My name is Michael Fortin, and I have created this website to provide you with a better understanding of the factors involved in your mortgage decision, and provide tools to make your mortgage experience simpler. Each individual's circumstances are unique, and this website cannot cover every aspect of importance to you. Please feel free to contact me - at no charge - to discuss your personal circumstances. There is no commitment on your part, and all information is kept confidential.
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Quick Links Mortgage Payment Calculator - Calculate the effects of prepaying Maximum Mortgage Calculator - Calculate the maximum mortgage amount you qualify for based on your income. There are many new lending guidelines - PLEASE USE AS A GUIDE ONLY. |
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EXTENDED AMORTIZATION - - 30, 35, 40 Extended amortization periods may allow you to qualify for a larger mortgage. The longer the amortization period, the smaller the monthly payments and hence the larger property you can afford. For example, income of $50,000 would qualify for a mortgage of approximately $180,000 using 25-year amortization and standard guidelines. With 40-year amortization, the same income would qualify for a mortgage of approximately $215,000. With excellent credit and NO other liabilities (credit cards, lines of credit, loans etc.) the same income would qualify for about $280,000. What if I don’t want to take 40 years to pay off my mortgage? By using prepayment privileges offered by most banks, you can pay off the mortgage in the traditional 25 years or less. Mortgage amounts include CMHC/GE fees. Subject to change without notice. Approval based on formal application, credit check, income and down payment verification. Broker/lender fees may apply. |
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