What are TDS and GDS Ratios 2025 Canadian Mortgage Rules
Автор: Saskatchewan Real Estate Podcast
Загружено: 2021-03-02
Просмотров: 3205
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What are TDS and GDS ratios? 2024 Canadian Mortgage Rules
What are Debt Servicing Ratios and why are they important.
Mortgage Professionals have two ratios they use when determining how much mortgage you can qualify for.The Gross Debt Service ratio and Total Debt Service Ratio.
The GDS is calculated by the following formula your Mortgage Payment + Property Taxes + Heating, divided by your monthly income.
Your GDS ratio must be below 39% to meet lender guidelines.
The TDS is very similar but it takes into account other debt obligations. This can include credit card, student loan and/ or auto loan payments. This new number is divided by your total monthly income.
Your TDS ratio must be below 44% to meet lender guidelines.
What happens when your percentages are too high?
Reduce your monthly bills and credits, decrease the mortgage amount or increase the amount of money you make per month!
If you have any questions about ratios and their calculations contact Ron.
Ron Quaroni
Web: www.ronqmortgage.ca
Phone: (306) 290-4438
Email: [email protected]
Associate License# 508753
Brokerage License# 316176
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