How much mortgage can I afford? (including calculating income and debt)

Homebuyer's School

Wondering if you can actually afford to buy that home you've been eyeing? How much can you afford? How much will your lender provide? In this episode, we talk with Mujtaba Syed, Mortgage Specialist with the Bank of Montreal, and discuss how much mortgage you can afford and how the banks/lenders determine how much they can lend you. We explore how your income and debt impacts mortgage affordability and how you should set up a monthly budget to include your mortgage payments.

Prefer to watch the video or read and take notes? See the transcript:

https://stories.brookfieldresidential.com/homebuyersschool/how-much-mortgage-can-i-afford-including-calculating-income-and-debt

We discuss the following items:

• How much mortgage can you afford
• How banks/lenders determine how much to lend you
• How your income and debt affect mortgage affordability
• How to set up a budget to include monthly mortgage payments

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