Hi  {first_name} 

How much will they loan me? How much can I afford?
 
This question in some form is on everybody’s mind. I know what house cost and I know what I'd like to buy, but can I borrow that much money?
 
Here is a CRASH COURSE for you!
 
The amount of money you can borrow is directly proportional to your income. We go into it here, you have to be able to prove your income. For many that's easy, you get a T4 from your employer, the CRA issues you a Notice of Assessment (NOA). People who are in Business For Self (BFS) may use bank statements or other alterative methods to proof their income.

Not to get too complex, the lenders have guidelines as to the maximum percentage of your income that can be used to service the mortgage payment. As well as to service your total debt load, this would include credit cards, car payments and student loans.
Let's not forget that we also have to qualify using the Stress Test as well.

Here are examples:

Mortgage                            Required Income

$100,000                                   $32,000
$200,000                                   $50,500
$300,000                                   $69,000
$400,000                                   $87,500
$500,000                                 $106,000

MORTGAGE + DOWN PAYMENT = PURCHASE PRICE

The above is for illustration purposes only, as there are a number of contributing factors in each individual case, you need to contact me to review your specific circumstances.


To talk to me can reply to this email or use this LINK to book an appointment with me.
 
I look forward to speaking you in the next day or two! Thanks for booking your appointment!
 
Richard

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