You would naturally assume that an online calculator would be a straightforward way to calculate your approvability when it comes to a mortgage, right?

Unfortunately, without speaking to a mortgage specialist about what you can afford and qualify for there is a good chance you will end up misinformed to some degree. Although these online calculators can give you general insight into your current status there is much more to consider when calculating your qualifying amount. Your mortgage expert knows exactly what the lenders are currently looking for, the most current rates and terms and what the lender needs to approve your mortgage application.

While mortgage calculators are objective, home mortgage lending isn't. It's 100% subjective. Lenders consider your current employment, time in the specific field of work, financial obligations, credit score, credit history, and apply this to the subject property you have presented to them.  You are then assessed on what risk band you fall into, and the rates and terms are based around this specific outcome. Rarely, do they ever just look at the numbers.

Using the online calculator is great for assessing different financial scenarios to help assess your comfortability level when it comes to payment schedules and mortgage amounts. However, it always suggested to leave the finale calculations up to your mortgage expert to avoid being disappointed or caught off guard during the purchase process.

The first initial step is usually to obtain a mortgage pre-approval. A pre-approval will certainly look at all the variables on your application, assess your finances, and will give you a good idea of where you stand when it comes to acquiring a home based on your one-of-a-kind circumstances.

Obtaining a pre-approval comes with no cost to you and with no obligation to move forward in the process. It simply allows you to continue the process with confidence, knowing clearly where you stand, something a calculator is incapable of doing.

Please feel free to contact Canadian Mortgage Experts anytime to get your pre-approval started with zero obligation. It may surprise you where you stand and give you the motivation to make the change you've been contemplating in your current circumstance. We look forward to hearing from you!