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How Do I Calculate What Mortgage I Can Afford in Thornhill?

By cjp
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We are looking for a new home, but we are struggling with trying to figure out what mortgage we can afford? How do I calculate what mortgage I can afford in Thornhill?

Answers

By Michael Steinman
Hi, 
 
This is a great question. Before you really begin your search, you need to get a handle on how much you can actually afford.  There are a couple ways to do this. To get a very general idea, you can start by going to any of the major bank's websites. They usually have a mortgage calculator tool which will help you determine how much your monthly payments would be based on the amount you are able to put down as a down payment on the property.  One that I find very useful is the one offered by TD Canada Trust.
 
Once you have a rough idea of the borrowing cost, you will need to speak to someone to figure out how much you can actually afford to borrow.  I like to use mortgage brokers as opposed to the banks for this as the mortgage brokers go to many different lenders in order to get you not only the best available rate, but also a product that works best for you.  The  two mortgage brokers that I use are Trendy Mortgages and my contact there is Anne Goodman-Cuttler.  The other one is Sherwood Mortgage Group and my contact there is Eric Iankelevic.
 
This should get you on your way to figuring out what you can afford. If you have any further questions, please let me know!
 
Mike
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Hi Michael, thanks for the great information. For anyone looking for information about how much they can afford, I’m happy to answer questions at any time. Mortgage shopping can feel like a tedious and time consuming process, so we do that shopping for you while just pulling your credit information once. There are so many lenders out there and mortgages with many different features. We work with you to simplify the process and then we present you with the lenders and mortgages that fit your circumstances and are the best fit for you. In addition to the rate, there are many features of a mortgage that affect your overall cost. We explain the differences to you so that know when you are getting the mortgage that costs you the least over the course of the term.

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