Hi,

I have been trying to figure out what mortgage we would be entitled to based on joint earnings of $80,000.

I looked at the CMHC website that I was given from other posters on this forum.

Once I entered all the finincial information it said that we would only be entitled to a $190,000 mortgage??

This to me seems awfully low.

I didn't know if anyone knew of any brokers that can offer you a bigger mortgage or whatever?

I would be grateful for any information.

Many thanks.

Try this link.

http://www.mortgagecalculatorcanada.com/#

Hi,

I have already used a mortgage calculator. That is what I don't understand. How they can only offer a $190000 mortgage when the joint income is $80000

I would be grateful if anyone could answer this question.

Thanks

It could be due to the amount you can put down as a deposit, or it could be the fact that when you move you don't have a credit score Thing should be different once your actually there, and can shop around mortgage brokers

It will depend on your deposit

You will need 10% deposit at least and then you could borrow 35% of your monthly wages

We have just gone through a morgage, used the morgage calculator and it was totally false, if that helps

we contacted a broker who gave us all the information and we have just secured our morgage, so he can,t be wrong
If you can advise where you are off to, then people could advise which broker they used

Dont forget, it's not based on salary multipliers. In Canada you're assessed on your monthly take home pay- they'll only let you have a certain % go to your mortgage, and if you already have other commitments- car/credit card etc, it will affect how much you can borrow.

Thanks for your replys everyone.

We are looking to settle in the GTA, Ontario.

Many thanks.

Some of the above posts are well intended but misleading. Your mortgage payment, taxes, condo fee(if applicable) and other debt payments should not exceed a certain percentage of your GROSS monthly income. The following site/mortgage calculator is from a Govt. of Canada agency, CMHC (Canada Mortgage and Housing Corporation) and should give you a better figure than your $190K.
If your downpayment is less than 20% of the purchase price/appraised value then you must, by law, buy default insurance, which covers the lender for any shortfall between realized price on forced sale and the outstanding mortgage. The cost of the insurance can be, and usually is, added to the mortgage amount. If your down payment is 20% or more then this is a moot point.
http://www.cmhc-schl.gc.ca/en/co/buho/buho_007.cfm

That does seem low- if you want to PM me I can give you more of an idea .

No you are assessed on your monthly gross pay and any debts, property tax and heat.

Plugging $80,000 into the calculator posted earlier, estimating $3000 for property taxes (very roughly - probably on the low end for GTA), $80 for heating, it came back with over $300,000. I think there is something wrong with the calculator you were using.

Hi guys

Just as an aside on this- my bosses website below, has some great calculators on it along with the posted interest rates- it should help you guys work out more accurately what you may be able to borrow. Hope this helps!

Just go to the resources section(bottom RHS of page) and then mortgage calculators- you will find all sorts there- even scenarios of what if I paid this much extra etc...

Wow! Milton property taxes is 0.91% (do thay work it out on the value of your house?)

Also, how much deposit did you state? I only put $10,000

Thanks!

It's more complicated to work out the taxes than that, there's a nominal value for the house which varies from the actual value and a tax rate (the mill rate) applied against that value. Still, all the houses I've paid taxes for have cost at least $1,000/yr for $100,000 in value.

$1000 per $100,000 is a good rough estimate to use for Milton. Since your most basic townhouse is probably close to $200,000, and your average semi starts at around $300,000, that's where I guestimated the tax from.