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Could I mortgage a house while studying? Watch

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    so I'm still in school but I was wondering would I be able to mortgage out a house ~500k $(Canadian) while studying? If I worked part time? Lets say I wanna get a house by 24… is it possible to mortgage a house while I'm doing my majors? Would i work full time or part time?
    thanks
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    lol
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    OP do you understand what a Mortgage is ?
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    (Original post by zippyRN)
    OP do you understand what a Mortgage is ?
    yeah u pay fixed rate monthly after u pay down a percentage of the house like 20%.
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    Seriously what? I'm working hard to be afford a mortgage and you're just going to take it WHILE STUDYING? F youuuuu
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    (Original post by ExamsAreOver)
    yeah u pay fixed rate monthly after u pay down a percentage of the house like 20%.
    and how exactly are you going to pay that when you do not have an income ?
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    (Original post by zippyRN)
    and how exactly are you going to pay that when you do not have an income ?
    is it possible to work full time while studying? it not I plan on working part time atleast. I plan on doing this at the majors level so at least I'd have a bachelor's degree so pay wouldnt be THAT bad
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    The amount you can borrow depends on your income and affordability. You need to earn at least £65k to borrow the 500k CAD / 307k GBP you'd need. Not going to go into that much detail but your answer is basically No.
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    (Original post by NX172)
    The amount you can borrow depends on your income and affordability. You need to earn at least £65k to borrow the 500k CAD / 307k GBP you'd need. Not going to go into that much detail but your answer is basically No.
    at what age do people typically buy a house and if it's like 30 years, they live on rent for like the 10 years in university?
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    (Original post by ExamsAreOver)
    at what age do people typically buy a house and if it's like 30 years, they live on rent for like the 10 years in university?
    In the UK, it's about 37 now due to prices outstripping earnings and the need to save for a sizeable deposit whilst simultaneously paying high rents. It also depends if you want to live in some shoebox of a dump in some crappy neighbourhood or actually live somewhere decent.
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    (Original post by ExamsAreOver)
    at what age do people typically buy a house and if it's like 30 years, they live on rent for like the 10 years in university?
    Well, completely depends on the job you get after Uni and how good you are at saving. I bought my first house at 22. My ex tenants aged 24-25 both bought houses after renting from me for 2 years.
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    (Original post by NX172)
    Well, completely depends on the job you get after Uni and how good you are at saving. I bought my first house at 22. My ex tenants aged 24-25 both bought houses after renting from me for 2 years.
    You were still studying in uni when you bought a house?
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    (Original post by Retropattern)
    lol
    I second this
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    (Original post by ExamsAreOver)
    You were still studying in uni when you bought a house?
    Its not unknown for wealthy parenst to buy their children a house to live in at their place of study.

    Do you have a secure job that will let you earn a sufficient amount to service a $500k mortgage plus an amount for the deposit?
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    (Original post by ExamsAreOver)
    You were still studying in uni when you bought a house?
    No, I bought it a year after graduating. At the time, the government grant covered my tuition and I lived at home, even when I started working so I was able to save almost all my earnings.
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    (Original post by 999tigger)
    Its not unknown for wealthy parenst to buy their children a house to live in at their place of study.

    Do you have a secure job that will let you earn a sufficient amount to service a $500k mortgage plus an amount for the deposit?
    after I get my bachelor's, and start my masters I'd hope a job would pay well enough.
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    (Original post by NX172)
    No, I bought it a year after graduating. At the time, the government grant covered my tuition and I lived at home, even when I started working so I was able to save almost all my earnings.
    so u got a bachelor's degree and then started working full time?
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    (Original post by ExamsAreOver)
    after I get my bachelor's, and start my masters I'd hope a job would pay well enough.
    The key is having the deposit. Normally 10%+
    You cna normally look at online calculators for banks in your region to show you how much you could borrow. You might be being a bit optimistic Mortgages are long term agreements oing over 15-25 years.
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    (Original post by ExamsAreOver)
    is it possible to work full time while studying? it not I plan on working part time atleast. I plan on doing this at the majors level so at least I'd have a bachelor's degree so pay wouldnt be THAT bad
    Are you sure you are intelligent enough; work full time while studying?
    Yes, I suppose so if you work a night shift.
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    (Original post by ExamsAreOver)
    so u got a bachelor's degree and then started working full time?
    Yes. I finished my Bachelor's and decided to have a go at finding a job and sure enough, got a good one a month later. Didn't pursue my Masters after that, obviously.
 
 
 
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