How Much Income Do You Need To Qualify For A Mortgage?

How Much Income Do You Need To Qualify For A Mortgage?

If you're thinking of buying a home in Canada, one of the first things you'll need to do is figure out how much income you need to qualify for a mortgage. The amount of income you need will vary depending on your situation, but there are a few general guidelines you can follow. In this article, we'll take a look at what you need to know about qualifying for a mortgage in Canada.

 
Price   200,000 250,000 300,000 350,000 400,000 450,000 500,000
Income Required 5%   64,000 75,000 86,000 97,000 111,000 123,000
  10%   60,000 72,000 84,000 94,000 105,000 117,000
  15%   58,000 69,000 80,000 91,000 102,000 113,000
  20%   53,000 63,000 73,000 83,000 93,000 103,000

Based on a 7% qualifier rate (required 2% greater than the current average 5 year fixed rate as of date of publish November 2022)

 

Credit Score

Your credit score is one of the most important factors that lenders will consider when determining whether or not you qualify for a mortgage. If you have a good credit score, it means that you have been responsible with your finances in the past and that you are likely to be responsible with your finances in the future. 
 

Employment History

Your employment history is another factor that lenders will consider when determining whether or not you qualify for a mortgage. Lenders like to see stability in employment history, which means that they prefer borrowers who have been employed by the same employer for a reasonable length of time.

These are just some of the factors that lenders will consider when determining whether or not you qualify for a mortgage. If you want to increase your chances of qualifying for a mortgage, it is important to make sure that all of these factors are working in your favor


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