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Mortgage Tools Glossary

A description of terms and details of parameters used with the Canada Mortgage calculators.

Condo Fees How utilized in calculating required incomes
Down Payments Parameters used for Canada Mortgage conventional financing calculator.
DS Ratios Understanding Debt Service Ratios
Insurance Fees for High Ratio Mortgages
Household Income Determining qualifying income levels
% Interest The default mortgage interest rates for our calculators
Investment Investment Mortgages
Loan / Value Loan to Value Ratio
Property Tax Property Tax usage in Canada Mortgage Calculators
Rate Survey Canada Mortgage's interest rate survey

Household Income Required


The Household Income Required figure is the minimum income required to qualify for the indicated mortgage financing.

The amounts are calculated assuming the applicants total shelter and non-shelter expenses do not exceed a Total Debt Service Ratio of 40 %. In the case of the 5% down payment program, the TDSR is set at 40%.

 
 

 

 

 

 

 

 


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