As you aware homes come in every size, style and price range. To know what is affordable by you at beginning of your search saves time and disappointment later on.

1st Affordability Rule

Traditional lenders such as banks and trust companies allow you to spend approximately 32%* of your gross monthly household income on housing costs (including property taxes, heating and, if applicable, 50% of condominium fees. The ratio of debt to income is referred to as the Gross Debt Service ratio or GDS.

2nd Affordability Rule

The second affordability rule is that your entire monthly debt load shouldn’t be more than 40% of your gross monthly income. This includes housing costs and other debts, such as car loans and credit card payments. Lenders add up these debts to determine what percentage they are of your gross household monthly income. This is your Total Debt Service (TDS) ratio.


Before you start looking for a home to buy, it is important to be qualified or pre-approved for financing . This lets you and your agent understand what you can afford as well as providing a written confirmation or certificate for a fixed interest rate good for a specific period of time. To obtain pre-approval, contact your agent or mortgage broker. The benefit of a mortgage broker is that he or she operates independently of the lender and therefore can assist you in finding the best financial product at the best rate from a variety of sources and usually at no expense to you.

Zelia Leme – Mortgage Goddess

With the amount of money involved, and the many types of mortgages available today, it makes sense to shop carefully for your mortgage financing. The choices and rules among mortgages can be bewildering.

How do you even begin to make a decision? Turn to those with experience in this field for advice- Zelia is truly a magician when it comes to mortgages. Check the current rates, and then call Zelia. 

You will be amazed.

"With many years of lending experience, my role is to provide you with professional service and sound advice, making your mortgage transaction as comfortable as possible.

As a residential mortgage specialist with National Bank of Canada, I am able to offer my clients some of the most innovative mortgage products available today and find the right mortgage to suit individual needs. I pride myself on the level of service I am able to provide to my customers. In fact, the majority of my business is referrals from business partners and satisfied customers. My goal is to ensure you receive both professional advice and top-notch service.

No matter what type of mortgage financing you are looking for, it makes sense to speak to me first. I can meet you at your convenience, whenever and wherever you wish. It's up to you. "

Yours sincerely,

Zelia Leme

Mortgage Development Manager - National Bank of Canada
Telephone: (416) 834-5165

Fax: 1-888-658-5059