How much can you afford?

Buying a home usually means obtaining a mortgage loan. Below, you will find a useful mortgage calculator that will give you the monthly payments that you could expect given your particular financing situation. Remember, this is only the begining. You will want to contact your bank or a mortgage broker and confirm the amount you can spend and have them draft a pre-approval letter with their commitment.

For your information, lending institutions will calculate your household income by the following ratios in order to evaluate your mortgage application;

Gross Debt Service Ratio (GDS) - usually 32% of monthly gross household income, to cover the mortgage payment (principal, interest & taxes), energy costs and condo fees (if applicable). 

Total Debt Service Ratio (TDS) - usually 40% of monthly household income, to cover the mortgage payment (principal, interest & taxes), energy costs, condo fees (if applicable), car loans, credit cards and all other debt owed by the applicant. 

Please fill out the information below and I will put you in touch with a trusted mortgage professional who will provide you with a depth of knowledge, explain all of your financing options and get you the best rate!