How much can I afford? I think affordability is a state of mind. The person who can best determine how much you can afford for a mortgage is you. However, obviously we have to have some parameters in place to determine qualifying for the mortgage. So we use things like your income, how much personal debt you are carrying, your credit history, interest rate for the mortgage that you are applying for, length of the amortization, how much are the property taxes, condo fees if applicable.

Now what it doesn’t factor in is your lifestyle and you are the best person to determine what you can afford for a mortgage. Now, let me go further on that. We are very careful to ensure that our customers are not buying a home at the farthest end of their affordability. In today’s uncertain and volatile markets and the fact that we are in record low interest rates, it is really, really important that our customers are protected against the inevitable payment shock as interest rates rise.  Check out this video on interest rates Calgary

To find out more information about that please contact one of our Calgary mortgage brokers at Canada Mortgage Direct.

Thanks for watching.

If you would like more information on this or other mortgage related topics contact Canada Mortgage Direct in one of the following ways:

Visit our website at CanadaMorgageDirect.com.

You can phone our office: 403-250-2100

Or you can email us at Save@CanadaMortgageDirect.com

We would also like to invite you  to the Canadian home Buyers Academy and you can visit us there at the CanadianHomeBuyersAcademy.com

Thanks again!