Sentences with phrase «on affordability ratios»
We will instruct you on affordability ratios, discuss a variety of loan products to choose from, and pre-qualify you for a home loan, BEFORE you shop.
http://www.houseloan.com/ Not exact matches
As a rule of thumb, an affordability ratio less than 28 % is ideal; it means that someone living in the neighborhood on the median income can reasonably afford the median house without a huge strain on their budgets.
The debt - to - income ratio confirms the affordability of a loan by establishing a strict limit to the share of excess income spent on repaying a new loan.
Approval is only granted on the basis of affordability, which means that applicants need to be full - time employed, have a large income and a very healthy debt - to - income ratio.
All mortgage applications moving forward will undergo qualifying «Stress Tests» whereby affordability ratios will be calculated based on the Bank of Canada Benchmark rate of 4.65 % to determine if borrowers will be able to afford their mortgage payments in the event of a rate increase.
Based on the last time our Actual to Affordability Ratio was at 1.6, a 60 % overvaluation, prices fell 30 % from 1989 to 1995.
Our calculator is based on standard affordability ratios used to determine qualification for mortgage approvals.
NEW Calculator: Check out our new Home Affordability Calculator for an alternative to the spreadsheet below, especially if you are looking for something that is based on income, debt - to - income ratio, and down payment.