Buying a home is one of the biggest and most important investment many of us will ever make. Therefore it’s important to be able to know exactly how much you can afford to borrow for your mortgage beforehand whether you are a first time home buyer or looking into getting a second mortgage. The Canadian Mortgage App team has created a new and innovative affordability estimator to help you do just that.
By using industry standard debt service ratio (GDS / TDS), you can calculate exactly how much you can afford to borrow.
As you know, Canadian Mortgage App is not like any other app out there so it’s only expected that we would go above and beyond. Therefore, not only do we provide the option of seeing how much you can afford to borrow with a good credit score 32%/40% but we have worked with top brokers to also calculate an amount for an excellent credit score. We use a 39%/44% GDS/TDS ratio. Confused? Ask one of our Local Experts 🙂
We highly suggest experimenting with different mortgage rates, monthly fees and obligations, and amortizations periods as these will have an effect on the amount you can afford.
Also in this update, we have translated The Canadian Mortgage App in French, Chinese and Spanish that can be directly accessed from CMA’s side menu.
And remember that Sharing is Caring!
So make sure you tell your friends and family about the #1 ranked Mortgage App so they too can enjoy all the features offered.