Are you considering buying a property in Canada? Do you want to know if you are eligible for a mortgage? Look no further! Our Canada Mortgage Eligibility Calculator is here to help you determine your eligibility so you can make informed decisions about your future.
The Canada Mortgage Eligibility Calculator takes into account your income, credit score, and other important factors to give you an accurate assessment of your eligibility. Whether you are a first-time homebuyer or an experienced investor, this calculator will provide you with the information you need to plan your next move.
With the rising cost of housing in Canada, it is essential to know your eligibility before starting your search. By using our calculator, you can avoid disappointment and wasted time by focusing on properties that are within your budget and meet your financial goals.
Don’t let uncertainty hold you back from achieving your dreams of owning a property in Canada. Use our Canada Mortgage Eligibility Calculator today and take the first step towards making your homeownership dreams a reality. Start calculating your eligibility now!
Canada Mortgage Eligibility Calculator
Are you interested in buying a home in Canada but unsure if you are eligible for a mortgage? Our Canada Mortgage Eligibility Calculator can help you determine your eligibility for a mortgage in Canada.
| Criteria | Eligibility |
|---|---|
| Credit Score | 550 or higher |
| Debt-to-Income Ratio | Less than 43% |
| Down Payment | Minimum 5% of the purchase price |
| Employment History | Stable employment for at least 2 years |
| Property Type | Primary residence or single-family home |
If you meet these eligibility criteria, you may be eligible for a mortgage in Canada. However, please note that this calculator is for informational purposes only and should not be considered as financial advice. It is always recommended to consult with a mortgage professional for accurate and personalized information regarding your mortgage eligibility in Canada.
Determine Your Mortgage Eligibility
Use our Canada Mortgage Eligibility Calculator to determine if you qualify for a mortgage. Our calculator takes into account factors such as your income, credit score, and debt-to-income ratio to provide an accurate assessment of your eligibility.
To use the calculator, simply input your financial information and click the calculate button. The calculator will generate a result indicating your eligibility or provide suggestions on how to improve your chances of qualifying for a mortgage.
Factors Affecting Mortgage Eligibility
There are several factors that lenders consider when assessing mortgage eligibility:
- Income: Lenders will assess your income to ensure that you have sufficient funds to make monthly mortgage payments.
- Credit Score: A high credit score improves your chances of qualifying for a mortgage as it demonstrates your ability to manage credit responsibly.
- Debt-to-Income Ratio: Lenders will compare your total monthly debt payments to your income to determine if you can afford the additional financial commitment of a mortgage.
- Employment History: A stable employment history shows lenders that you have a reliable source of income to make mortgage payments.
- Down Payment: The size of your down payment affects your mortgage eligibility. A larger down payment reduces the loan-to-value ratio, making you a less risky borrower.
Why Use Our Mortgage Eligibility Calculator?
Our Canada Mortgage Eligibility Calculator takes the guesswork out of determining if you qualify for a mortgage. By providing accurate results based on your financial situation, our calculator helps you make informed decisions about homeownership.
| Benefits of using our calculator: |
|---|
| Quick and easy to use |
| Provides a realistic assessment of your eligibility |
| Offers suggestions to improve your chances of qualifying for a mortgage |
Take the first step towards homeownership and determine your mortgage eligibility today with our Canada Mortgage Eligibility Calculator.
Calculate Your Maximum Loan Amount
When looking to purchase a property in Canada, understanding your mortgage eligibility is essential. One important factor to consider is the maximum loan amount you can qualify for. By calculating this, you can determine how much you can borrow and plan your budget accordingly.
To calculate your maximum loan amount, several factors are taken into consideration:
- Income: Your annual income plays a crucial role in determining your eligibility. Lenders typically require a certain debt-to-income ratio, ensuring that your income is sufficient to cover the mortgage payments. The higher your income, the higher your maximum loan amount may be.
- Credit Score: A good credit score indicates your creditworthiness and affects your eligibility for a mortgage. Lenders prefer borrowers with high credit scores as it signifies responsible financial behavior. A higher credit score may increase your maximum loan amount.
- Down Payment: The amount you can put as a down payment affects your maximum loan amount. A larger down payment means less borrowing, resulting in a higher maximum loan amount.
- Debt Obligations: Your existing debts, such as student loans, car loans, or credit card balances, impact your maximum loan amount. Lenders consider your debt-to-income ratio, ensuring that you can handle your mortgage payments along with your other financial obligations.
