Affordability Calculator

With all the OSFI rule changes brought into effect, knowing what you can qualify for based on the Stress test is very important. It allows you to go out and shop based on your affordability from your current income, debts owed, down payment, and of course, the stress test.

There is nothing worse than heading out house shopping looking at price ranges you think you can qualify for only to find the perfect property, write an offer on it and then find out that you do not qualify for that purchase price.

Playing without affordability calculator will give you an idea but it cannot replace a full pre-approval to ensure your credit is what meets minimum lender guidelines and then your current income, debts owed and down payment all play a key role in knowing exactly what you can head out and write an offer on.

Looking for more information about the affordability calculator? Mortgage Tailors are your local Edmonton mortgage brokers. We help with Edmonton purchases and securing the best Edmonton mortgage rates. Call us on 780.244.0505