Getting a mortgage as a Pilot

[jakeandelwood]

When I went to my bank for a mortgage they did a pretty good job of making me feel like a loser because they said I didn't make enough to qualify for the amount I needed which was only 200k. I then went to a broker and they offered me 50k more than the bank would right away, and that was enough of a difference to make my plan work. Now 8 years later my bank keeps asking me to switch my mortgage to them. Yeah right, FU bank

You were smart to seek out a broker, as you likely got a discount on your rate which helped clear you for that extra 50k.

The banks are about the WORST place to get any financial advice, period, despite what those CIBC Penguins tell ya. There's a reason they are some of the best stocks to hold, and it's not because they are helping out their clients. Use them for the basics, don't pay any additionals if you can avoid it, and keep everything else diversified between investments and debt amongst other financial institutions. Don't worry jake, you might be quoted, but I know you already know this hehe.

There, some anonymous forum financial advice. Tell'em S sent ya.

That's all so true, but I didn't know that 10 years ago unfortunatly, life experiece, life lessons I guess!

[schnitzel2k3]

Life is a good teacher, she tends though to teach the lesson after the test though, lol.

S.

[parallel60]

Another option to consider if you have the ambition and drive is to build your own house, I did it, it took me 5 years while I worked full time and lived in a travel trailer in the driveway. Im not talking about paying a contractor to do it for you, or being your own contractor, I'm talking about doing it all yourself. That was the best financial decision I ever made. I bought a lot with a teardown house on it for 190k, spent 10k on the demo and 60k on building materials (houses are actually fairly cheap when you don't have to pay someone to put it all together!) So now I have a mortgage on 190k and a house that's been assessed at 450k, way better than a mortgage on 450k. Since I just bought materials as I went over 5 years I just paid out of pocket and it wasn't so bad. The building inspector told me I easily saved 20k doing my own plumbing and electrical. This option was the only way I could get a nice house with my salary at the time, everyone said I was crazy and it was a hell of a lot of work but I'm sure glad I did it in the end.

Thats amazing that you built your own house. My dad has been a Plumber his whole life and built many houses. I wish I knew a 1/10th of what he knows. The knowledge is definitely out there but you have to spend time to acquire it. Must have been satisfying to build your place. I remember working as a Pilot out of Calgary years ago and I was making low money so I decided to get into a trade part time. I bought a newspaper, went to the classified job ad's and called the first phone number looking for a "Framing/Carpenter Helper." He said I could start tomorrow morning, 10$/hr to start and I would have to buy my own tool belt, etc. It was an amazing opportunity into the trade. He said I could work as much as I wanted as well. The flying job didn't work out long term and I had to relocate but it shows that there are opportunities to learn the trades and save a bunch of money either building your own place or even maintaining it. Unfortunately I never continued into a trade and stuck to the flying thing but I wish I had stayed in it on the side. Again, great job on the house build...

[jakeandelwood]

Another option to consider if you have the ambition and drive is to build your own house, I did it, it took me 5 years while I worked full time and lived in a travel trailer in the driveway. Im not talking about paying a contractor to do it for you, or being your own contractor, I'm talking about doing it all yourself. That was the best financial decision I ever made. I bought a lot with a teardown house on it for 190k, spent 10k on the demo and 60k on building materials (houses are actually fairly cheap when you don't have to pay someone to put it all together!) So now I have a mortgage on 190k and a house that's been assessed at 450k, way better than a mortgage on 450k. Since I just bought materials as I went over 5 years I just paid out of pocket and it wasn't so bad. The building inspector told me I easily saved 20k doing my own plumbing and electrical. This option was the only way I could get a nice house with my salary at the time, everyone said I was crazy and it was a hell of a lot of work but I'm sure glad I did it in the end.

Thats amazing that you built your own house. My dad has been a Plumber his whole life and built many houses. I wish I knew a 1/10th of what he knows. The knowledge is definitely out there but you have to spend time to acquire it. Must have been satisfying to build your place. I remember working as a Pilot out of Calgary years ago and I was making low money so I decided to get into a trade part time. I bought a newspaper, went to the classified job ad's and called the first phone number looking for a "Framing/Carpenter Helper." He said I could start tomorrow morning, 10$/hr to start and I would have to buy my own tool belt, etc. It was an amazing opportunity into the trade. He said I could work as much as I wanted as well. The flying job didn't work out long term and I had to relocate but it shows that there are opportunities to learn the trades and save a bunch of money either building your own place or even maintaining it. Unfortunately I never continued into a trade and stuck to the flying thing but I wish I had stayed in it on the side. Again, great job on the house build...

Thank you. It was satisfying for sure, especially when you finally get out of the ground and start framing and have something that starts to look like a house. I tell ya though I had my doubts when I 1st started and I just had demoed the old house and all I had was a lot with a mountain of demo waste on it. I thought what the hell am I doing? Good thing I'm stubborn or I would have given up. I have a lot more respect for contractors now and the organizing that is involved.