Mortgage Brokers Mortgage Information for Ontario, Canada | Page 4

Mortgage information for Ontario,
Canada
There are two basic rules of affordability that you must be able to meet in order to qualify for a
mortgage in Ontario, Canada and those rules are:
 Monthly shelter costs are not over 32% of your total monthly gross income
 Debt ratio (including the mortgage cost) is less than 40% of your monthly gross income
If you don’t qualify for a mortgage once you get to this stage of the process; do not fret about it too
much. There is plenty of time for you to get where you need to be by working with debt and credit
counselors which are trained to aid people like you in preparing to qualify for a mortgage.