Our mortgage calculator can help you get a better understanding of how your monthly mortgage payment will look once you buy a home. It will also give you an estimated payment amount for different payment scenarios.
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What you should know about your mortgage payments
How to estimate mortgage payments
Our free mortgage calculator will give you an estimate of your monthly payment, which includes all of your principal and interest, as well as insurance and payment frequency.
- Mortgage principal amount: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
- Term and Interest rate: What the lender charges you to lend you the money. Choose a term and interest rate that best suits your needs.
- Amortization period: Length of the time you will repay the mortgage in total.
- Payment frequency: Select how often you would like to make payments on your mortgage.
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Here are some tips to keep in mind when applying for a mortgage:
- Check your credit score: You can get your credit score for free with a variety of online companies. It will take your score from one of Canada’s two major credit bureaus, Equifax or TransUnion.
- Save a larger down payment: Ideally, you’ll want to save as much as possible for your down payment. However, the more you put down, the more likely you are to be approved by a mortgage lender.
- Keep your income stable: It’s important to keep working to prove that you can still make the monthly payments. Having a full-time job is also beneficial if you’ve been with the same employer for a long time. Even if the coronavirus pandemic continues, your income is still more important than normal.
- Pay down existing debt: Getting a mortgage can be a bit challenging if you have other debts to pay. By reducing your existing debts, you can avoid making it harder to get approved for a loan.
- Get a mortgage pre-approval: A mortgage pre-approval is done for 90 to 120 days, and it lets you save money and time while you search for a home. It assesses your financial situation and approves your loan amount and term. Contact us to get your FREE consultation!
Getting a mortgage approval is about doing the right things to improve your financial life. Doing these things will help you get a better financial position in the long run.
Reducing monthly mortgage payments
- The mortgage calculator can help you determine if it’s possible to reduce your monthly payment by extending the term of your loan(depending on your situation). It will also show you the impact of this change on your interest rate.
- Taking out a smaller loan means a lower monthly mortgage payment. You can also avoid paying private mortgage insurance if you have a down payment of 20% or more.
- Having a larger down payment can help lower your monthly mortgage payment. It can also help you avoid PMI.
For more information, contact us at 514 680-4674 or email@example.com
Reach out to us in order to get a pre-approval or to find out what step needs to be taken to get a pre-approval.
This tool doesn’t replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your particular situation. Your mortgage lender may make its calculations in a different way. All calculations are examples only.