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MORTGAGE LIC# 1600223       BROKERAGE LIC#11055

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Buying Home?
Figure out the upfront costs
Figure out how much you need to save to cover the upfront costs associated with
buying a home. For example, have you saved enough to pay the following expenses?
Down payment — the part of the home price that is paid when you
make an offer to purchase
Home inspection and appraisal fees
Insurance costs — including property insurance, mortgage loan insurance, etc.
Land registration fee — based on a percentage of the purchase price of the property
Prepaid property taxes and utility bills — you may have to reimburse the
seller for bills paid in advance
Legal or notary fees
Potential repairs or renovations
Moving costs
GST/HST/QST on the purchase price (for
newly built homes)
or on the mortgage loan insurance (if applicable)
Buying Home?
How much can you afford?
Calculate how much you can afford to spend on housing each month without putting your financial health at risk.
These two simple rules will show you what you can afford to pay for a home. Understanding these rules can also help
you when it’s time to get approved for a mortgage.
Affordability rule 1
Your monthly housing costs should be no more
than 32% of your average gross monthly income.
This percentage is known as your gross
debt-to-income or gross debt service (GDS) ratio.
Housing costs include:
your monthly mortgage payment
(principal and interest)
property taxes
heating expenses
50% of condo fees (if applicable)
Affordability rule 2
Your monthly debt load should be no more than
40% of your average gross monthly income.
This percentage is known as your total debt-toincome
or total debt service (TDS) ratio.
Your monthly debt load includes:
housing costs (amount calculated in rule 1)
car loans or leases
credit card payments
line of credit payments
other mortgage payment
XBANKER.NET INC
BUSINESS & FINANCIAL CONSULTANT 
MORTGAGE LIC# 1600223       BROKERAGE LIC#11055

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