01/25/2024
đź“– Quick Guideline for Homebuyers
This lists Home prices, minimum down payment needed, corresponding mortgage payments as well estimated minimum income required. This is just meant to give a rough estimate to those curious who haven’t started to chat with a mortgage broker yet! 💕 We’d love to chat about your personal situation so you have custom numbers for you to feel confident that you can go look at Homes! 🏡
For income, this is the gross household income of all sources of income that are eligible!
Variable Factors can included:
âś…Down Payment (Bigger down payment, lower payment, lower income needed)
âś…Rental Income (homes with inlaw suite, or duplex can decrease income needed)
Rate (Decreased rates = less income needed to qualify)
âś…Debt (Monthly Payments on Loans, and total amount owing on Credit Cards)
âś…Property Costs: Property Taxes, Heat, Condo Fees
****** Disclaimer*******
Everyone’s Finances and Application are Individual. These scenarios would be OAC and are to be used to give a general idea of income needed for certain mortgage amounts and their corresponding payments.
Used 4.99% - 5 Year Fixed (as of Jan 25/24) to qualify, over 25 year amortization, including CMHC fee. Based on 39/44 Qualifying. $3,500 Taxes, $1,200 Heat. No Condo Fees. No Debts. Credit 680+
If you have questions about your own scenario - DM me - Happy to help! Katherine McIntyre
Mortgage Broker
BRX Mortgages - FSRA #13463
[email protected]