Will I qualify for a mortgage? Readiness checklist
Run a quick readiness check on your down payment, debt ratios, credit and income type against standard lender guidelines. It is a checklist, not a pre-approval.
Mortgage rules last reviewed: September 29, 2026
Car loans, credit cards (3% of balance), lines of credit, support payments.
Most Ontario cities charge about 0.7%–1.7%. Toronto is about 0.75%.
Lenders count half of condo fees.
- Minimum down payment met
- $65,000 covers the $40,000 minimum
- Housing costs vs income (GDS)
- 37.7% (limit 39%)
- All debts vs income (TDS)
- 37.7% (limit 44%)
- Credit score
- Generally comfortable for standard lending
- Income documentation
- Usually a recent pay stub and an employment letter.
For illustration only. Not a rate quote, approval or pre-qualification.
How this is calculated
- This is a readiness checklist, not a pre-approval. Each lender applies its own rules and reviews documents before deciding.
- Debt ratios use the stress-test payment at the qualifying rate. Estimated mortgage $603,135 including $18,135 default insurance.
- Limits used: housing costs up to 39% of gross income and all debts up to 44% (CMHC). Some lenders are stricter or more flexible.
Calculator disclaimer
Calculators are provided for general informational and illustrative purposes only.
Results are estimates and may not reflect lender-specific qualification requirements, mortgage-insurance premiums, taxes, fees, available products, payment calculations or other transaction costs.
Calculator results do not constitute:
- Mortgage approval
- Pre-approval
- A rate commitment
- A lending commitment
- Financial advice
- Tax advice
- Or legal advice
Mortgage rules, rates and lender requirements can change.
For advice about your specific circumstances, speak with the appropriate licensed professional.
But how does this apply to your business income?
This calculator estimates the numbers you entered. How a lender treats your salary, dividends or business income is a separate question, and it's the one the Mortgage Readiness Review looks at first.