With FirstStep Financial’s help, you can afford a home worth:
Your monthly financing payments at current interest rates will be approximately $
Compare FirstStep financing to a traditional mortgage.
Down payment, monthly and annual savings using FirstStep financing.
*This is the annual rate at which your savings are compounded.
**This is the amount which you would have in your savings account if you do not touch the funds for 10 years.
*The government requires all buyers when getting a traditional mortgage (regardless of down payment available) to be stress tested for a “what if” scenario. This means you are required to earn enough income to finance the mortgage at a rate equal to or greater than the Bank of Canada 5 year benchmark rate (approximately 2% higher than current market rates). Guidelines are that your mortgage payment should be no more than 35% of your monthly income. FirstStep does not stress test on the amount we fund for the AFS, you can earn less but still qualify.
The savings, interest rates and income comparison figures may be subject to change due to market forces, prevailing market rates, FirstStep’s cost of funds and amortization schedule calculations.