The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.
Jaffrey.ca has been helping new and existing home buyers with purchasing, selling and renting properties all over the Greater Toronto Area. We have multiple offices in the GTA to serve you. Get in touch today for a free consultation.