CMHC's Debt Serice Calculator
Canada Mortgage and Housing Corporation (CMHC) recently introduced two new tools to help Canadian homebuyers make informed and responsible home-buying decisions – including a calculator and mobile app.
CMHC’s new Debt Service Calculator allows homebuyers to evaluate their financial situation and understand how much they can comfortably afford to spend on a mortgage. The easy-to-use calculator allows users to quickly estimate their gross debt-service ratio (GDS) and total debt-service ratio (TDS) – both important measures in assessing their financial readiness for homeownership. The Debt Service Calculator can be accessed by visiting: www.cmhc-schl.gc.ca/en/co/buho/buho_005.cfm
CMHC’s new ‘Ready, Set, Home’ mobile app provides consumers, particularly first-time homebuyers, with comprehensive CMHC information and tools at your fingertips. The app helps homebuyers keep track of the details throughout the home-buying process and provides access to a variety of helpful calculators, articles and other resources.
Recognizing the increasingly fast-paced, electronic and mobile environment, the new ‘Ready, Set, Home’ mobile app is a free application that offers quick and convenient access to CMHC’s extensive housing information. The app can be downloaded to your Blackberry, Android or iPhone device at: www.cmhc.ca/mobile.
These new tools are the latest additions to CMHC’s comprehensive suite of free resources available to support Canadian homebuyers.
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*