890 Short Street,
  Victoria, British Columbia
  V8X 2V5

  Phone:  250-658-9315

  Fax:  250-658-9316

           

Mortgage Qualification

Question:
How much of a down-payment do I need to qualify?

Answer:
Conventional mortgage - 20% or more of the determined home value.
High – Ratio Mortgage - Also known as an "insured mortgage" (with CMHC, Genworth or Canada Guaranty) for up to 95% of the determined home value.  A fee is added to the mortgage amount.

Question:
How much income do I need to qualify?

Answer:
There are two criteria:

  • Gross Debt Service Ratio- Your principal & interest + property taxes + heat annual payments total divided by your gross annual household income. This ratio must not exceed 35% of your gross annual household income.
  • Total Debt Service Ratio- To the above totals, add payments on all other debts. This ratio must not exceed 42% of your gross annual household income. (Note: These are industry standards but some lenders may allow these ratios to be higher, usually at a premium price).

Use our handy calculator below to try different scenarios or feel free to call The Mortgage Centre - Island Properties to see how we can help you meet your mortgage needs.


Calculate based on:         
Annual Income: Purchase Price: $118,430.00
Total Monthly Payment: $933.33 Cash On Hand:
Interest Rate: Amortization in Years:
Annual Property Taxes: Monthly Heat:
Total Debt Payments: $400.00 Total Closing Costs: $800.00
Monthly Car Payment(s): CMHC Premium: 0% = $0.00
Credit Card Payment(s): Other Closing Costs:
Other Loan Payment(s): Is this a new home?
Condo Fees:

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