- Interest Rate: The interest rate offered by lenders affects your maximum loan amount. Higher interest rates result in higher monthly mortgage payments, potentially decreasing your borrowing capacity.
To calculate your maximum loan amount accurately, it is recommended to use a Canada mortgage eligibility calculator. This online tool takes into account all the factors mentioned above and provides you with an estimate of how much you can borrow. By using the calculator, you can better understand your financial situation and make informed decisions when it comes to purchasing a property in Canada.
Remember, it’s important to consult with a mortgage professional to assess your specific financial situation and obtain personalized advice. They can help you determine your maximum loan amount and guide you through the mortgage application process.
Assess Your Income and Debt
Before using the Canada Mortgage Eligibility Calculator to determine your eligibility for a mortgage, it’s important to assess your income and debt. This will help you understand your financial situation and how it may impact your ability to qualify for a mortgage in Canada.
Income
Start by calculating your monthly income. Include any regular sources of income such as your salary, wages, commissions, bonuses, and any investment income. Make sure to consider any potential changes in income, such as upcoming raises or fluctuations in self-employment earnings.
It’s also important to assess the stability of your income. Lenders prefer to see a consistent income stream, as this indicates your ability to repay a mortgage. If you have a history of changing jobs frequently or have irregular income, it may affect your eligibility.
Debt
Next, consider your current debt obligations. This includes any outstanding loans, credit card debt, student loans, car loans, or other financial obligations. Calculate your monthly debt payments and compare this to your monthly income.
Lenders use a metric called the debt-to-income ratio to assess your ability to handle additional debt. This ratio compares your monthly debt payments to your monthly income. The lower the ratio, the better your chances of qualifying for a mortgage.
Use the Canada Mortgage Eligibility Calculator to input your income and debt information. The calculator will then assess your eligibility based on your financial situation in accordance with Canadian mortgage regulations.
Check Your Credit Score
Before using the Canada Mortgage Eligibility Calculator, it’s important to know your credit score. Your credit score is a key factor in determining your eligibility for a mortgage and the interest rate you will receive.
There are several ways to check your credit score in Canada. One option is to request a credit report from one of the major credit bureaus, such as Equifax or TransUnion. These credit reports provide a detailed overview of your credit history, including your credit score.
Another option is to use an online credit score calculator. These calculators provide an estimate of your credit score based on the information you provide, such as your income, debts, and payment history.
Why is your credit score important?
Your credit score reflects your creditworthiness and indicates how likely you are to repay your debts. Lenders use this information to assess the risk of lending to you, and it plays a significant role in determining the terms of your mortgage.
A high credit score can help you qualify for a mortgage with a lower interest rate, saving you thousands of dollars over the life of your loan. On the other hand, a low credit score may result in higher interest rates or even being unable to qualify for a mortgage at all.
How to improve your credit score?
If your credit score is lower than you’d like, there are steps you can take to improve it. This includes paying your bills on time, reducing your debts, and avoiding applying for new credit unnecessarily.
| Factors That Affect Your Credit Score | Impact on Your Credit Score |
|---|---|
| Payment History | High |
| Amount of Debt | High |
| Length of Credit History | Moderate |
| New Credit Applications | Low |
| Credit Mix | Low |
By understanding the factors that affect your credit score and taking steps to improve them, you can increase your chances of qualifying for a mortgage and securing more favorable terms.
Remember, checking your credit score regularly and monitoring your credit report is an important part of managing your financial health.
Consider Your Employment Status
When calculating your eligibility for a mortgage in Canada, one important factor to consider is your employment status. Lenders typically have different requirements and considerations depending on whether you are employed full-time, part-time, self-employed, or have a different employment arrangement.
If you are employed full-time, lenders may view you as a more stable and eligible candidate for a mortgage. They will typically request proof of employment such as recent pay stubs, verification of employment from your employer, and possibly even income tax returns.
For those who are employed part-time, lenders may still consider you eligible for a mortgage, but they may request additional documentation to ensure that you have a steady income and can meet your mortgage obligations. This could include providing bank statements, proof of consistent part-time employment, and income tax returns.
