Can I afford that mortgage? Here’s how much you can safely borrow to buy your first house

How big a mortgage can you afford? It’s one of the first questions faced by any new homebuyer.

Heath suggests potential buyers start by meeting with a mortgage broker to do a personal assessment of your costs. “Some people live very frugally while others spend more, those factors don’t get incorporated into how much the bank will lend you,” Heath points out. GDS is the percentage of your gross monthly household income that covers your housing costs . The Canada Mortgage and Housing Corporation restricts GDS to 39 per cent of your income.

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