Mortgage affordability workbook

Using the following steps you will be able to estimate the monthly mortgage payment for which you may qualify and then you can calculate the maximum mortgage for which you would be approved. Different mortgage lenders have their own criteria, limits and requirements for placing mortgages. The requirements also change so speak with your mortgage broker to determine the requirements for the mortgage you would like to attain.

Many lenders currently use a 32% Gross Debt Service Ratio and a 40% Total Debt Service Ratio but for those clients with a credit score of 700 or greater they might be approved for a mortgage with a Total Debt Service ratio of up to 44% and the GDS not even be taken into consideration.

Download Mortgage Affordability Workbook