Management and Organizational Studies 2277A/B Lecture Notes - Lecture 7: Down Payment, Home Insurance, Mortgage Insurance

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2277A/B
• Professor: Barry Hawn

Document Summary

Interest earnings on money for down payment/security deposit: commute to & from cheaper housing area, time & effort to improve house, can get info from, canada housing and mortgage corp, financial consumer agency of canada. Renting: advantages: mobility, less maintenance/repairs, low initial costs, disadvantages: few financial benefits, retricted lifestyle, legal concerns (lease), renting rights. Lease: legal document that defines the conditions of a rental agreement: should include: List of included utilities, appliances, furniture and other facilities included: provincial residential tenancies act protects your rights canadian charter of human. Step 1: calculate affordable home purchase price: gross debt service ratio (gdsr): Gross monthly income: total debt service ratio (tdsr) Step 2: find & evaluate a property: use real estate agent, conduct home inspection, obtain an appraisal. Step 3: price the property: recent selling price of homes in area, demand for homes, length of time on market, features and condition, negotiating the purchase price;