2466942
Descrição
FlashCards por dylan_earl, atualizado more than 1 year ago
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Criado por dylan_earl
mais de 10 anos atrás
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| Questão | Responda |
| Difference between Conventional and Insured Mortgage | Conventional limited to lending 80% (20%down) Insured is limited to lending 95% (5%-19% down) |
| Gross Debt Service (GDS): ____% | 32% |
| Total Debt Service: _____% | 40% |
| What is the recommended minimum credit score? | 650 |
| Savings, RRSP Withdrawals, unencumbered land, proceeds from another property and/or equity grants are forms of _______________ down payment sources | Traditional Down Payment Sources |
| CMHC, Genworth Canada and Canada Guaranty are types of mortgage ___________'s in Canada | Insurers |
| GDS and TDS are good measures of affordability for borrowers T/F | False, because they do not include other expenses such as utilities, insurance, food, daycare etc. Also, it uses gross income instead of net. |
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