You want to buy a Kelowna home - how much can you afford?

The shortest answer to that question regarding a Kelowna home purchase is - it depends on a number of factors. The most important are
1) your gross household income
2) your down payment and
3) the mortgage interest rate

Lenders will also consider your assets and liabilities. Your own lifestyle and debt comfort zone also come into play.

Go to the Canadian Mortgage and Housing Corporation websites "Mortgage Affordability Calculator" to estimate the maximum mortgage you can afford.

http://www.cmhc-schl.gc.ca/en/co/buho/buho_007.cfm

This calculation is based on two simple rules that lenders use to determine how much of a mortgage you can afford. The first rule is that your monthly housing costs should not exceed 32% of your gross monthly household income. Housing costs include monthly mortgage payments, taxes and heating expenses. If applicable, this sum should also include half of monthly condominium fees.

Secondly, your entire monthly debt load should not be any more than 40% of your gross monthly income. This includes housing costs, and other debts such as car payments, personal loans, and credit card payments.

If you'd like to "real" mortgage professional in "real" time to get you on track with your up coming purchase, pre-approved, recommend touching base with:

Dominion Lending Centres
Chris Ward 250.717.7164

TD Canada Trust
John Antle 250.212.8512

Ready to buy touch base with june@juneconway.com OR 250.317.3136