Determine Your Mortgage Amount With Mortgage Affordability Calculator
The affordability of a mortgage is determined by a number of economic factors, only some of which are within your control, and by Canada's stringent mortgage lending regulations. You have a little more control over the amount of mortgage you might be approved for if you understand how mortgage affordability is calculated. Some Affordability Factors for Mortgages · Your Income The ability to pay a monthly mortgage on the home you wish to purchase is a requirement for lenders. The sum will change depending on the city. However, your ability to pay off a mortgage each month depends on more than simply your income. It impacts your ability to save a certain amount for a down payment as well. · The Down Payment A minimum down payment of 5% of the purchase price is necessary in Canada when purchasing a home. But only for homes that are worth less than $500,000. You will be required to pay down 5% of the whole amount up to $500,000 and 10% of the total amount over $500,0