Home / Mortgages / Mortgage affordability calculator + MORE Nov 19th

Mortgage affordability calculator + MORE Nov 19th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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While overall mortgage delinquency rates remain near historic lows, figures show an upward trend this year for borrowers with larger balances.

Continue Reading On canadianmortgagetrends.com »

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Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a many factors—more on those later. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, you should start by consulting an online calculator.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

What is mortgage affordability?

When people say “mortgage affordability” they’re referring to the maximum mortgage amount someone can afford to borrow, based on their gross income, debt payments and living costs. In short, the higher your mortgage affordability amount, the more money you could borrow to buy your new home. 

What factors help to determine mortgage affordability? These include your gross household income, the monthly expenses associated with the property you want to buy (think: mortgage payments, property taxes, heating costs and condo fees), as well as your debt obligations (credit card payments and car loans)…

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A reminder to Ontario brokers wanting to arrange private mortgage deals in the new year: the deadline to complete the new licensing requirements is quickly approaching.

Continue Reading On canadianmortgagetrends.com »

Getting a great mortgage in Canada can be tricky – let us help! Visit our Canadian Mortgage page for the latest rates and articles.

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