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Looking to Buy your First Home?

Planning ahead is the key! Here are some important details to consider!

Step 1: Assess your Financial Readiness

Lenders use two calculations to help determine your eligibility for mortgage: your Gross Debt Service ratio (GDS) and your Total Debt Service ratio (TDS).

Your GDS ratio includes the % of your gross monthly income is used for mortgage payments, taxes and heating costs (condo buyers and half of your condo fees). Your GDS should not be more than 32% of your gross monthly income.

Your TDS is the % of gross monthly income required to cover your GDS AND all other debt payments such as car loans etc.

Your TDS should not be more than 40% of your gross monthly income.

Get Pre-approved! This will provide you with a realistic expectation of what you can afford. It is not a guarantee, but does give you the knowledge your need to move forward with your search.

Ask Doris for a mortgage lender referral, she works with several and can recommend one that would be best suited for your needs.

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