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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

Property Taxes


The property tax figures used are gross amounts and do not consider possible Home Owner Grant deductions.

If you qualify for a Home Owners Grant, adjust the figure in the property tax input field and recalculate.

Lending institutions differ in their underwriting approach, most will use the net property tax amounts when calculating Debt Service Ratio's.

 

 

 

 

 

 

 


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