Determining if you can afford a home is complicated, and no online mortgage tool should be relied upon. Always talk to a mortgage professional who specializes in mortgage finance.
P.S – Don’t forget about the mortgage stress test and your debt service ratio these are two calculations that will highly influence your mortgage amount and of coarse your credit rating and downpayment amount.
Pro Tip – First Time Buyers – Yukon Housing has a downpayment assistance program- Yukon Housing Downpayment Loans.
Work with an experienced mortgage professional
Not every person who works at a bank is experienced in mortgage financing. I have seen many home purchases go sideways because the person handling the mortgage application was not experienced and did not present the right business case to the approval center. Why lose the home you love due to a banking error.
This tool will help you calculate your mortgage payment. Interest rates are always changing and most often when you get pre-approved, the interest rate the bank offers you will be lower than the posted rate.