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When buying a home, it is helpful to determine the type of home you'll like and how much you can afford WEBIMAGES: Best_Beautiful_Curb_Appeal_Craftsman_Style_Front_of_House_Home_Cottage_Cute.jpgbefore beginning your search. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%.

 

When coupled with current outstanding loans, the total for your debt service should not exceed 36% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.

 

Mortgage interest, property taxes, loan fees or "points" are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 28% tax bracket, this is equivalent to receiving a 28% discount on your mortgage interest and property taxes. During the first years of the mortgage your tax savings are especially high because most of your monthly payment goes toward loan interest.

 

 

Mission 604-820-0555 Abbotsford 604-859-2341 Surrey 778-565-1397 Fort Langley 604-888-2475 Burnaby 604-438-5577
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Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

NOTE: This representation is based in whole or in part on data generated by the Chilliwack and District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.


Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

NOTE: This representation is based in whole or in part on data generated by the Chilliwack and District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.


Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

NOTE: This representation is based in whole or in part on data generated by the Chilliwack and District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.


Each office Independently owned and operated
RE/MAX Little Oak
9-2630 Bou 2630 Bourquin W.
Abbotsford BC  V2S 5N7
(604) 859-2341
(800) 668-8661