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klbogema · Joined: 23 Jan 2010 Posts: 1 1.38 Dollars($)

I am currently a university student, enrolled in honours co-op (I have class for a term, work for a term, class, work... for 5 years) and I average 6000$ per work term, as well as 2000$ from part time work during school. I will also have a border who will be making equal payments, as long as they are <500$ a month. Housing seems pretty cheap right now, and I am wondering if I am better to take out a mortgage ( which I will not finish paying, I plan to sell when I graduate) but pay into that as oppose to paying monthly rent as a tenant.

My logic is if I actually buy a house, I will be basically making the monthly payments back to myself when I sell the house, as opposed to paying rent, money that I will never see again.

Thoughts, opinions, and suggestions GREATLY appreciated =)

gmakerley · Posted: Mon Jan 25, 2010 8:17 am Post subject:

lenders are dubious when it comes to someone in your position. you're only making a stipend from your work, which is not truly a "job." also, you cite what appears to me to be about $14000 in annual income from that plus your part time work. boarders are not typically going to be beneficial to you, other than as a compensating factor.

it may be quite difficult for you to achieve your goal of purchasing at this time, but you can certainly discuss it with a lender in your area to get a better feel for things.

i'm not optimistic for you, however.

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Want to buy a home as an "investment"