Mortgage Qualifier

1. Lenders decide how much mortgage amount you can be approved for by looking at two variables:
   Gross Debt Service Ratio (GDS) - this is the maximum percentage of your gross income that can be used to pay for your home. It includes the principle and interest payment on your mortgage payment, property taxes, heating costs, and condo fees. This number cannot exceed 32% of your gross monthly income.
2. Total Debt Service Ratio (TDS) - this is the maximum percentage of your gross income that can be use pay for your home and all other debt. This number cannot exceed 40% of your gross monthly income.

There are alternative lenders that use other criteria to qualify buyers. Please contact our office at 780-474-7900 for furthe information about these lender.

Please fill in all fields, even if the value is $0.00.

 

PLEASE FILL IN THE FOLLOWING FIELDS 1. Combined Gross Annual Income: 2. Estimated Annual Property Taxes: 3. Estimated Monthly Heating Costs/Condo Fees: 4. Monthly Payments for Loans/Credit Cards/ Leases (min): 5. Monthly Second Mortgage Payment: 6. Interest Rate (%): Mortgage Amount Monthly Payment