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.


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