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DEREK ABRAHAMS

Sales Representative
100% Club, Hall of Fame, Lifetime Achievement, Platinum Club
Phone:(905) 641-1110
Mobile:(905) 988-8787
Fax:(905) 684-1321

Garden City Realty Inc., Brokerage St.Catharines

145 CARLTON STREET, BOX 1448,
ST. CATHARINES, ONTARIO ON
L2R-7J8
CA

When buying a home, it is helpful to determine the type of home you'll like and how much you can afford before beginning your search. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%.

When coupled with current outstanding loans, the total for your debt service should not exceed 36% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.

Mortgage interest, property taxes, loan fees or "points" are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 28% tax bracket, this is equivalent to receiving a 28% discount on your mortgage interest and property taxes. During the first years of the mortgage your tax savings are especially high because most of your monthly payment goes toward loan interest.

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Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.


DEREK ABRAHAMS sales rep. has been serving the Niagara Region since 1985 and has SOLD over $120 Million in Real Estate by receiving the Re/Max Lifetime Achievement Award in 2011 since joining Re/Max in 1992. He has been one of THE TOP 10 INDIVIDUAL PRODUCERS from 2008-2013,2015,2017,2019 & 2020 company wide. Derek has received the Re/Max Platinum Award 2008,2013,2017,2019 & 2020 and has closed approximately $10-$13 Million in Real Estate in each of those years.
RE/MAX Garden City Realty Inc., Brokerage
145 CARLTON STREET, BOX 1448
ST. CATHARINES, ONTARIO ON  L2R-7J8
(905) 641-1110
Real Estate License # 02455301