Mortgage Affordability Calculator: How Much House Can I Afford?

Anyone who wants to buy a house or condo is asking this question: How much will I qualify for? Under the new mortgage rules, brought in by the federal government in October 2016, home buyers who put down less than 20% need to qualify for the ‘posted’ interest rates.  These rates are currently around 4.6%.  Here is a mortgage affordability calculator to help you in your preparation.  Please note that this is simply a tool:  buyers will still need to be properly pre-approved thru their lenders.

 

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