Parmida Hosseini

Ready to purchase your new home? 🏠

If you are pre-approved, it means that a lender has stated that you qualify for a mortgage loan based on the information you have provided (subject to certain conditions). A mortgage pre-approval often specifies a term, interest rate and principal amount.

Buying a home is a big decision and often people don't know where to start. The first step should be knowing how much home you may be able to afford.

Contact me via DM, Text, Email, or give me a call to get started and help you lock in a great rate!

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📲(416)877-0673
📧[email protected]

Happy New Year, Everyone!
Wishing you all the best🍾
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📲(416)877-0673
📧[email protected]

Important to know!

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💬(647)862-9118
📧[email protected]

How do mortgage lenders help ensure buyers don’t get in over their heads? They carefully look at income & current debts when determining the size of the mortgage.

The three main things to consider:

👉🏻Income, debt and expenses
-As a rule of thumb, “No more than 30% to 32% of your gross annual income should go to ‘mortgage expenses.'” This includes principal, interest, heating costs and property taxes (plus fees for condominium maintenance).
-Depending on the lender, your total debt payments shouldn’t exceed 37% to 40% of your gross annual income.
👉🏻Getting your numbers in shape
If you’re falling outside the ratio benchmarks, don’t lose hope. Now is the time to review your budget, debt, and other expenses so that you can comfortably afford your new home
👉🏻Understanding carrying cost
-As you plan for home ownership, it’s important to understand any other ongoing costs (the “carrying cost”) you will need to cover.

🔹The checklist in the second photo will allow you to visually see and calculate what ongoing costs may look like. You may also want to add additional expenses like grocery, transportation, internet and ranking them in order of necessity.

📩Email or DM me for more information

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💬(647)862-9118
📧[email protected]

Please visit the link below for legal disclaimers 👇🏻
https://discover.rbcroyalbank.com/mortgage-101-finding-the-right-sized-mortgage-for-you-checklist/