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Stories Tagged - Certified Financial Planner
News
May 02, 2018 | Gerald Vander Pyl
Crunching the numbers
How much home can you afford?
Shopping for the home of your dreams requires knowing how much you can afford to spend, which for most buyers ties directly into a mortgage.
Financial institutions in Canada look at a buyer's Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to help determine how much mortgage to approve, and therefore, how much home a person can afford.
Shopping for the home of your dreams requires knowing how much you can afford to spend, which for most buyers ties directly into a mortgage.
Financial institutions in Canada look at a buyer's Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to help determine how much mortgage to approve, and therefore, how much home a person can afford.
News
Aug. 02, 2017 | Natalie Noble
Don't delay, start saving
Putting together your first down payment is all about planning and prioritizing
With changes to mortgage regulations and the Bank of Canada's qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower's gross income.
"The debt ratio makes a big difference to your purchasing power when buying a home," said Calgary mortgage broker Monika Hägele. "Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt."
With changes to mortgage regulations and the Bank of Canada's qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower's gross income.
"The debt ratio makes a big difference to your purchasing power when buying a home," said Calgary mortgage broker Monika Hägele. "Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt."
News
Aug. 02, 2017 | CREBNow
Don't delay, start saving
Putting together your first down payment is all about planning and prioritizing
With changes to mortgage regulations and the Bank of Canada's qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower's gross income.
"The debt ratio makes a big difference to your purchasing power when buying a home," said Calgary mortgage broker Monika Hägele. "Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt."
With changes to mortgage regulations and the Bank of Canada's qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower's gross income.
"The debt ratio makes a big difference to your purchasing power when buying a home," said Calgary mortgage broker Monika Hägele. "Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt."
