgage, and a 5-year fixed rate of 5.54%.

Granted, the properties I’ve been looking at have been in the $205-220k range … so I would still be okay … but damn. I’m so far from where I want to be in terms of financial footing.

Author: Krystal Yee

I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.


Comments

Leave a Reply

Buy the Book!

A beginner's guide for Canadians looking to get their financial life in order. Get great info on budgeting and saving, RRSP's and pensions, investing types, insurance, and where to go for additional resources.

Recent Tweets

  • Tried to get away with just a 50L backpack for our bike/camp trip this weekend but have to pack tarps & rain gear just in case.
  • @Poochsmommy ... maybe one day we'll get an actual hockey pitch in Burnaby.
  • @Poochsmommy Are three really needed for Commonwealth Games??!

Instagram

  • Celebrated our two year anniversary today with a bike ridehellip
  • Good morning! mayneisland
  • No big deal just met bluejays legend Fred McGriff athellip
  • Sushi date night! The rolls never turn out to behellip
  • Home for the next 3 nights secretcampingspot
  • Rode our bikes over to Campbell Bay today for somehellip
  • Finally got to check Mt Harvey off the list! hellip
  • Took an hour yesterday to meal prep Seemed annoying athellip

© 2017. Give Me Back My Five Bucks. All rights reserved. Powered by WordPress & Designed by Mike Smith