With rising living costs and more Canadians carrying balances on credit cards, student loans, and lines of credit, understanding how debt impacts your ability to buy a home has never been more important. Today on the podcast, I break down exactly how debt affects your mortgage qualification and what every first-time home buyer in Ontario needs to know before applying for a mortgage.
In this episode, I cover:
- How lenders assess credit cards, lines of credit, loans, and other liabilities when reviewing your mortgage application
- What debt ratios are and why your existing monthly payments directly impact how much home you can afford
- Why taking on new debt after a mortgage pre-approval can reduce your buying power and affect your home purchase plans
- How student loans are calculated during the mortgage qualification process
- The connection between debt management, credit health, and securing the best mortgage interest rates available
- Why paying down high credit balances before purchasing a home can help strengthen your application and position you for long-term financial success
Still have questions? Leave me a comment on this episode or send me a DM over on Instagram @briannagoslinmortgages. I'll see you next time!
Specific Questions? Ready to get started?
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