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AMORTIZATION & TERM

APPLICATION PROCESS

BUYING A PROPERTY

COSTS

 MORTGAGE BENEFITS

PRE-PAYMENT OPTIONS

RRSP HOME BUYERS' PLAN

TYPES OF MORTGAGES AVAILABLE


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AMORTIZATION & TERM

Amortization
      sub-heading Shorten your amortization

Term

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THE APPLICATION PROCESS

How much can you afford?

Gross debt service
      indentHousing costs

Total debt service

Credit rating
      indent Credit bureau
      indent Credit problems
      indent Bankruptcy

The mortgage application

Gross monthly income
      indent Employment verification
      indent Employment letter
      indent Full time employees
      indent Contract employees
      indent Part time employees

Bonus income

Overtime income
      indent Other kinds of income

Self employed income

Commission income
      indent Net income
      indent Other kinds of income

What are assets?

What are liabilities?

Networth

What is a downpayment?
      indent Proof of downpayment
      indent What if it is a gift?

Total monthly payments

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BUYING A PROPERTY

Choose your team
      indent The mortgage broker
            indent Role of a mortgage broker
            indent What hours do they work?
            indent Are they licensed?
            indent Why not see a loans officer?
      indent The realtor
      indent The home (building) inspector
      indent The lawyer or notary
      indent The insurance broker

Applying for a pre-
     approved mortgage

Make an offer to pur-
     chase a property
        indent The purchase agreement
        indent Your initial deposit
        indent Completion date
        indent Possession date
        indent Subjects
        indent Counter offer
        indent The accepted offer

Complete the deal

Remove the subjects

Go to the lawyer's office
      indent Statement of adjustments

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CLOSING COSTS / HIDDEN COSTS

Appraisal
      indent Fair market value
      indent Appraisal problems?

Assessed value

Building inspection
      indent Inspection problems?

GST

House insurance

Land transfer tax
      indent Ontario - transfer tax
      indent OHOSP - home ownership plan
      indent First time buyers
      indent British Columbia transfer tax
      indent B.C. first time buyers
      indent Reduction of principal

 Legal fees

Mortgage broker fees

Moving expenses

Property tax adjustment

Realtor fees

Renovation costs

Survey
      indent Right of way
      indent Encroachment

Title insurance

Utility connections

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MORTGAGE BENEFITS

Blended rate mortgage

Early renewal

Interest rate guarantee

Portability

Skip a payment

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PRE-PAYMENT OPTIONS

Increasing payment frequency
      indent Monthly payments
      indent Semi-monthly
      indent Bi-weekly - accelerated
      indent Bi-weekly - not accelerated
      indent Weekly accelerated
      indent Weekly - not accelerated
      indent Comparison table 		10/10  15/15  20/20

Increase your payments

Additional payments

Double-up payments

Lump sum payments

Shorter amortization

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RRSP HOME BUYERS' PLAN

Definition of qualifying home

Definition of spouse

Definition of disabled persons

Conditions for participating

What is the home buyers' plan?

Conditions for participating
      indent First-time home owners
      indent Previous home owners

RRSP withdrawals

Withdrawals for disabled persons
      indent Qualifying note

Repaying your withdrawals

If you do not meet conditions?

What can you use the funds for?

Lifelong learning plan

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TYPES OF MORTGAGES AVAILABLE

Conventional mortgage

High-ratio mortgage
      indent CMHC
      indent G. E. Capital
      indent 5% downpayment plan

Open mortgage

Variable rate mortgage

ARM - adjustable rate mortgage

Capped rate mortgage

Closed mortgage

Convertible rate mortgage

Reverse mortgage

CHIP - Canadian home income plan

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