Self-employed individuals may face additional challenges when it comes to mortgage eligibility. Lenders may require more extensive documentation to verify income, including business financial statements, income tax returns, and proof of business continuity. They may also consider factors such as the length of time you have been self-employed and the stability of your business. It’s important to keep accurate records and be prepared to provide comprehensive documentation to support your mortgage application.
Remember, lenders want to ensure that you have a reliable source of income to cover your mortgage payments. They will analyze your employment history and income stability to assess your eligibility and determine how much they are willing to lend you.
Key Points to Consider:
1. Provide the necessary documentation to support your employment status and income.
2. Keep accurate records if you are self-employed.
3. Be prepared for additional requirements and documentation depending on your employment status.
It’s essential to consult with a mortgage broker or lender who understands the specific eligibility requirements based on your employment status. They can help guide you through the mortgage application process and provide personalized advice.
Evaluate Your Down Payment
One important factor in determining your eligibility for a Canada mortgage is your down payment. A larger down payment can increase your chances of being approved for a loan and can also potentially lower your interest rate and monthly payments.
Using our mortgage eligibility calculator, you can evaluate how much of a down payment you will need to qualify for a mortgage in Canada. The calculator takes into account your desired loan amount, the loan-to-value ratio required by the lender, and any additional factors that may affect your eligibility.
To start, input your desired loan amount into the calculator. The calculator will then calculate the minimum down payment required based on the loan-to-value ratio. Keep in mind that the higher the loan-to-value ratio, the greater the down payment required.
In addition to the loan-to-value ratio, other factors such as your credit score, income, and employment history may also affect your eligibility and the down payment amount required. The calculator takes these factors into account to provide you with an accurate assessment of your eligibility.
Once you have evaluated your down payment requirements, you can adjust the loan amount and other factors to determine the best course of action for your mortgage application. Remember that a larger down payment can improve your eligibility and potentially save you money in the long run.
Factor in Interest Rates
- Mortgage rates are an important factor to consider when using a mortgage eligibility calculator.
- The interest rate on your mortgage will determine how much you will have to pay each month.
- Higher interest rates will result in higher monthly payments, while lower interest rates will result in lower monthly payments.
- When using a mortgage eligibility calculator, it’s important to factor in different interest rate scenarios to see how it will affect your eligibility.
- Keep in mind that interest rates can vary depending on economic factors, market conditions, and your personal financial situation.
- By adjusting the interest rate in the calculator, you can see how it impacts your eligibility for a mortgage.
- It’s important to compare different interest rates and shop around to find the best mortgage rate for your financial situation.
Determine Your Amortization Period
When you are considering a mortgage in Canada, it is important to determine your amortization period. This is the length of time it will take for you to pay off your mortgage loan. The amortization period can have a significant impact on your monthly mortgage payments and the total amount of interest you will pay over the life of the loan.
Use a Mortgage Calculator
To determine your amortization period accurately, it is recommended to use a mortgage calculator specifically designed for Canada. These calculators take into account factors such as the loan amount, interest rate, and payment frequency to provide you with an estimate of your mortgage payments and amortization period.
Consider Your Financial Goals
When deciding on an amortization period, it is crucial to consider your financial goals and personal circumstances. A shorter amortization period, such as 15 years, will result in higher monthly payments but can help you become mortgage-free sooner and save on interest payments. On the other hand, a longer amortization period, such as 30 years, will lower your monthly payments but result in higher overall interest costs over the life of the loan.
Keep in mind that the maximum amortization period for insured mortgages in Canada is 25 years, unless you have a down payment of at least 20% of the purchase price. In this case, you may be eligible for a longer amortization period of up to 30 years.
It is essential to carefully consider your financial situation and future plans before deciding on the appropriate amortization period for your mortgage. Consulting with a mortgage professional can also help you understand the implications of different amortization periods and make an informed decision.
Assess Your Monthly Expenses
When calculating your mortgage eligibility using the Canada Mortgage Eligibility Calculator, it’s important to assess your monthly expenses. Understanding your expenses will help you determine how much you can afford to borrow and repay each month.
Gather Your Financial Statements
Start by gathering your financial statements such as bank statements, credit card statements, and utility bills. These documents will provide you with a clear picture of your monthly expenses and financial commitments.
Break Down Your Expenses
Next, break down your expenses into different categories such as housing, transportation, groceries, utilities, and entertainment. This will give you a detailed understanding of where your money is going each month.
- Housing: Include your rent or mortgage payment, property taxes, and home insurance.
