The Canadian Mortgage and Housing Corporation (CMHC) prepares annual research on the number of work hours in one month, at an average salary, required to bring mortgage payments down to 30% of income. Most experts say that your housing costs should not be more, and preferably less, than 30% of your income. The answer is a resounding “no”. Based on a 37.5 hour workweek, there are 162.50 available work hours in a typical month, yet in cities of allIs that a reasonable figure for most Canadians? For instance, your credit history is not that great. Banks generally reject mortgage applications if the credit score is below 670. With a mortgage broker, you can shop around for a lending company that offers bad credit mortgage loans.
