Flashcards
Week D Cue Cards
Flashcards do conjunto (7)
- 1Difference between Conventional and Insured MortgageConventional limited to lending 80% (20%down)
Insured is limited to lending 95%
(5%-19% down) - 2Gross Debt Service (GDS): ____%32%
- 3Total Debt Service: _____%40%
- 4What is the recommended minimum credit score?650
- 5Savings, RRSP Withdrawals, unencumbered land, proceeds from another property and/or equity grants are forms of _______________ down payment sourcesTraditional Down Payment Sources
- 6CMHC, Genworth Canada and Canada Guaranty are types of mortgage ___________'s in CanadaInsurers
- 7GDS and TDS are good measures of affordability for borrowers T/FFalse, because they do not include other expenses such as utilities, insurance, food, daycare etc.
Also, it uses gross income instead of net.