Determine Your Affordability

For institutional financing to be an option, you need to know what you can afford. There are several tools online that will help you. You should also work with your mortgage broker to determine your affordability.

What Can You Afford?
By entering your annual income, monthly debts, your down payment, and interest rate, you can find an estimate of the mortgage you can afford. There are a number of online calculators that can help you determine your affordability. You can use whichever one you prefer, but here a few suggestions to get you started.

CMHC Affordability Calculator
The Canada Mortgage and Housing Corporation (CMHC) has a great online Affordability Calculator.

Bankrate’s Affordability Calculator 
We found this great article from bankrate.com that includes an affordability calculator while also breaking down and defining each component required to determine your affordability. It also includes a section for top mortgage rates in the United States.

What Factors Affect Your Affordability?
Ask any of the communities you participate in and pick the top response. For many of us, Keyspire Inner Circle, or Income Property Labs are your communities, but you can ask any you participate in.

You will want to answer the following 3 questions:
 

 
Go ahead – we will keep an eye out for your questions in the groups 🙂