Quote Originally Posted by Zeppelin89 View Post
Hi everyone, also trying to figure out these online Bank MORTGAGE AFFORDABILITY TOOLS, hoping someone can give me some answers! Trying to do some financial planning.

So each tool online is a little bit different, anyone know which is the most accurate? ex. TD asks for credit limit on c.cards while CIBC simply asks for C.card payments?
Most tools only ask for heating but what about hydro, water ?
Does anyone know where OSAP fits? Do you put the whole lump sum osap loan amount into lines of credit ? Or do you put it under monthly loan payments?
How does do these tools accommodate for living expenses? Is that what they are looking for when they ask for C.card payments? Or is that simply asking for c.card payments towards loans and not actual living expenses (Food, Gas, e.t.c)

Current Situation:

Gross Income: 70,000
OSAP Loan amounts: approx 40,000, monthly payments of approx $500/month

No other loans
Living Expenses approx: $1000 (Gas,groceries,entertainment e.t.c)

Downpayment: 5% (min possible)

Thanks for the help folks. Looking to figure out how far we are from realistically applying for mortgage.

Hi Zeppelin,

So each tool online is a little bit different, anyone know which is the most accurate? ex. TD asks for credit limit on c.cards while CIBC simply asks for C.card payments? These are "basic" questions which they would further define later in their underwriting process. What matters in the long run is any significant balances and if you have ever had a late payment.

Most tools only ask for heating but what about hydro, water ? Only heat is taken into consideration for this particular ratio. Most Lenders require a $100 a month figure for heat. . . more if it's a really large house.

Does anyone know where OSAP fits? Do you put the whole lump sum osap loan amount into lines of credit ? Or do you put it under monthly loan payments? That would likely be considered a loan with a standard loan payment per month.

How does do these tools accommodate for living expenses? Is that what they are looking for when they ask for C.card payments? Or is that simply asking for c.card payments towards loans and not actual living expenses (Food, Gas, e.t.c) Food, gas, living expenses, etc. are not brought into the equation. They are primarily looking at a certain percentage of your gross income that can cover housing cost.


Current Situation:

Gross Income: 70,000
OSAP Loan amounts: approx 40,000, monthly payments of approx $500/month

No other loans You mentioned credit cards??
Living Expenses approx: $1000 (Gas,groceries,entertainment e.t.c) N/A except for your own budgeting purposes

Downpayment: 5% (min possible)


Another part of the housing cost/equation will be property taxes and condo fees (if applicable)

There are many many options out there for mortgages. There are also hidden costs that can cost you thousands of dollars. Your general info sounds fine, but there are lots of variables involved. If you would like more help, you can PM me.

Cheers!