{"id":57472,"date":"2021-04-21T19:24:00","date_gmt":"2021-04-21T19:24:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-finding-the-right-sized-mortgage-for-you-checklist\/"},"modified":"2024-03-05T14:31:13","modified_gmt":"2024-03-05T19:31:13","slug":"mortgage-101-finding-the-right-sized-mortgage-for-you-checklist","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-finding-the-right-sized-mortgage-for-you-checklist\/","title":{"rendered":"Mortgage 101: Finding the Right-sized Mortgage for You [CHECKLIST]"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\">\n\t\t\t\t\t\t\t<span>Home Ownership<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Mortgage 101: Finding the Right-sized Mortgage for You [CHECKLIST]<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By RBC<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-222-1-1-2.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-222-1-1-2.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-222-1-1-2.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-222-1-1-2.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Mortgage 101: Finding the Right-sized Mortgage for You [CHECKLIST] &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-finding-the-right-sized-mortgage-for-you-checklist\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-finding-the-right-sized-mortgage-for-you-checklist\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published April 21, 2021 \u2022 3 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>In Canada, there are policies and guidelines in place to help home buyers stay within their comfort zone financially.<\/p>\n\n\n\n<p>One way mortgage lenders help ensure buyers don&#8217;t get in over their heads is by looking carefully at income and current debts when determining the size of the mortgage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Income, debt and expenses<\/h2>\n\n\n\n<p>Typically, lenders look at two main comparisons as ratios to see if a potential buyer can afford the mortgage.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The first compares your income to your mortgage expenses (Gross Debt Service (GDS)). As a&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/how-much-can-you-afford.html\" target=\"_blank\" rel=\"noreferrer noopener\">rule of thumb<\/a>, \u201cNo more than 30% to 32% of your gross annual income should go to \u2018mortgage expenses.\u2019\u201d This includes principal, interest, heating costs and property taxes (plus fees for condominium maintenance).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The second compares your gross annual income to your existing debt \u2014 house, credit cards, personal loans and car loans (Total Debt Service (TDS)). Depending on the lender, your total debt payments shouldn\u2019t exceed 37% to 40% of your gross annual income.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">2. Getting your numbers in shape<\/h2>\n\n\n\n<p>If you&#8217;re falling outside the ratio benchmarks, don&#8217;t lose hope. Now is the time to review your budget, debt, and other expenses so that you can comfortably afford your new home. Here are some options:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Consider reducing any of your lifestyle expenses to improve your cash flow. Is there a way you can bring down any outstanding debt?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Consider whether you have any short-term expenses that will be going away, such as a car payment, student loan, or childcare costs.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Consider looking at lower-priced homes that still meet your needs. A lower-priced home may give you a bit more breathing room in day-to-day life<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>&nbsp;<br>While these ratios and pre-qualification amounts can help direct you in terms of what you could afford, it&#8217;s important to have an understanding of your total home ownership costs in order to keep you from over-extending yourself.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Understanding carrying cost<\/h2>\n\n\n\n<p>As you plan for home ownership, it&#8217;s important to understand any other ongoing costs (the &#8220;carrying cost&#8221;) you will need to cover.<\/p>\n\n\n\n<p>The checklist below can help you calculate what those ongoing costs might look like. While you may not know all these costs are now, just knowing some of the most common expenses can help you determine how much \u201chouse&#8221; you can afford to purchase and ultimately carry.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-white-color has-rbc-bright-blue-tint-1-background-color has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-white-color has-text-color\"><a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/first-time-home-buyers.html\" data-dig-id=\"LP-57472-debdeb95\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Home Ownership Carrying Cost Checklist\" class=\"rbc-link-format\">Home Ownership Carrying Cost Checklist<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p>While you are in the early stage of your home buying journey, it is a great time to research and work through each of the fields in the carrying cost table. Online&nbsp;<a href=\"https:\/\/online.royalbank.com\/cgi-bin\/tools\/budget-calculator\/calculator.cgi\">calculators<\/a>&nbsp;are also a great way to get a realistic overview of your total expenses.<\/p>\n\n\n\n<p class=\"mar-l-hlf\"><em>Tip:<\/em>&nbsp;You may want to consider adding additional expenses like grocery bills, transportation, or internet\/Wi-Fi \u2014 and rank them in order of necessity.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-light-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:4px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading\" id=\"h-get-one-step-closer-to-home-ownership\">GET ONE STEP CLOSER TO HOME OWNERSHIP:<\/h3>\n\n\n\n<p>If you\u2019re reading about GDS ratios and calculating&nbsp;<a href=\"https:\/\/apps.royalbank.com\/apps\/true-house-affordability?_ga=2.172486762.873003012.1599583681-580552502.1583714826#!\/main\/welcome\">how much home you could afford<\/a>*, you must be serious about buying a house. If you feel the timing is right, consider starting a mortgage&nbsp;<a href=\"https:\/\/mortgage.rbc.com\/preapproval\/index.asp#:~:text=Getting%2520pre-approved%2520for%2520a%2520mortgage%2520will%2520help%2520you%253A,hours%2520to%2520help%2520you%2520complete%2520your%2520mortgage%2520pre-approval.\">pre-approval<\/a>.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p>And remember, this is a journey, and RBC is here to help, every step of the way.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible  mar-b-qtr\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse7f4b2818\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse7f4b2818\" data-dig-id=\"LP-57472-7f4b2818\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Legal\"><span>Legal<\/span><span>Legal<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse7f4b2818\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>* The True House Affordability Tool provides a prequalification, which gives you an estimate of the amount of mortgage you may qualify for with us based on the accuracy and completeness of the information provided by you. This prequalification is for illustrative and general information purposes only and is not intended to provide specific financial or other advice. Prequalification is not the same as a mortgage approval or pre-approval.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-1063ad39-b2c6-4071-94df-83feee788164\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Mortgage 101: Finding the Right-sized Mortgage for You [CHECKLIST] &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-finding-the-right-sized-mortgage-for-you-checklist\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-finding-the-right-sized-mortgage-for-you-checklist\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-3036e796-1021-4ce3-807a-b3e6ebcf1ecb\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Home Ownership<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/real-estate\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Real Estate<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div 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1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/\">\n\t\t\t\t\t\tBuying Your First Home\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/how-much-money-do-you-really-need-to-buy-your-first-home-in-canada\/\" class=\"card-title h4 mar-t-0\">How much money do you really need to buy your first home in Canada?<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Happy young couple using a laptop and credit card in their first home\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg 6000w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?resize=768,512 768w, 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/how-the-fhsa-and-lower-interest-rates-can-help-you-buy-your-first-home\/\" class=\"card-title h4 mar-t-0\">How the FHSA and Lower Interest Rates Can Help You Buy Your First Home<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-1063ad39-b2c6-4071-94df-83feee788164 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-1063ad39-b2c6-4071-94df-83feee788164 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-3036e796-1021-4ce3-807a-b3e6ebcf1ecb {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-3036e796-1021-4ce3-807a-b3e6ebcf1ecb {\n\t\t\theight: 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