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Showhomes Open

Mon - Thurs: 2 - 8pm
Sat & Sun: 12 - 5pm
Bedrock Homes
7363 Chivers Crescent
Kirkland Homes
6307 Crawford Link SW
Klair Custom Homes
7394 Chivers Crescent
City Homes
8297 Chappelle Way
North Pointe Homes
6103 Crawford Drive
Caliber Master Builder
6306 Crawford Link

Showhomes Open - Reduced Hours

Sat & Sun: 12 - 5pm
Ace Lange Homes
4689 Chegwin Wynd
Hillview Master Builder
4691 Chegwin Wynd

By Appointment Only

Hillview Master Builder
Call Nathan at
780.483.4966 ext. 239
Crystal Creek Homes
Contact DeeAnn at
chappelle@crystalcreekhomes.ca
Mill Street Homes
Call Tarry at
780.566.0653
Ace Lange Homes
Call Lawrence at
780.604.0900

Stressed About the Mortgage Stress Test?

Here Is What You Need To Know:

A better name would be an “affordability” measure, not a “stress test”.

The main factors in determining how much of a mortgage payment
you can afford are:

  • your income,
  • the amount of your down payment; and
  • how much debt you carry on other things, such as a car, student loans, credit cards, etc.

The Government of Canada has announced the First Time Home Buyer Incentive program. Check with your mortgage specialist to see if you qualify.

Down Payment

The amount of your own money that you put towards the purchase price of your home is considered your down payment. The more cash you have up front is an important factor in determining how much you can pay for a house and what type of mortgage you will qualify for.

In some cases, it is possible to borrow part of your down payment, but that debt will count against you when determining the amount of your mortgage. Some people are able to receive a gift from parents or grandparents towards their down payment. You may need a letter from the giver that the funds are not repayable.

Debt

You need to list all of your debt and the payments you make to reduce that debt. Don’t leave anything out! The student loan that’s almost paid off, the payment you are making towards your holiday trailer – anything that you make payments toward needs to be included.

AND ONCE YOU ARE PRE-APPROVED, DON’T BUY ANYTHING ELSE ON CREDIT, ESPECIALLY A HELICOPTER! A PRE-APPROVED AMOUNT CAN CHANGE IF YOU INCUR NEW DEBT BETWEEN THE TIME OF YOUR PRE-APPROVAL AND THE FINAL APPROVAL.

Other factors are also considered when applying for a mortgage. Your employment and credit histories are two of the important ones.

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