How much will your monthly mortgage payment be?
Here are the current mortgage rates with the monthly payment amount, per $100,000 of outstanding principal. Mortgage rates tables provided by Alan Gilman with Dominion Lending Centres The Mortgage Source 613-552-1572.
September 13th Mortgage Rates and Payments
August 22nd Mortgage Rates and Monthly Payment
August 15th Mortgage Rates & Monthly Payments
August 1st 2023 Mortgage Rates
July 15th 2023 Mortgage Rates
Summer has arrived and with listings down and rates high, it can be a challenging time for buyers. That's why it is so important to have a dedicated mortgage broker in your corner!
More information about Your Mortgage:
When you buy a home, chances are that you'll require a mortgage as part of your financing. It helps to be prepared by having all the information and documents ready when you meet with your bank or mortgage broker.
Affording a Home.
Your "Dream Home" can quickly become a nightmare when you end up "House Poor", with your mortgage eating up all your money and little left over for enjoyment.
When buying a home, you need to be practical and realistic. Over-extending yourself financially is the quickest way to destroy the excitement of owning your own home.
What You can Afford to Buy.
Setting a maximum price range is more important than simply establishing an upper price limit because unanticipated costs could pushyou into the "House Poor" danger zone. To determine your "affordability" price range, you must calculate 2 amounts.
- The amount of cash you can put towards the purchase (the downpayment).
- The maximum amount of loan (mortgage) you can comfortably carry.
About Your Downpayment.
Put down as much of your own money as possible. Over the long-term it will really pay off.
You should keep a money reserve for unexpected bills, such as Land Transfer Tax, legal fees, mortgage arrangements, moving expenses, new furnishings and appliances.
How Much You can Afford to Borrow.
The first step towards establishing a maximum mortgage limit is to calculate a monthly payment you can afford. Financial institutions do this by calculating your Debt-Service-Ratio.
To calculate your debt-service-ratio, list all your loans (car, personal loans, monthly credit card payments).
The sum of these Loan Payments + Your Mortgage Payment (including principal, interest and taxes) should not exceed 42% of your gross income.
The Mortgage Payment + Taxes should be no more than 30% of your gross income
Interest Rates and Other Variables.
- Higher Interest Rates = Less House
- Lower Rates = More House
But there are other mortgage terms to consider as well.
- How Open is the Mortgage ?
- Will Pre-Payment be allowed ?
- Is the Mortgage portable ?
Discuss your mortgage options with a Realtor mortgage broker or your banker/financial advisor...
Establish a Limit and Stick To It !
Quickly see how much Your Payment will be, use our Mortgage Payment Calculator
