What is Ownability?
Ownability provides a quick and low stakes way to explore how much home you may be able to afford so you can focus your search on homes that fit your finances. Based on basic information about your income, down payment and recurring debts, Ownability can estimate a budget that outlines what price ranges will likely feel comfortable, like a stretch or out of reach financially. Saving your results unlocks customized Ownability filters tied to your budget estimate. Ownability does not affect your credit and automatically updates when you make adjustments to your profile.
How do I access Ownability?
Ownability is a feature in the Houseful™ App for iOS. Download the app today using the QR code below or visit the App Store here.
Get started with Ownability by selecting the Ownability button in the bottom navigation. Follow the prompts to complete your homebuying budget estimate.
Is Ownability available on houseful.ca?
Ownability is currently only available in the Houseful™ App for iOS. If you’re unable to download the app, we recommend RBC’s True House Affordability tool as an alternative for understanding how much you may be able to afford.
How is my Ownability estimate calculated?
Your Ownability budget estimate is calculated based on your income, estimated down payment and recurring debts. Combined, these can paint a picture of your potential Debt-to-Income ratio or DTI. Lenders will refer to your DTI when determining how much you may be able to borrow. This will affect how much you can spend on a home and how much the recurring payments may be.
How does Ownability use my data?
The information you provide to Ownability is used only to estimate your homebuying budget and customize your Houseful search experience. It is not shared with any third parties.
Can I update my Ownability estimate?
You can update your Ownability estimate at any time in the Houseful App by navigating to Account > Ownability > Edit or delete. From the Edit screen, you can update information related to your income, down payment and recurring debts. If you make changes, select Update my budget to recalculate your results.
Is my Ownability estimate the same as a mortgage pre-approval?
Your Ownability estimate is not the amount you may be approved or pre-approved for when you apply for a mortgage. Ownability is a budget tool that gives you an estimate for illustrative and general information purposes only.