With all the rules around qualifying for a mortgage who knows anymore how much you can do. The experts say for a $467,000 home you will need to have a household annual income of $115,000. This is all based on a current stress test interest rate of 5.34%, 5% down payment and no other monthly debt repayments.
As if calculating what you can qualify for on a mortgage wasn’t already clouded the stress test adds considerably to that cloud. This is also a moving target so there is no rule of thumb on this one. Visit a Mortgage Broker to help you get a clear understanding.
