How Much Home Could Your Rent Buy?

By Robert Russo, Mortgage Consultant for INVIS

Mortgage rates continue to be wonderfully low and, in fact, homeowners are locking in some of the lowest rates in history. This Great Canadian Mortgage Sale is a good time to take a look at how much mortgage you could afford given your current rent. Your dream home may be more affordable than you think!

Rent Today

$1,500

$1,750

$2,000

Mortgage Tomorrow*

$297,718

$347,305

$396,892

Home Purchase

$305,000

$355,800

$406,600

Down Payment

$15,250

$17,790

$20,330


What do these numbers mean to you?
Dwell_Dining_300.jpgIf your rent is $2,000/month, you could buy a house at $406,600 and put 5% down (including CMHC fees), to end up with a mortgage of $396,892, which would result in the same monthly mortgage payment of $2,000/month.

Your monthly rent cheque doesn’t have to be money out the window. It could be building equity in your own home!

Keep in mind that home ownership involves costs beyond the monthly mortgage payment like utility bills, insurance and property taxes. A Mortgage Consultant can help you determine what you can comfortably afford.

Get pre-approved today and have your rate held for 120 days! This way you don't have to worry about rates rising while you are house hunting, and both realtors and sellers will know you're serious, which means you'll be in a good position to get the home you want.

Don't miss out on the Great Canadian Mortgage Sale!
 

*Assumes 25-year amortization, 5% down payment, 2.75% mortgage insurance premium, 5-year term, 3.59%, OAC, subject to change. For illustration purposes only. Robert Russo is a Mortgage Consultant located in Kelowna, BC. He is not an employee nor an affiliate of Mission Group. 

 

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