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It happens very offen that the buyers in their enthousiasm sign up to fast very important documents that they don't even understand the implication.

 
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  • If you have a down payment of 25% or more, you may qualify for a conventional mortgage loanwhich does not require mortgage loan insurance. basic calculations
  • A minimum down payment of 5% is required for a high-ratio mortgage. These types of mortgage loans –– for any amount in excess of 75% of the value of the home –– are required to be insured against default.
  • The federal government and some provinces offer incentive programs for homebuyers. You should consult an investment or tax advisor regard-ing the value of these plans for your particular circumstances.

 
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  • The shortest and best answer to that question is: it depends –– on a number of factors. The most important are your gross household income, your down payment and the mortgage interest rate. Lenders also consider your assets and liabilities. Your own lifestyle and debt comfort zone also come into play.
  • If you understand these variables, you can examine all your options. You can make the best choice for you and even save money.
    Meanwhile, use the table below and the Affordability Guide on the next page to get an idea of the maximum home price you can afford and the maximum you can afford to pay in monthly housing costs. Lenders follow these two simple rules to deter-mine how much you can afford in monthly housing costs: