|
|
|
|
Legal Line® provides Free legal information to Canadians through its website, telephone and fax-on-demand systems.
1,000 topics are covered within 35 areas of law...
Search...
Ontario|Real Estate LawMortgages 408 How much can you qualify for? When buying a home, the generally accepted practice is that the purchaser spends no more than 25 percent of their gross monthly income on principal, interest and taxes. However, most financial institutions will use an established formula to calculate exactly the amount of the mortgage loan they think you can reasonably handle, taking into account your existing debts and the various other expenses that are involved in owning a home. Your real estate agent or local bank branch can help you determine what mortgage loan you can qualify for based on current interest rates.
|