How much can I afford after Jan. 1?

 

How much will you be able to afford after the new mortgage rules are in place on January 1, 2018? Let’s take an example of somebody who makes $67K/yr and has saved up a $90K downpayment. Assuming a 5 year fixed rate of 3.09%, a 25 year amortization and $700/mth in other debt, that person could afford a $450,000 home today. After January 1st that affordability drops to $380,000.

Robert can be contacted at 905-574-9200 Ext. 215 OR by email at mortgages@robertfloris.com. You can fill out an application online here with absolutely no pressure and no obligation.

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