Home>>>Financing PEI Real Estate
What can you Afford?
- You may be able to secure a mortgage based on a payment not exceeding 32% of your gross monthly income and not exceeding 40% of your monthly income including mortgage, car payments, credit card payments, alimony/child support etc
- Income includes:
- income from employment supported by T4s
- your spouses income as above
- business or self-employment income supported by documentation
- investment income
- rent from other properties (if rental is legal)
- rent from this property (if to be rented and assuming that such rental is legal)
- any other documented source of legal income
- For consideration in the 40% maximum debt service is in addition to the mortgage payment:
- Credit Cards inc Visa, MasterCard, Amex and deptartment stores and fuel companies
- car payments
- alimony/child support
- any other regular payment or loan
- I advise visiting your lending instituation first and securing a pre-approved Mortgage Certificate. This ensures that you are ready to buy and looking in your price range. It also lets vendors know that you are serious
- If you are having difficulty securing financing through regular means. let me put you in touch with mortgage professionals who may be able to help.
BUYING PEI REAL ESTATE