When I applied, just the opposite was true -- they did look at my actual debt load, and also at the ratio of my debt to the total credit available to me; having more credit and not running up a higher bill would've improved that ratio and therefore been even better for me.

This is how it was for us, too. Canadian banks must be different.

Do you guys have to pay mortgage insurance?

Lookit my pretty baby! [link]

Do you guys have to pay mortgage insurance?

Yes. Or, rather, I would if I had a mortgage, which I don't, so, technically, no, not personally, but, generally speaking, mortgagees do.

Why am I so cruel to commas? I don't know.

And, if it needs to be said, I am with Dana and Daisy on the lack of magic in certain hearts.

So cute, flea! Full of glee!

Do you guys have to pay mortgage insurance?

We don't, but then, we don't technically have a mortgage (since it's a coop, not a condo).

Adorable.

OK, I need an intervention. I'm trying to listen to the radio, read the monitor and surf. I need to walk away from the computer but I have this block about not monitoring it even though it really doesn't need to me to while it loads music. Sheesh.

Do you guys have to pay mortgage insurance?

We didn't, because our down payment (and therefore our equity) was at least 20%.

Here, for single family homes, you generally have to buy private mortgage insurance, on the difference between your down payment and 20% of the purchase price.

You do have to purchase home owners insurance though (which covers for things like fire, and against personal injury claims, etc.), to protect the bank's investment.

We didn't, because our down payment (and therefore our equity) was at least 20%.

Oh, then maybe that was why we didn't have to. (All I know is our broker never mentioned it.)

You'll probably need some kind of insurance Jess, for hazard-y stuff.

What's the difference between a co-op and a condo?