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Mortgage Qualifier: Do you qualify for a mortgage?


Image of the pink square with a house and a dollar-sign

Mortgage Qualifier Tool

This calculator helps you determine whether or not you can qualify for a home mortgage based on income and expenses.

Note: As of July 9, 2012, the maximum amortization period for mortgages with less than a 20 percent down payment is 25 years.

Property Information

This is the amount you expect to borrow from your financial institution. It may include the purchase price of your home plus the mortgage loan insurance.
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Please specify how much you would like to consider as down payment. Please note that it is assumed the down payment is not borrowed.

The minimum down payment required is 5% of the estimated value of the property; therefore, if no down payment specified it is assumed to be 5% of the estimated value of the property.

Any value of less than 5% entered as down payment will be ignored and this calculator will use 5% of the estimated value of the property as minimum down payment.
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Annual interest rate for this mortgage.
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The number of years and months over which you will repay this loan. The most common amortization period is 25 years. Not to be confused with the term of your loan, which is the duration of the loan agreement you signed with your financial institution and that has to be renewed regularly. Terms are generally for 1 to 10 years.
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By choosing an accelerated payment frequency, you can reduce your amortization period and save thousands of dollars in interest in the long run. For example, the accelerated bi-weekly payment allows you to pay half of your monthly payment every two weeks. You will therefore make 26 payments a year, the equivalent of one extra monthly payment a year.
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The number of term years.
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Your Income and Anticipated Expenses

Please specify your yearly or monthly gross income. This value should be the total of the household income if you are buying the property with a partner.
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Please enter an estimated value of heating cost for the property you intend to buy. Heating costs usually represent 1% of the value of the home.
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Please enter an estimated value of taxes you would pay for the property you intend to buy.
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Please enter the total monthly or yearly value of credit card or line of credit payments. This value should be the total of your payments as well as your partner payments if you are buying the property with a partner.
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Please enter your monthly or yearly value of car payments. This value should be the total of your payments as well as your partner payments if you are buying the property with a partner.
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Please enter your monthly or yearly value of other payments. This value should be the total of your payments as well as your partner payments if you are buying the property with a partner.
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Note: If your down payment is less than 20%, you will have to qualify for a mortgage based on the 5 year fixed rate, even if you are planning to choose a shorter term with a lower interest rate.




We offer this mortgage calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your mortgage lender may make its calculations in a different way. All calculations are examples only.

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Date Modified:
2012-07-05