Let us help you make your dreams come true! Whether you are a renter with the desire to purchase a home now or in the future, a homeowner wishing to upgrade or downsize, or if you want to access the equity you have accumulated in your current property, we can assist you every step of the way.

In the past, purchasing a home was a very simple and straightforward process. Today, buying a home is far more complicated: there is much more competition and a wider range of financing options to consider.

If you are purchasing a property, our Mortgage Professionals will walk you through the exciting process of making your dream come true!

Determining How Much Home You Can Afford

This is the most important step of the process. What can you afford? The answer to this question depends on a number of factors; the most important are your gross household income, your down payment, and the mortgage interest rate. Your lifestyle and debt comfort zone also are part of the answer.

There are two simple rules to determine how much you can afford:

1. The first rule is that your monthly housing costs shouldn’t be more than 32% of your gross household income. Housing costs include monthly mortgage principal and interest, taxes and heating expenses. In the case of a condominium, the rule also includes half of the monthly condominium fees.
2. The second rule is that your entire monthly debt load shouldn’t be more than 40% of your gross household income. The monthly debt load includes housing costs and other debts such as a car loan, any personal loans and credit card payments.

Keep in mind that the lower your debt load, the more comfortable your home and lifestyle will be. Our mortgage specialists will assist you in being house proud not house poor!

Contact Us
Lending Services Education Centre 519-742-3500 TechTown 519-772-3050 Click to email Lending Services