How much can you afford?
The most important aspect of buying a home is to obtain a mortgage loan. We know mortgage guidelines have changed on October 17th 2016, the new stress test came into effect for all insured mortgages, now you have to qualify with the Gross Debt Service Ratio no matter what type of down payment you have on the purchase. The first step you need to consider on what you can qualify for, is the GDSR - you take your Gross monthly income times by 32% to give you the maximum allowable cost you can afford to pay on your home, monthly. This will include the mortgage monthly payments, property tax, heating and condo fees (if applicable). To figure the amount of a loan you can qualify for with this calculator is to put in the amount you are looking for to purchase a home which will provide you with the amount of monthly payments. If the monthly payments equal or are less than the previously established GDSR monthly payments then this is what you can expect to get in a loan, given your particular financial situation.
If you do require mortgage assistance? I can put you in touch with trusted mortgage professionals who will provide you with in-depth knowledge, explain all of your financing options and get you the best rate!