Mortgage assignment



Where do you want to live?What features do you want in your house? (e.g., yard)Using the internet, find the house that you want to purchase – attach the house to this assignment or print. Go to: mls.caWhat is your expected annual income? _____________________ Go to Career Cruising and look up your expected income for your first year in the sample career path section.REMEMBER: You cannot exceed 35% of your gross income to spend on a mortgage. How much can you spend? $__________Using the Royal Bank Mortgage Calculator, calculate what you can afford. There are a number of terms that you need to understand: Define the following terms:Monthly paymentsBi-weekly paymentsAccelerated Bi-weeklyAmortizationInterest RateYou need to have a minimum 5% of the total cost of your mortgage for a down payment. How much is that amount? $___________Do you have money for this as soon as your education is complete? What is the amount that you need for a down payment?What are the closing costs associated with purchasing a house? (legal fees, title, title insurance)What is a home inspection? a) Why should you get a home inspection? b) How much does one cost?What are your property taxes for this house?What is the cost of insurance for the house?When you leave your mortgage you need to ensure that you understand the costs associated with getting out of your mortgage early. What are the typical costs?ResourcesRBC Mortgage Calculator true cost of buying a home in Alberta Costs on a House in Alberta to questions that come up often.’s Guide: Don’t let the closing costs surprise you! you need to pay any additional costs? Costs When Buying a Home are the General Requirements to Qualify for Homeowner Mortgage Loan Insurance? Costs of Buying a New Home ................
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