Determine Your Affordability

By Amanda Bouck

For institutional financing to be an option, you need to know what you can afford. There are several tools online that will help you. You should also work with your mortgage broker to determine your affordability.

What Can You Afford?

By entering your annual income, monthly debts, your down payment, and interest rate, you can find an estimate of the mortgage you can afford. There are a number of online calculators that can help you determine your affordability. You can use whichever one you prefer, but here a few suggestions to get you started.

The Canada Mortgage and Housing Corporation (CMHC) has a great online Affordability Calculator.

We found this great article from bankrate.com that includes an affordability calculator while also breaking down and defining each component required to determine your affordability. It also includes a section for top mortgage rates in the United States.

What Factors Affect Your Affordability?

Ask your community and pick the top response. For many of us, our community is the Income Property Labs Facebook Group. To access the IPL members only Facebook Group CLICK HERE. Not a member of Income Property Labs? CLICK HERE to claim your 30-Day Free Trial!

You will want to answer the following 3 questions:

1. What factors affect your affordability? 

2. Is there anything you can do so you can afford a bit more?

3. From your experience, what are your "dos and don'ts" when qualifying for financing? For example, should you quit your job right before trying to obtain a mortgage? (umm…in case this wasn’t obvious, the answer is “probably not!”)

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About the Author

Amanda Bouck
Amanda Bouck has been successful real estate investor since 2009. Starting her career in the fitness industry taught her about hard work and dedication to her goals. Amanda was a professional Property Manager for many years and managed a substantial portfolio. Amanda’s husband Marty is a Carpenter and they are an incredible investing team. Their favourite strategies are 2-unit conversions, Flipping, Flip to Yourself, Flip to JV, and Buy and Hold and Joint Ventures. The knowledge Amanda gained over the years with investing, renovations and property management, brought her to the Keyspire team in 2014, where she serves as the Sr. Manager, Coaching & Content.  
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