Management and Organizational Studies 2277A/B Chapter 7: Purchasing and Financing a Home

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

Document Summary

I: there are many different types of homes that have different bene ts. 1: when selecting a home, you should rst calculate the amount of money a month you can. Required to be no more than 32: total debt service ratio: your mortgage-related debit payments plus all other consumer debt payments divided by your total monthly gross household income. 2: you can take up to ,000 out of your rrsp (another ,000 if you have a spouse), to put. Affordable down payment towards the down payment on a rst time house (you have 15 years to pay it back into your. B: people may justify a purchase higher than then they originally planned because: The more expensive house may not require any additional down payments if they obtain a large enough mortgage. Can get a second job to pay the higher mortgage. Houses that cost more rise in value faster than houses that are on the lower end of prices.