Alberta Mortgage Calculator
*** Amortization periods of more than 25 years are subject to 20% down payments. To use this option, enter the 20% down payment on your purchase price in the down payments field.
The information provided by the “Alberta Mortgage Calculator provided by Mortgage Design Group” is for illustrative purposes only and does not have an accuracy guarantee. The values and figures shown are hypothetical and may not be applicable to your individual situation. If you have further questions, see one of our team members at mortgagebrokeralberta.ca!
An Alberta Mortgage Calculator gives you an estimation of what your monthly payments could be. Getting a fully underwritten Mortgage pre approval will set you up with a true depiction of what you can afford, and it shows your realtor that you’re seriously looking for your next home. Contact Mortgage Design Group today and meet with one of our professionals! Trust us when we say that getting a pre-approval in place will make your whole buying experience much smoother.
KEY AREAS WE LOOK AT WHEN COMPLETING YOUR ONLINE MORTGAGE PRE-APPROVAL.
The amount of purchasing power you have is dependent on several factors. Our mortgage professionals will ask you a series of questions relating to your specific financial situation, and you will need to provide some supporting documentation.
The key areas that we will look at for a pre-approval are credit score, down payment, income, and liabilities:
Credit scores in Canada range from 300 – 900. The higher the score, the better.
A certain credit score range is required to qualify for a mortgage; however, it is also dependent on your liabilities, down payment, and income.
How much money you are putting towards the purchase of a home and where those funds are coming from.
The minimum down payment required for a home purchase in Canada is 5% of the purchase price.
This value should be the total of the household income if you are buying the property with a partner.
Additional sources of income may be included depending on the lender. This may include bonuses, tips, investments, rental income, support payments, child tax benefit etc.
What are your monthly expenses?
This could include utilities, phone bills, credit card debt, auto loans, student loans, etc.
Applying for a mortgage pre-approval is quick, free, and does not commit you to one single lender. It does, however, prepare you for your new purchase and protect you from rising interest rates for up to 120 days, giving you lots of time to shop for that perfect home.