Homebuyers must qualify for mortgage insurance and a maximum mortgage at an interest rate the greater of their contract mortgage rate or the Bank of Canada’s conventional five-year fixed posted rate. This Bank of Canada webpage lists the current “Conventional mortgage – 5 year” rate under Interest Rates.
To determine how much you can afford:
- Enter the greater of your contract mortgage rate or the Bank of Canada’s current conventional mortgage – 5 year rate into the ‘Mortgage Interest Rate’ section in the below calculator. The calculation will give you the approximate Maximum Mortgage you qualify for.
- If your contract mortgage rate is less than the current Bank of Canada rate, re-enter the calculator with your given rate to see what your approximate monthly mortgage payments will be after you qualify for your Maximum Mortgage with the Bank of Canada rate.
This calculation is based on the accuracy and completeness of the data you have entered and is to be used for estimate purposes only. To determine how much you can afford, please contact Bridgewater Bank at 1.866.243.4301.