Lenders use two rules to determine how much to lend you ...

Rule 1: Your gross debt service ratio: These are your housing costs, which shouldn't be more than 32% of your gross income. Housing costs include mortgage principal and interest, taxes, heating expenses and half of your condo fees.

Rule 2: Your debt service ratio: Your total debt (for housing, cars and credit cards) shouldnt be more than 40% of your gross income)

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