Mortgage Qualifier:

 

Quick Qualifier

Use the following form to pre-qualify yourself. This is a time-saving device to be used as a general guideline. If you have any questions at all, please call us!

 

1. Maximum monthly housing costs you can afford
(Gross Debt Service (GDS) ratio)

Your gross monthly salary (income before taxes)

   $
(Do not use Commas)
Plus your spouses gross monthly salary + $
Plus any other monthly income + $
Total = $
X 32% = YOUR GDS RATIO RESULT:
(the maximum monthly housing costs you can afford) 		  $
       

 

2. Maximum Monthly debt load you can afford
( Total Debt Service (TDS) Ratio)

Total monthly income

  
$
(Do not use Commas)
X 40 % = the Maximum monthly
debt service load you can afford 		  $
minus monthly auto payments - $
minus monthly loan payments - $
minus monthly credit card/Line of credit payments - $
minus other monthly payments - $
= Monthly income left for housing = $
     

 

The above maximum monthly payment includes principal, interest, taxes, heating (PITH) and 50% of the condominium fees.

If the home you want costs more per month than you can afford right now, consider these strategies:
• Consider a less expensive home
• lower your non-housing debt obligations
• raise a large down-payment

 

3. Maximum Home Price You Can Afford


This table gives you an idea of the maximum home price you can afford. These estimates take into account household income and percentage down payment you have. They assume a mortgage interest rate of 10% , average tax and heating costs in Canada, and the mortgage an average Canadian would qualify for based on a 32% debt service ratio.

 

Household Income 10% Down Payment Maximum Home Price 25% Down Payment Maximum Home Price
$25,000 $5,400 $53,800 $16,500 $66,200
$30,000 $7,000 $70,000 $21,500 $86,000
$35,000 $8,600 $86,100 $26,500 $105,900
$40,000 $10,200 $102,300 $31,400 $125,800
$45,000 $11,800 $118,400 $36,400 $145,700
$50,000 $13,500 $134,600 $41,400 $165,500
$60,000 $16,700 $166,900 $51,300 $205,300
$70,000 $20,000 $199,200 $61,300 $245,000
$80,000 $23,200 $231,500 $71,200 $284,800
$90,000 $26,400 $263,800 $81,100 $324,500
$100,000 $29,600 $296,200 $91,100 $364,300


(Figures are rounded to the nearest $100.00)

 

 
  
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