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Mortgage AssignmentWhere do you want to liveWhat features do you want in your houseUsing the internet, find the house that you want to purchaseWhat is your expected annual income You cannot exceed 35% of your gross income to spend on a mortgage. 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. Do you have money for this as soon as you are done your education What is the amount that you need for a down paymentWhat are the closing costs associated with purchasing a house. (legal fees, title, title insurance)What is a home inspection Why should you get a home inspection How much does one costWhat are your property taxes for this houseWhat is the cost of insurance for the houseResourcesRBC 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 you leave your mortgage you need to ensure that you understand the costs associated with getting out of your mortgage early. ................
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