How to calculate what you can afford for your mortgage payment

By
Mortgage and Lending with Arnason Mortgages

 

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

 

 

Posted by

Calgary Mortgage Broker, Larry Arnason - proudly serving Calgary and the surrounding communities, Airdrie, Lethbridge, Red Deer, and northern Alberta.  You can lern more about Larry at www.larryarnason.com

One of Calgary’s leading mortgage brokers since 2003, Larry's success stems from a strong motivation to help individuals and families achieve their dreams and find their perfect home with the best mortgage options and rates. As a Mortgage Broker Larry works for you, not a bank or specific lender – he is able to provide impartial advice on your mortgage and find the best rate with the best terms and options to suit your unique financial needs whether you are buying a new house, renewing your mortgage, or refinancing.

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Rainmaker
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Christopher Pataki
RE/MAX Associates - Hockessin, DE
Hockessin Delaware Real Estate

Thanks for sharing...................chris

Nov 22, 2011 04:10 AM #1
Rainer
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Larry Arnason
Arnason Mortgages - Calgary, AB

Thanks for the feedback and for visiting Chris.  I hope business is going great in Delaware!

Dec 15, 2011 02:36 AM #2
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Rainer
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Larry Arnason

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