How to Qualify for a Mortgage

To qualify for a mortgage in Canada, you typically need to have a minimum credit score of around 640, a down payment of at least 5% of the purchase price of the home, and a debt-to-income ratio (DTI) that falls within the lender's guidelines. Your DTI is calculated by dividing your total monthly debts by your gross monthly income.

In general, lenders prefer to see a DTI of no more than 44%. However, this can vary depending on the lender and the type of mortgage you are seeking. With an annual income of $100,000 and no debt, you should be able to qualify for a mortgage as long as your DTI falls within the lender's guidelines. It's a good idea to shop around and compare mortgage offers from different lenders to see which one is the best fit for you.

-Cardon Real Estate