Calculated Industries 3423 - Manual (Page 11)

6 — Q
UALIFIER
P
LUS
® 4
X
(Cont’d)
1) Stores Canadian GDS:TDS ratios for mortgage
qualifying. Entered ratios are separated by the Colon
: key. For example, income and debt ratios of 32%
and 40%, respectively, are entered and permanently
stored as follows:
3 2 : 4 0 q . Default income
and debt ratios for this key are 32% and 40%,
respectively. You may change these ratios, if desired.
2) Calculates the maximum mortgage amount for
which a buyer may qualify, based on the stored
income and debt qualifying ratios and the entered:
• Term
• Interest
• Annual Income
• Monthly Debt
• Down Payment
• Monthly Property Taxes
• Monthly heating expense and other monthly housing
expenses, if applicable (e.g., condo fees)
The output of this key is as follows:
Press Calculation
1
Displays stored Qualifying Ratios
(e.g., 32%:40%)
2 Maximum Qualifying Mortgage Amount
(restricted)*
3 Buyer’s Actual Ratios (Income%:Debt%)
4 Unrestricted Qualifying Mortgage Amount*
5 Maximum Allowable Debt
*The Maximum Qualifying Loan Amount displayed is the “restricted”
loan amount that the buyer may qualify for. This loan amount is
based on whichever of the two ratios, income or debt, limits the buyer
the most. If the buyer’s maximum qualifying loan amount is restricted
by their income, then the unrestricted qualifying loan amount will also
be displayed. The unrestricted qualifying loan amount is based purely
on the buyer’s income and is not restricted by their debt. If the maxi-
mum qualifying loan amount is restricted by their debt, the unrestrict-
ed qualifying loan amount will not be displayed. This is useful to show
clients what size loan they could qualify for if they paid off debt or
increased income. Here, the calculator will display the loan amount
with “UNR” (for unrestricted) and “INC” (based on income).
Note: This restricted/unrestricted qualifying mortgage comparison
is useful to show clients what size loan they could qualify for if
they paid off debt or increased income.