What Can I Afford for a Mortgage?

January 25, 2019

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.