- Transportation: Include your car payment, gas, insurance, and maintenance costs.
- Groceries: Include your monthly grocery bill.
- Utilities: Include your electricity, water, heating, and internet bills.
- Entertainment: Include expenses such as dining out, movies, subscriptions, and leisure activities.
Be sure to account for any other regular expenses you may have, such as loan payments, childcare costs, and healthcare expenses. It’s important to be as thorough as possible to get an accurate picture of your monthly expenses.
Review Your Budget
After breaking down your expenses, review your budget to see if there are any areas where you can cut back or save money. This will help you determine how much you can afford to allocate towards your mortgage payments.
Keep in mind that lenders typically look for a debt-to-income ratio of 43% or lower when considering mortgage eligibility. This means that your total debt payments, including your mortgage, should not exceed 43% of your monthly income.
By assessing your monthly expenses, you’ll have a clear understanding of your financial commitments and how much you can afford to borrow for a mortgage in Canada. Use the Canada Mortgage Eligibility Calculator to get an estimate of your eligibility based on your monthly expenses and income.
Consider Your Additional Debts
When using a mortgage eligibility calculator, it’s important to take into account any additional debts you may have. These debts can impact your ability to qualify for a mortgage and determine the amount you can borrow.
Types of additional debts
Additional debts can include credit card balances, car loans, student loans, and personal loans, among others. These debts are considered liabilities and can affect your overall financial situation.
When calculating your eligibility for a mortgage, the calculator takes into account your income, expenses, and any outstanding debts. The higher your existing debts, the lower your eligibility for a mortgage may be.
How additional debts affect your eligibility
Having additional debts can increase your debt-to-income ratio, which is a significant factor in mortgage approval. Lenders typically have a maximum debt-to-income ratio that is considered acceptable for a mortgage.
For example, if your monthly income is $5,000 and your total monthly debt payments are $1,500, your debt-to-income ratio would be 30% ($1,500 / $5,000 * 100). Most lenders prefer a debt-to-income ratio of 36% or less.
Managing your debts
If you have significant additional debts, it might be a good idea to consider paying off or reducing them before applying for a mortgage. This can improve your eligibility and increase the amount you can borrow.
Alternatively, you can work on increasing your income or lowering your expenses to improve your overall financial situation and reduce your debt-to-income ratio.
Conclusion
When using a mortgage eligibility calculator, it’s crucial to consider your additional debts. These debts can impact your eligibility for a mortgage and determine the amount you can borrow. By managing your debts effectively, you can improve your financial situation and increase your chances of qualifying for a mortgage with favorable terms.
Calculate Your Gross Debt Service Ratio
Understanding your Gross Debt Service (GDS) ratio is an important step in determining your eligibility for a mortgage. The GDS ratio calculates the percentage of your gross monthly income that goes towards housing expenses.
To calculate your GDS ratio, you’ll need to gather some information. Start by adding up your total monthly housing expenses, including your mortgage payment, property taxes, heating costs, and 50% of condominium fees (if applicable). Next, divide this total by your gross monthly income.
For example, if your total monthly housing expenses amount to $2,500 and your gross monthly income is $6,000, your GDS ratio would be calculated as follows:
GDS ratio = ($2,500 / $6,000) x 100 = 41.67%
A GDS ratio below 32% is typically considered healthy, indicating that you have enough income to comfortably cover your housing expenses. However, different mortgage lenders have different eligibility criteria, and some may accept higher GDS ratios.
Keep in mind that while calculating your GDS ratio is an important step, it is not the only factor that lenders consider when determining your mortgage eligibility. Other factors, such as your credit score, employment history, and debt-to-income ratio, also play a significant role.
Using a mortgage eligibility calculator can help you accurately determine your GDS ratio and assess your chances of qualifying for a mortgage. By inputting your financial information and the details of the mortgage you’re considering, the calculator can provide you with a clear indication of your eligibility.
Knowing your GDS ratio and your overall eligibility for a mortgage can empower you to make informed decisions and take the necessary steps to improve your financial situation if needed. It’s always wise to consult with a mortgage professional for personalized advice tailored to your specific circumstances.
Calculate Your Total Debt Service Ratio
When applying for a mortgage in Canada, it’s important to understand your Total Debt Service Ratio (TDSR) as it plays a crucial role in determining your mortgage eligibility. TDSR is a financial metric that lenders use to assess your ability to manage your mortgage payments along with your other financial obligations.
