One of the first steps in buying a home is to understand what your actual price range is – this is determined by 2 primary factors: how much you have for a down payment and what you can qualify for as your monthly payment based on your income and expenses.
To help you figure out what that monthly payment amount can be CMHC (Canada Mortgage and Housing Corporation) has developed a great new free tool that takes you through a series of questions about your finances and calculates what you can potentially be approved for. As all mortgages in Canada that are processed with less than 20% down MUST be approved by CMHC making this little tool very helpful for people shopping for a new home.
To access the calculator please visit: http://www.cmhc.ca/sharing/en/householdbudget.html
To see more mortgage calculators on topics including amortization, interest rates, and down payments please visit: http://www.larryarnason.com/calculators
If you have any questions about getting approved for a mortgage in Canada or about refinancing / renewals in Canada please visit us online at or give us a call at 403-265-5363 anytime.
Happy house shopping!
Larry Arnason, Your Mortgage Expert