Whenever you apply for a mortgage or a loan, you have to deal with the fact that it does depend on your income.
If you make enough to be able to make payments towards a loan, it makes it easier to get that loan.
That is why, the term “Mortgage Affordability” or “Loan Affordability” is used a lot in financial industry.
Mortgage Affordability Calculator is all about determining if someone can afford a mortgage or not.
Just like any other loan, mortgage affordability would consider:
financial obligations other than debt
credit history or credit rating
amount of loan/mortgage requested
By taking all of these points into consideration, a bank can make a solid lending decision.
MortgageBidder.ca is determined to create good and reliable financial calculators. Hence, we have created a Mortgage Affordability Calculator for our users and customers. You are more than welcome to not only use it on our website (which is www.mortgagebidder.ca) but also on your own website, blog or social media pages.
You can use our affordability calculator on our website.