To calculate your TDSR, you need to know your total monthly debt payments and your monthly gross income. Your total monthly debt payments include your mortgage payments, property taxes, heating costs, and any other monthly debt obligations such as car loans, credit card payments, and student loans. Your monthly gross income includes your salary, any additional income, and any rental income if applicable.
Once you have these figures, use our Canada Mortgage Eligibility Calculator to input your total monthly debt payments and your monthly gross income. The calculator will then compute your TDSR and determine whether you meet the eligibility criteria set by the lender.
A TDSR of 40% or lower is generally considered favorable, as it indicates that you have sufficient income to comfortably cover your mortgage payments and other debts. However, different lenders may have different eligibility criteria, so it’s important to check with your specific lender for their TDSR requirements.
Calculating your Total Debt Service Ratio can help you determine your affordability and make informed decisions when it comes to applying for a mortgage. By understanding your TDSR, you can assess your budget, manage your debts effectively, and improve your chances of being approved for a mortgage loan in Canada.
Use our convenient calculator today to determine your Total Debt Service Ratio and take the first step towards homeownership in Canada!
Evaluate Your Mortgage Insurance Premium
If you are considering buying a home in Canada, it’s important to understand the costs involved in obtaining a mortgage. One cost that may apply to you is mortgage insurance, which can help protect lenders in case you default on your loan. To determine the amount of mortgage insurance you may need to pay, you can use a mortgage insurance premium calculator.
What is a mortgage insurance premium calculator?
A mortgage insurance premium calculator is a tool that helps you estimate the amount of mortgage insurance you may need to pay based on your specific circumstances. It takes into account factors such as the value of the property, the size of your down payment, and the type of mortgage you are applying for.
How does a mortgage insurance premium calculator work?
To use a mortgage insurance premium calculator, you will need to provide information such as the purchase price of the property, the size of your down payment, the amortization period, and the mortgage interest rate. The calculator will then use this information to estimate the amount of mortgage insurance you may need to pay.
The mortgage insurance premium is typically a percentage of the loan amount and is added to your mortgage payments. The exact amount will vary based on factors such as the size of your down payment and the insurance provider you choose.
Keep in mind that mortgage insurance is usually required for homebuyers who have a down payment of less than 20% of the purchase price. If you have a larger down payment, you may not need to pay for mortgage insurance.
Using a mortgage insurance premium calculator can help you understand the potential costs of obtaining a mortgage in Canada. By entering your information into the calculator, you can get an estimate of the mortgage insurance premium you may need to pay, allowing you to better plan for your homeownership journey.
Understand the Mortgage Stress Test
When you’re considering getting a mortgage, it’s important to understand the mortgage stress test. This test is used by lenders to determine your eligibility and affordability for a mortgage.
The mortgage stress test takes into account factors such as your income, expenses, and debts. It assesses whether you can afford to make future mortgage payments and still have enough money left over for other expenses.
How the Mortgage Stress Test Works
The mortgage stress test calculates your eligibility by applying a qualifying interest rate to your mortgage. This qualifying rate is usually higher than the actual mortgage rate you will pay.
For example, if the current mortgage rate is 3%, the qualifying rate may be 5% or higher. This higher rate ensures that you can still afford your mortgage payments even if interest rates rise in the future.
Why the Mortgage Stress Test is Important
The mortgage stress test is important because it helps protect you from taking on more debt than you can handle. It ensures that you can afford your mortgage payments and reduces the risk of defaulting on your loan.
By understanding the mortgage stress test, you can get a better idea of how much mortgage you can afford and avoid any surprises when applying for a loan. It’s essential to use a mortgage calculator to determine your eligibility and affordability before starting the home buying process.
| Key Points: |
| – The mortgage stress test is used to determine your eligibility and affordability for a mortgage. |
| – It calculates your eligibility by applying a qualifying interest rate to your mortgage. |
| – The mortgage stress test is important to ensure you can afford your mortgage payments and reduce the risk of defaulting on your loan. |
| – Use a mortgage calculator to determine your eligibility and affordability for a mortgage. |
Seek a Mortgage Pre-Approval
If you are looking to buy a home in Canada, it is crucial to know your eligibility for a mortgage. The first step in this process is to seek a mortgage pre-approval. A pre-approval helps you determine the amount of mortgage you can afford and gives you an idea of the interest rate you may qualify for.
