It’s all about Affording the Monthly Payments ie Qualifying at Bank

It’s all about Affording the Monthly Payments ie Qualifying at Bank

 

Yep – the Real Estate Business IS the Finance Business — if you cannot Finance it, you cannot sell it!

Average TREB Price $750,180 – 75% Mortgage =$562,635

Variable Rate Mortgage at at 2.95% means P & I Payments are $2,648.21 + Tax $317 = $2,965PIT —–Qualifying Gross Family Income is $118,600

Qualifying at Gov’t-approved 5 Year Rate (B20 Rules) of 5.34% means P & I Pymnts are $3,393.25 + Tax $317 = $$3,710 PIT ——Qualifying Gross Family Income is $148,140

24.9% Higher Income Required

61 mth pymts 5y25ann&mtge-dec2018-1

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