From: Financial Consumer Agency of Canada
1. How much can I afford to borrow? (Use your income and expense budget to calculate
what you can afford. Don’t plan on spending every penny in your income—leave a cushion
in your budget for unexpected expenses. The Financial Consumer Agency of Canada’s interactive
Mortgage Qualifier Tool can help you estimate how much a financial institution
will lend, but it may be more than you can afford comfortably.)
2. How much will I have for a down payment?
3. How much of an increase in my mortgage payments will I be able to afford if interest
rates go up?
4. Have I shopped around to find the best combination of interest rate and features
for my needs?
1.What is the interest rate? What is the term?
2. What fees do I have to pay?
3. Can I make extra payments when I have money available?
4. How can I save on interest charges? What options do I have?
5. What options do I have if I want to pay my mortgage off early?
6. If I sell my house or property before the scheduled maturity date, will I have
to pay an extra charge?
If Yes, how much will the charge be?
7. If I sell my house or property, can I transfer the remaining amount of my mortgage
and the terms to a new property without paying an extra charge?
If Yes, what fees or limitations apply?
Download the interactive PDF and add it to your Financial Toolkit
[PDF - 232 KB]
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