When shopping for a mortgage, you want a lender who can offer you a low interest rate, with accompanying term, benefits and restrictions that will work best for you.
It is advisable to keep your total monthly mortgage payment at no more than 30% of your total monthly income. It is a good idea to talk to your bank or a mortgage broker about being pre-approved for a mortgage so that you can bid with confidence once you find your dream home, and to avoid hassles and disappointment later. One of our experienced realtors would be happy to offer you advice on how to get started with this process.
You can enter the amount you would need to borrow or “loan amount” (The price of the home you are interested in minus your down payment) to find out what your monthly mortgage payments might be, so you can ensure your choice of home fits your budget.
Enter the loan amount, the yearly property taxes, current interest rate, Land Transfer Tax ( calculate it here ) and private mortgage insurance (calculate it here) if your down payment will be less than 20% to see how much your monthly payment could be.