Deanne Sells : How to Use a Mortgage Calculator

A Mortgage Calculator can be a good tool to help you determine what your payments might be on a property based on varying factors. You can change different variables such as price, down payment and interest rate and calculate the differences each change makes in a payment. 

This can start to give you a bit of an idea, but before you start looking at any houses you need to speak with a mortgage specialist. You may have a relationship with your current financial institution – many people choose to go here for their mortgages as well. Another option is a mortgage broker. A broker has access to many different lenders and can often shop around for the best mortgage for you, while only pulling one credit bureau. 

I have a few mortgage professionals I refer my clients to. While there are many great options – 3 that I have had good experiences are Eva Neufeld, Paul Daigle and Diana Lee

Some things that will be considered when you apply for a mortgage are income, credit, down payment, and debt ratio. How much money do you make? You’ll need to prove your income, and length of time at the job. If you’re self employed you’ll need an even longer history. Ideally your credit score is high – at least over 600 – and you have little to no negative reporting on it. Things like missed payments or collections will work against you. You will need a down payment, try to plan for at least 5% down. How much debt do you already have? If you already have a bunch, you may need to pay some of it off before you’ll be approved. 

Just for fun – check out these mortgage calculators. As always, feel free to connect with me anytime. Here, by phone/text at 780-915-1634, or email






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