A lot of clients are curious how much mortgage they qualify but might not yet be ready for a pre-approval. Wen know that when we do a pre-approval we need to check credit, ideally have income confirmation and run the numbers based on the new stress test to come up with an "official" pre approval.
There is a stage that can come prior to getting "officially" pre approved or just help individuals that are generally curios about how much they can afford in the form of a mortgage...
In our app:
https://www.dlcapp.ca/app/scott-westlake there is a feature called "stress test." This function allows you to input your gross annual income. You then input data on a series of simple questions that help determine how much mortgage you can afford:
-Is there rental income to consider
-Property tax
-Condo fees (if applicable)
-Heat cost
-Other Monthly Debt
Once you input this information our calculator can stress test the mortgage, taking into consideration the current interest rate used. We can quickly and easily ballpark how much you qualify for. The exact numbers may very from this calculator to an actual pre approval but its a very good gauge to help you understand your affordability on the go, at an open house and before you even get pre approved.