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How much mortgage can I afford?



 

Looks like you’re buying a new home – congratulations! It’s a big decision and while you may be wandering into new territory, we’re here to help simplify and guide you through the process from start to finish.

Right now, you might be asking yourself, ‘how much of a mortgage can I afford?’

That’s typically determined by looking at two things.

First – your monthly debt service ratio. That’s when financial institutions look at your household income and compare it to your monthly housing costs, like assumed mortgage payments, property taxes and utilities, along with any other monthly debt payments you may have – such as credit card and car payments.

Second – Some assumptions around the mortgage you’ll ultimately choose, including factors like its amortization period, interest rate and the down payment you’re able to put down.   

To get a better understanding of what you may be able to afford visit our website to access our handy affordability calculator – it’s a simple tool that’ll allow you to plug in some of the these variables to calculate the Maximum Purchase Price and the mortgage amount you’d likely qualify for.
 
For a more accurate estimate, we would encourage you to visit one of our branches or speak with one of our Mobile Mortgage Specialists and complete a preapproval application. You can even submit an application online if you’re crunched for time. With a pre-approved mortgage in-hand, we’ll build your confidence, so you can shop with confidence.

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