Asking Price

This is the "asking price" of the home in consideration. (Back to Top)

 Interest Rate

The rate which the mortgage can be obtained. Default setting is at 6.0%, enter the rate you can obtain your interest rate. (Back to Top)

 Amortization

The period of time in which the mortgage will be paid off.  (Back to Top)

 Property Location

For Barrie and area, select 'Higher Priced Market' 
For other areas consult CMHC  (Back to Top)

 Heating

Annual heating costs. (Back to Top)

 Taxes

Enter annual estimated taxes. (Back to Top)

 TDS

Total Debt Service (TDS) - If you have additional fixed costs such as car leases, loans, car loans, credit cards, personal loans, etc., enter the total annual amount. 
If an amount is entered, please change the GDS percentage (below) to 40%.
If no amount is entered, leave blank, and proceed to GDS.  (Back to Top)

 GDS

Gross Debt Service (GDS). The maximum allowed by mortgage lending institution is 32% of your annual gross family income. This means your mortgage, property taxes and heating combined cannot exceed 32% of annual family income. (For condominiums add 50% of annual condominium fees onto either Heating or Taxes column.) (Back to Top)

Note:  When reviewing income requirements, if your annual family income exceeds the 'income required' on table you should 
be able to qualify for the mortgage indicated on the chart.

 Downpayment

Amount initially placed toward the purchase price of the house.
For CMHC mortgage, a minimum 5% is to be placed down. (Back to Top)

 First Mortgage

The amount of mortgage required after deducting the downpayment. (Back to Top)

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