Manage Your Debt

July 24th, 2020

The best thing you can do to manage your debt is to borrow LESS than you are allowed….Your housing costs shouldn’t be more than 32% of your gross income. Housing costs include mortgage principal and interest, taxes, heating expenses and half of your condo fees. Find out the home-related costs you can afford each month. Calculate your gross debt service ratio. Your total debt (for housing, cars and credit cards) shouldn’t be more than 40% of your gross income. Find out the maximum debt load you can carry each month. Calculate your total debt service ratio.Borrowing this maximum amount can be risky. If your income drops, your expenses increase or interest rates rise, you may have trouble making your payments. Take on a smaller mortgage so that your housing costs stay within your means.

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