Mortgages Made Easy

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Better Lending.

Get the mortgage you deserve today!

What Can You Afford?
Calum Ross

Calum Ross, MBA, PFP, CDFA, AMP

Mortgage Broker | Production Partner to Calum Ross
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Toll-Free: 855-410-9905
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Address

3280 Bloor Street West, Suite 1202
Toronto, ON
M8X 2X3



Frequently Asked Questions

Chances are, you’re not the first person to ask! Take a look at answers to some of our more frequently asked questions.

To determine ‘affordability’ you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is your principal residence you are purchasing, calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation. Second, calculate 40% of your taxable income and deduct all of your monthly debt payments, including car loans, credit cards, lines of credit payments.

The lesser of the first or second calculation will be used to help determine how much of your income may be used towards housing related payments, including your mortgage payment. These calculations are based on lenders’ usual guidelines.

In addition to considering what the ratios say you can afford, make sure you calculate how much you think you can afford. If the payment amount you are comfortable with is less than 32% of your income you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don’t leave yourself house poor. Structure your payments so that you can still afford simple luxuries.

A pre-approved mortgage provides an interest rate guarantee from a lender for a specified period of time (usually up to 120 days) and for a set amount of money. The pre-approval is calculated based on information provided by you and is generally subject to certain conditions being met before the mortgage is finalized.

Conditions would usually be things like ‘written employment and income confirmation’ and ‘down payment from your own resources’, for example. Most successful real estate professionals will want to ensure you have a pre-approved mortgage in place before they take you out looking for a home.

This is to ensure that they are showing you property within your affordable price range. In summary, a pre-approved mortgage is one of the first steps a home buyer should take before beginning the buying process.

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What clients are saying

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  • We first contacted Calum and his team in 2001. A mortgage is a complicated banking & legal document that, if not handled properly, can put you in a situation where the cost of your property purchas...
    Dr. Gordon Fraser & Susan Fraser - Google 5 Star Review
  • Calum Ross is one of the most professional, intelligent, and financially savvy mortgage professionals I have met in my over twenty years serving as a real estate investment expert. Our clients have...
    Don Campbell - Google 5 Star Review
  • Calum has deep expertise of mortgages and financial solutions. He uses his knowledge to ensure his clients get the best service and solutions to meet their short and long-term objectives. In my cas...
    Duncan Jackman - Google 5 Star Review
  • Calum is very bright and high energy, he loves accountability and delivering on his promises. He is committed to being a valuable resource for his real estate partners and his mortgage clientele.
    Julie Kinnear
    Real Estate Agent - Google 5 Star Review
  • Calum Ross Mortgage has provided us with superior care and service for more than a decade. There is a personal touch and attention to detail that one doesn’t often find, and the range of products...
    Rick Halpern Professor, Dean and Vice-Principal (Academic) - Google 5 Star Review
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