The RIFG team can answer all of your mortgage questions. Please give us a call. 

 

  • How much mortgage can I qualify for?

To determine 'affordability' a member of the Kahkesh Group Team will first need to know your taxable income along with the amount of any debt         outstanding and the monthly payments. Assuming it is your principal residence you are purchasing, they will then calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation. Second, we will calculate 40% of your taxable income and deduct all of your monthly debt payments, including car loans, credit cards, and lines of credit payments. The lesser of the first or second calculation will be used to help determine how much of your income may be used towards housing related payments, including your mortgage payment. These calculations are based on Lenders' usual guidelines. In addition to considering what the ratios say you can afford, make sure you calculate how much you think you can afford. If the payment amount you are comfortable with is less than 32% of your income you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don't leave yourself house poor. Structure your payments so that you can still afford simple luxuries.To calculate how much of a mortgage you qualify for contact a member of the Kahkesh Group team.

                                                                                                                                                   

 

 

 

 

 

  • I am a first time home buyer, what do I qualify for?

 

 

 

 

 

 

 

 

 

 

 

 

  • Should I choose a variable or a fixed rate?

  • What are terms and amortizations and how many years should I choose?

  • How much down payment do I need to buy a rental property?

  • Can my parents give me my down payment?

  • I have declared bankruptcy, when can I buy a home?

  • What costs are involved in getting a mortgage?

  • I am retired and on a pension, can I qualify for a mortgage?

  • My kids are going to university, can I finance a condo for them to live in?

  • Is it worth it to refinance my mortgage to pay off credit card bills?

  • My mortgage is coming up for renewal, what should I do now?

FAQs

To determine 'affordability' a member of the Royal International team will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is your principal residence you are purchasing, they will then calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation. Second, we will calculate 40% of your taxable income and deduct all of your monthly debt payments, including car loans, credit cards, and lines of credit payments. The lesser of the first or second calculation will be used to help determine how much of your income may be used towards housing related payments, including your mortgage payment. These calculations are based on Lenders' usual guidelines.

 

In addition to considering what the ratios say you can afford, make sure you calculate how much you think you can afford. If the payment amount you are comfortable with is less than 32% of your income you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don't leave yourself house poor. Structure your payments so that you can still afford simple luxuries.To calculate how much of a mortgage you qualify for contact a member of the Kahkesh Group team.