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LISA COOKE-BOSWELL

SALES REPRESENTATIVE
Phone:(705) 686-7667

RE/MAX GEORGIAN BAY REALTY LTD.

15 COLDWATER ROAD, P.O. BOX 754,
COLDWATER ON
L0K1E0
CA

When buying a home, it is helpful to determine the type of home you'll like and how much you can afford before beginning your search. Most lenders allocate approximately 30% of your GROSS MONTHLY INCOME to housing expense. This is called the GDS (Gross Debt Servicing) ratio. Housing expense includes principal, interest, taxes and heat. To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 32%.  This is the annual amount you can afford.

When coupled with current outstanding loan/ credit card payments, the total for all your debt service should not exceed 40% of your gross monthly income. This is called your TDS(Total Debt Servicing) ratio.  Some lenders may have slightly more liberal requirements or mortgage interest rates which may increase your purchasing power.

Each office Independently owned and operated
RE/MAX GEORGIAN BAY REALTY LTD.
15 COLDWATER ROAD, P.O. BOX 754
COLDWATER ON  L0K1E0
(705) 686-7667
Real Estate License # 4735507
Fair Housing and Equal Opportunity Fair Housing and Equal Opportunity