How Much Mortgage Can You Get for Your Current Calgary Rental Payment?
Using today’s best 5-year mortgage interest rate of about 1.64% and an amortization period of 30 years, the chart below shows how much of a mortgage your monthly rental payments would carry.
Rent and Mortgage Amount The Rent Would Carry at 1.64% amortized over 30 Years
- $1,000 - $284,408
- $1,200 - $341,289
- $1,400 - $398,171
- $1,600 - $455,053
- $1,800 - $511,934
- $2,000 - $568,816
- $2,200 - $625,698
- $2,400 - $682,579
Why are you renting instead of owning?
Get Pre-Qualified and Lock In The Low Interest Rates.
Talk with your mortgage broker today and find out the truth about your unique situation. There are a lot of options available, even if you don’t have a down payment.
Maybe you could buy the house you are currently renting. Calgary Landlords love owning properties for a reason. And it’s the same reason you should own your own home instead of renting.
It’s a fact that many rental properties once were the primary residences of current landlords.
A great way to look at buying your first home is to ask yourself, “What’s the Worst That Can Happen and Can I Deal With It”?
The worst that can happen is you could no longer make the mortgage payments, and you would lose the house to the bank and ruin your credit. But even that doesn’t happen overnight, so you would have plenty of time to try to sell the place, rent it out, get a roommate, etc. There’s actually a lot of options in the worst-case scenario.
The best way to avoid foreclosure is to make your payments. If you stay within the range of what you’ve been paying for rent, that shouldn’t be a problem. Don’t take on more than you can afford.
Take the first step today, and talk with a qualified Calgary Mortgage Agent.
If a mortgage agent wants you to borrow the maximum you might qualify for, instead of keeping you in the range you’re comfortable with, run away. This is not the type of mortgage agent you would want to deal with.
The bottom line is if you can afford the rent and have always paid on time, you are a good candidate for homeownership. And homeownership is a great thing to have; just ask your Calgary Landlord.