Читать книгу Complete Home Buyer's Guide For Canada - Geraldine Santiago - Страница 26

The easiest way to determine how much money you will be able to borrow as a mortgage loan is to consult with one or two lending institutions. These lenders will apply standard tests, based on your family’s current income and debts, in order to determine the amount of money they will lend to you. They will ask for information about your finances and make a thorough credit check, in order to be sure you are able to repay a loan.

If you would like to find out how interest rates have been changing in the past ten years, log on to www.bankofcanada.ca/en/rates.htm

Lenders look at your income and your other financial obligations when they assess how much you can afford to pay in mortgage payments. Allow no more than 32 percent of your gross monthly income (before deductions) to make your monthly housing payments. This test of your ability to repay a mortgage loan is generally referred to as the gross debt service ratio.

The Canada Mortgage and Housing Corporation (CMHC) Web site has complete forms to determine your maximum housing payment, based on your financial obligations: www.cmhc-schl.gc.ca. Some lending institutions and realtors also provide these forms on their Web sites.