Canada how much mortgage can i afford

You can include an email signature? Are you looking to buy or to rent? Buy I want to be a homeowner. Rent I like the flexibility of renting. I'm not sure Show me both options. Please contact your branch or call Find out how much mortgage you can afford. Enter city and province. Use current location. How much mortgage can I afford? How your down payment affects affordability The amount you have saved for a down payment is also another important piece of information to help determine affordability.

Navigate up to edit previous step Step 2 of 6 What kind of home are you looking for? Navigate up to edit previous steps Step 3 of 6 What is your annual income? What is your gross annual household income? Navigate up to edit previous steps Step 4 of 6 How much do you have for a down payment?

Navigate up to edit previous steps Step 5 of 6 What monthly expenses do you have? Additional expenses:. Your monthly income before taxes. Please do not include rent or housing expenses. Navigate up to edit previous steps Step 6 of 6 What are your monthly payments for loans, car loans, leases, lines of credit and credit cards? It doesn't take that much to qualify and your real estate agent can normally ensure that you are qualified before you go out and start putting bids on homes.

Depending upon how much you qualify for, you can impact the amount of the loan you may need to purchase a property.

There is also a program which provides tax credits to disabled people. A good mortgage broker is normally able to put you into a program at a competitive rate.

Banks like the Bank of Nova Scotia are national and can also provide immediate financing for your loans. In practice, however, most buyers end up pre-qualifying with a bank or a realty institution through their real estate agent or mortgage broker. In that process, your needs and requirements are taken into consideration and matched with a lender that can provide the best service for you. In other words, you may end up with a completely different bank holding your paper than when you started.

As long as the loan is backed and it meets your terms, you should feel confident in signing it. Vancouver is one of the most beautiful cities in North America. Its continued development as a major hub on the Pacific rim causes it to be a magnet for investment from Asian countries. Please note that it is assumed the down payment is not borrowed. Please specify your yearly or monthly gross income. This value should be the total of the household income if you are buying the property with a partner.

If you have sources of income other than a salary, ask your lender if they will include these sources for mortgage qualification. For example, self-employment income, commissions, bonuses, tips, investments, rental income, spousal and child support payments, disability insurance payments, etc.

We want to hear from you! Please tell us what you think of this tool and how we can make it better. Skip to main content Skip to "About this site". The bank must use the higher interest rate of either: 5. This is the amount you expect to borrow from your financial institution.

It may include the purchase price of your home plus the mortgage loan insurance.