Question 1

What is a mortgage qualifier calculator?

Accepted Answer

A mortgage qualifier calculator is a tool that helps you estimate the likelihood of being approved for a mortgage based on your financial information. It analyzes factors like income, debt, down payment, and credit score to provide an approval chance.

Question 2

How accurate is this estimate?

Accepted Answer

This calculator provides an educational estimate based on common lender guidelines in Canada. While it's a strong indicator of your standing, the final approval and terms will be determined by the lender after a formal application and underwriting process.

Question 3

What are GDS and TDS ratios?

Accepted Answer

Gross Debt Service (GDS) and Total Debt Service (TDS) are ratios lenders use to assess your ability to afford a mortgage. GDS is the percentage of your income needed for housing costs, while TDS includes all your debt payments. Lenders have maximum limits for these ratios.

Question 4

How can I improve my mortgage approval chances?

Accepted Answer

To improve your chances, you can increase your down payment, pay down existing debts (like credit cards or loans), improve your credit score, or increase your income. Even small improvements in these areas can make a big difference.

Question 5

Is a credit check required to use this tool?

Accepted Answer

No, this tool does not perform a credit check. You are asked to provide an approximate credit score, but it will not impact your credit rating in any way. It's a completely free and confidential tool.

Will You Qualify for a Mortgage?

Mortgage Approval Calculator

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