How Much Can I Afford?
The shortest answer to that question is: it depends on a number of factors. The most important are your gross
household income, your down payment and the mortgage interest rate. Lenders will also consider your assets and
liabilities. Your own lifestyle and debt comfort zone also come into play.
* Use the Mortgage Calculator to estimate the maximum mortgage you can afford
This calculation is based on two simple rules that lenders use to determine how much of a mortgage you can
- The first rule is that your monthly housing costs should not exceed 32% of your gross monthly household
income. Housing costs include monthly mortgage payments, taxes and heating expenses. If applicable, this sum
should also include half of monthly condominium fees.
- Secondly, your entire monthly debt load should not be any more than 40% of your gross monthly income. This
includes housing costs, and other debts such as car payments, personal loans, and credit card payments.
Backed by a team of experts, I can refer you to one of our select Mortgage Brokers, one that will work one-on-one with you to develop a comprehensive plan one thats right for you and your familys unique needs and goals. And, they will maintain ongoing contact to ensure your strategy remains flexible enough to move with you through each stage of your life. You can be confident that I share your goal of enhancing your Real Estate success over the long term.
Get comprehensive and personalized Real Estate advice.
Contact Harris First today, at 778-320-3782 or Harris@HarrisFirst.ca.