Call Marg: 705-446-1762

Did you know that qualifying for a mortgage on a condo is slightly different than qualifying for a mortgage on a house?

For a house, your lender will qualify you based on your annual income, the monthly mortgage amount, the monthly municipal tax amount and if it is a high ratio mortgage (if you’re borrowing more than 80% of the sale price), they also take into consideration a monthly heating amount.  The house must meet certain physical guidelines.  Your credit score and source of down payment are also considerations, as well as debt servicing ratios.

For a condo mortgage, your lender will qualify you based on all of the above criteria, but they must also take into consideration 50% of your monthly condo fees when calculating your Debt Servicing ratios.

Click here to see great mortgage and debt servicing calculators on the CMHC’s website.  Try them out!

 

 

Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg

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Marg Scheben-Edey

Real Estate Broker
Market Value Appraiser - Residential
Accredited Green Broker™
(designated by the National Association of Green Agents & Brokers)

RE/MAX four seasons
realty limited, Brokerage
Each Office Independently Owned & Operated
67 First Street, Collingwood L9Y 1A2

Contact Marg

 Direct: 705-446-1762

Prefer Text? 705-446-5066

Email Marg

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