If you’re a salary or stable income employee with minimal debt payments, here’s a quick Rule of Thumb to help you figure out your qualifying limits.

Regular salary and hourly income employees with a down-payment of less than 20%, and have minimal debts, will qualify for a mortgage amount that’s approximately 5-times their annual salary.

80k Salary = Loan amount of approximately 400k

Regular salary and hourly income employees with a down-payment of 20% or more, and has minimal debts, will qualify for a mortgage amount that’s approximately 5.5-times their annual salary.

80k Salary = Loan amount of approximately 440k

Of course there are many factors which will either raise or lower your qualifying amounts such as: consistent income, yearly bonuses, differing condo fees, property tax amounts, credit score, etc.

If you would like to do a complete pre-approval to figure out your maximum qualifying limits please contact myself at 778-215-4121 or adamsale@dominionlending.ca.