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Affordability Calculator: Figure out what you can afford
https://www.cmhc-schl.gc.ca/en/consumers/home-buying/calculators/affordability-calculator/affordability-calculator-result
Homebuying calculators: Use the mortgage calculator, affordability calculator and debt service (GDS and TDS) calculator.
https://www.cmhc-schl.gc.ca/en/consumers/home-buying/calculators
If you’re thinking of buying a home or transferring or refinancing your existing mortgage, use these handy calculators to:
Figure out how much you can afford to spend on a home.
Determine what your mortgage payments will be.
Compare different ways of paying your mortgage off faster.
Add lump sum or top-up payments to your mortgage calculation.
See your amortization schedule (which provides a breakdown of principal and interest payments for the life of the mortgage)
What is a pre-approved mortgage?
It’s a written commitment from a lender that you will get a mortgage for a set amount at a set interest rate, locked in for 60-120 days, depending on the lender. The commitment is subject to a financial assessment and property appraisal. This service is always free and without obligation.
Why do it?
A pre-approved mortgage gives you an edge. Before you even start house hunting, you’ll know how much you can afford, your interest rate, and your monthly payments. With your financing already mapped out, you can concentrate on finding the right home in your price range.
A pre-approved mortgage shows you’re a serious buyer. In a situation where several people are bidding on the home you want, you may decide to offer the list price and beat out earlier offers.
From offer to closing
When you find the home that’s right for you, your next step is to make an offer to purchase the home from the current owner. The owner can accept your offer, make changes to the offer and present you with a counter-offer, or reject the offer.
About the Offer to Purchase
The Offer to Purchase is a legally binding agreement between you and the person selling the house. It’s a good idea to have your lawyer review it with you before it is presented to the seller. It includes:
Your name
The seller’s name
The address or legal description of the property
The price you are prepared to pay for the home
The items you expect to be included in the purchase price
The amount of your cash deposit
Your financing arrangements
The closing date
Specific terms or conditions that must be met as part of the purchase
A time limit for meeting these conditions
Discuss the Offer to Purchase with your lawyer before you sign it. Remember, it becomes a legally binding agreement the moment it is accepted. If you decide to cancel an offer that has already been accepted, you could lose your deposit and the person selling the home could sue you for damages. If the seller does not accept your offer, your deposit will be returned.
When your offer is accepted
You’re in the home stretch, finalizing the details of your mortgage and closing the purchase of your new home. Now you need to call your mortgage specialist and send them the following info:
A copy of the real estate listing
A copy of the accepted Offer to Purchase
Information on the source of your down payment
Income verification if you are employed
A letter from your employer verifying your place of employment and income, or T4s and Notice of Assessment, or T1 General Tax Return and Notice of Assessment
Income verification if you are self-employed
3 years of Financial Statements and 3 years of Notice of Assessments, or 3 years of T1 General Tax Returns and 3 years of Notice of Assessments
Processing the mortgage application
Your mortgage specialist will want to verify the value of the property you are buying, your current financial picture and your credit history, so a property appraisal and credit report will be ordered.
If your down payment is less than 25%, your mortgage is considered "high ratio" and you must pay insurance premiums. You decide whether you want to pay the premium in cash or have your lender add it to your mortgage amount.
Be prepared to pay fees for the mortgage application, credit report and property appraisal.
Closing the purchase
Closing day is the day you become the official owner of your home. However, the closing process usually takes a few days.
Typically, you visit your lawyer’s office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.
Once your mortgage and the deed for the property are officially recorded, you become the official owner of the property.
We use cookies
We take your privacy seriously. By selecting "Accept All," you consent to the storage of all related cookies on your device. These cookies improve site navigation, analyze usage patterns, and support our marketing and service endeavors
Privacy Policy
Cookie Overview
When you visit a website, it may store information in cookies on your browser. This data includes preferences and device information, primarily to enhance your browsing experience. While it doesn't directly identify you, it does personalize your web experience. You have the option to manage cookie settings by clicking on category headings, but blocking certain cookies may affect your site experience and available services due to our privacy commitment.
Privacy Policy
Necessary Cookies
Always Active
These cookies are essential for the site to work and can't be disabled. They're typically set when you request services like adjusting privacy settings, logging in, or filling forms. In certain cases, non-identifying cookies are necessary for content delivery networks. You can block or receive alerts about them in your browser, but it may affect some site functions. These cookies don't store personal information.
Performance Cookies
These cookies track site visits and traffic sources for performance improvement. They provide insights into popular pages and visitor behavior, collecting only anonymous data. Blocking these cookies means we can't monitor site visits or performance.
Enhanced Features Cookies
These cookies improve your browsing experience by offering personalized features. They remember your preferences such as login information, accessibility settings, and language choices. Additionally, they may enable advanced features from third-party vendors, like enhanced mapping and neighborhood information. We don't use these cookies to track or profile you, but it's important to note that cookies required by some features may have identifying aspects.
Marketing Cookies
These cookies may be set through our site by features provided by Third party vendors known to operate advertising networks such as Facebook, Youtube etc. These cookies help these companies create an interest profile based on your online browsing behavior. They don't store personal information but identify your browser and/or device uniquely. Disabling these cookies may result in some website features being disabled. Ie Blogs
All information displayed is believed to be accurate, but is not guaranteed and should be independently verified. No warranties or representations of any kind are made with respect to the accuracy of such information.
Not intended to solicit buyers or sellers, landlords or tenants currently under contract.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.
REALTOR® contact information provided to facilitate inquiries from consumers interested in Real Estate services. Please do not contact the website owner with unsolicited commercial offers.