Newcastle | Bowmanville | Port Hope | Cobourg

Royal Service!   Royal Results!


Head Office: (905) 987-1033

How Much Do I Qualify For? 

 


WEBIMAGES: 1139531_76811660.jpgWhen buying a home, it is helpful to determine the type of home you'll like and how much you can afford before beginning your search. Most lenders allocate approximately 32% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 32%.

When coupled with current outstanding loans, the total for your debt service should not exceed 40% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.

 

Head Office
20 King Avenue E.
Newcastle, Ontario, L1B 1H6
Office: 905-987-1033
Fax: 905-987-3374

Branch Office
181 Church Street
Bowmanville, Ontario, L1C 1T8
Office: 905-697-1900
Fax: 905-697-1927

Branch Office
42 Walton Steet
Port Hope, Ontario, L1A 2Y8
Office: 905-885-7627
Fax: 905-885-7640

Branch Office
36 King St. West
Cobourg, Ontario, K9A 2L9
Office: 905-372-5428
Fax: 905-372-1701

 

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Trademark owned or controlled by The Canadian Real Estate Association. Used under license.

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.


Royal Service Real Estate-Newcastle
20 King Avenue East
Newcastle ON  L1B1H6
(905) 987-1033
(888) 372-4140