Making an additional mortgage payment each year could significantly reduce the term of your loan. We've already talked a little bit above about the different general rules you can use to determine what monthly payment you can afford. When it comes to calculating what you can afford with respect to your PITI, a good rule of thumb is that 28% of your gross monthly income is the maximum amount of cash that comes out monthly to cover expenses related to housing payments.
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Can You Transfer a Mortgage?
Learn how to transfer your mortgage and compare Canada's top lenders & brokers for best rates.
4 Factors That Determine Your Mortgage Payment
When buying a home there are several factors that can affect your monthly mortgage payment such as credit score, amount borrowed, term of loan and type of loan.
Is a House Loan Called a Mortgage?
A mortgage is a type of loan used to finance a property. Learn more about what it is and how it works here.
Do cars count as assets for mortgage?
Physical assets include anything tangible that you own that is valuable, anything that can be touched. Physical assets that can be sold to obtain funds to obtain a mortgage include, but are not limited to, properties, houses, cars, boats, recreational vehicles, jewelry, and works of art.
