Analyze mortgage applications and better answer clients' questions about affordability using Finmo's affordability calculator.

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1. Navigate to your deal screen in Finmo. and select the deal you are working on. Go to the "Payment Details" tab by clicking the "Calculator" link at the top of the page

2. Select the "Qualifying details" tab

3. Enter and save any purchase price. Then click on "Calculate affordability".

Using the calculator, you can now adjust the affordability percentage, or use 39% GDS and 44% TDS to calculate the maximum mortgage they can afford.

The calculator will display the maximum mortgage amount for preset GDS (Gross Debt Service) and TDS (Total Debt Service) percentages (e.g., 39% and 44%).

If your client prefers not to use their maximum borrowing capacity, adjust the percentage of income they are comfortable using. The calculator automatically updates the maximum mortgage amount and monthly payment based on the new percentages entered.

1. Apply the adjusted details and save the changes.

The updated purchase price and monthly payment will be reflected in the deal.

You can always revert to the maximum affordability by adjusting the percentages back to their original values and applying the details.

Need Further Assistance? If you have any questions or need further assistance, please contact our support team by clicking on the chat bubble.