Getting a pre-approval involves the lender reviewing your financial information, such as your income, credit score, and debts. Based on this information, the lender will provide you with a pre-approval letter stating the maximum mortgage amount you can borrow. This letter is crucial when you start your house-hunting journey as it shows sellers and real estate agents that you are a serious buyer.
Benefits of Mortgage Pre-Approval
There are several benefits of seeking a mortgage pre-approval:
- Know Your Budget: With a pre-approval, you will have a clear understanding of your budget and how much you can spend on a home. This will help you narrow down your search and save time.
- Gain Negotiating Power: A pre-approval gives you an advantage when negotiating with sellers. They will know that you have already been approved for a mortgage and are more likely to take your offer seriously.
- Quicken the Closing Process: Since you have already gone through the approval process, your mortgage application can be processed faster, resulting in a quicker closing process.
How to Seek a Mortgage Pre-Approval
To seek a mortgage pre-approval, you can start by contacting a lender or working with a mortgage broker. They will guide you through the process and help you gather the necessary documentation, such as pay stubs, tax returns, and bank statements. It is important to provide accurate and up-to-date information to ensure an accurate pre-approval.
Once you have gathered all the necessary documents, the lender will review your financial information and determine your eligibility for a mortgage. They may also check your credit score to assess your creditworthiness. If you meet the lender’s criteria, they will issue you a pre-approval letter, which you can use during your house-hunting process.
In conclusion, seeking a mortgage pre-approval is an important step in the home-buying process in Canada. It helps you understand your eligibility, sets your budget, and gives you a competitive edge in the real estate market. Make sure to work with a trusted lender or mortgage broker to ensure a smooth pre-approval process.
Question-Answer:
Can I use the Canada Mortgage Eligibility Calculator if I am a first-time homebuyer?
Yes, the Canada Mortgage Eligibility Calculator is suitable for first-time homebuyers. It helps you determine how much you can borrow based on your income, expenses, and other factors.
What information do I need to input into the Canada Mortgage Eligibility Calculator?
You will need to provide details about your annual income, monthly expenses, credit score, and the desired mortgage term. This information helps determine your eligibility for a mortgage in Canada.
Can I use the Canada Mortgage Eligibility Calculator if I’m self-employed?
Yes, the Canada Mortgage Eligibility Calculator can be used by self-employed individuals. You will need to input your annual income as well as any additional income sources to accurately calculate your mortgage eligibility.
Will using the Canada Mortgage Eligibility Calculator affect my credit score?
No, using the Canada Mortgage Eligibility Calculator will not impact your credit score. It is simply a tool that helps you determine how much you may be eligible to borrow for a mortgage.
What factors determine my eligibility for a mortgage in Canada?
Several factors determine your eligibility for a mortgage in Canada, including your annual income, credit score, monthly expenses, and the desired mortgage term. The Canada Mortgage Eligibility Calculator takes these factors into account to calculate your potential borrowing limit.
How can I calculate my mortgage eligibility in Canada?
You can calculate your mortgage eligibility in Canada by using a mortgage eligibility calculator. These calculators take into account factors such as your income, debts, and credit score to determine how much you may be eligible to borrow.
What factors are considered when calculating mortgage eligibility in Canada?
When calculating mortgage eligibility in Canada, factors such as income, debts, credit score, down payment, and the type of mortgage you are seeking are considered. These factors help determine your borrowing capacity and the amount a lender may be willing to lend you.
Can I use a mortgage eligibility calculator if I have bad credit?
Yes, you can use a mortgage eligibility calculator even if you have bad credit. However, keep in mind that a low credit score may affect your eligibility and the interest rate you may be offered. It is always recommended to improve your credit score before applying for a mortgage.
What is the importance of knowing my mortgage eligibility in Canada?
Knowing your mortgage eligibility in Canada is important because it helps you determine how much you can afford to borrow and how much you will need for a down payment. This information allows you to set realistic expectations when shopping for a home and helps you avoid overextending yourself financially.
Should I calculate my mortgage eligibility before starting my home search?
Yes, it is recommended to calculate your mortgage eligibility before starting your home search. This will give you a clear idea of your budget and the price range of homes you can afford. It will also help you narrow down your options and make a more informed decision when choosing a property.