{"id":213,"date":"2023-03-27T11:53:17","date_gmt":"2023-03-27T11:53:17","guid":{"rendered":"https:\/\/budgetrates.ca\/?post_type=service&p=213"},"modified":"2023-05-01T07:18:59","modified_gmt":"2023-05-01T07:18:59","slug":"affordability-analysis-fundability","status":"publish","type":"service","link":"https:\/\/budgetrates.ca\/fr\/service\/affordability-analysis-fundability\/","title":{"rendered":"Affordability Analysis (Fundability)"},"content":{"rendered":"
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What is a Mortgage Affordability Analysis?<\/h2><\/div>\n
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Mortgage affordability (sometimes called “fundability”) is the amount you can borrow in relation to your income, debts, and monthly expenses.
\nIn essence, it represents your buying power when purchasing a home. Higher mortgage affordability allows you to buy a more expensive property.
\nThe maximum mortgage you can afford to borrow depends on a variety of criteria.
\nHere are a few factors:<\/p>\n\t<\/div>\n<\/div>\n\n\n\n

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Income<\/h3><\/div>\n
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Money that you receive on a consistent basis, such as your wage or investment returns. Your monthly budget is largely determined by your income.<\/p>\n\t<\/div>\n<\/div>\n\n\n\n

Cash reserves<\/h3><\/div>\n
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This represents the amount of funds you have\u00a0available for a down payment and closing costs. This includes\u00a0your investments, savings, or other funds.<\/p>\n\t<\/div>\n<\/div>\n\n\n\n

Expenses and debt<\/h3><\/div>\n
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Your\u00a0monthly obligations,\u00a0such as credit cards, auto payments, student loans, groceries, utilities, insurance, and so on.<\/p>\n\t<\/div>\n<\/div>\n\n\n\n

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Credit profile<\/h3><\/div>\n
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How a lender sees you as a borrower depends on your credit score and how much debt you have. These factors will impact your mortgage interest rate and loan amount.<\/p>\n\t<\/div>\n<\/div>\n\n\n\n\n

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At Budget Rates, we can conduct an in-depth affordability analysis for you, and give you tips on how to increase your buying power.<\/p>\n

Questions?
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