Does your credit score effect your chances of getting a mortgage?
Yes
100
What is an open mortgage?
-It can be repaid anyt time throughout the term, either in full or partially without any prepayment costs.
-It provides flexibility until you are ready to lock into a closed term.
100
What is an RRSP?
Registered Retirement Savings Plan
100
How much of a down payment do you need for a conventional mortgage?
at least 20%
100
Approximately how much is a home inspection fee?
$300
200
Where can you check your credit score?
-Online
-TransUnion Canada
-Equifax Canada
200
...
FREE 200 POINTS!!!
200
What is a GIC?
Garunteed Investment Certificate
200
Can you use your Registered Retirement Savings Plan to help make a down payment?
Yes, you can withdraw up to $25,000...but you must pay yourself back over 15years
200
What is the approximate cost of the appraisal fee?
$150-$200
300
What is considered a good credit score?
600+
300
Mortgage payments can be paid...
weekly, bi-weekly, semi-monthly and monthly
300
What is the CMHC?
The Canada Mortgage and Housing Corporation
300
What is the difference between fixed and variable rate mortgages?
fixed means the interest rate on the mortgage will stay the same throughout the entire term... a variable interest rate will fluctuate with the banks prime rate throughout the mortgage term.
300
What does mortgage life insurance do?
If you pass and your claim is approved, the outstanding balance of your mortgage will be reduced or paid off (max of $750,000)
400
How do you establish a good credit rating?
-Pay off your bills on time or early (at least the minimum payments)
-Get a credit card, loan or line of credit
400
Usually mortgage default insurance premiums range between...
0.5% and 2.75%
400
What is a TFSA
A Tax Free Savings Account
400
Can you take your mortgage with you if you move?
Yes, you can port your mortgage by blending it with the new amount needed for your new house
400
Approximately how much are legal fees/ related expenses?
$1300-$2500
they vary by province depending on GST or HST
500
What happens when someone checks your credit score?
you will lose one point everytime someone checks your credit score, so be careful who and how many people you allow to check it
500
What does else do bankers deal with besides mortgages?
Investments, trading accounts, mutual funds, every day banking
500
What does CIBC stand for?
Canadian Imperial Bank of Commerce
500
Why did so many people lose their houses during the recent recession?
People lost their jobs and could no longer pay their mortgage or second mortgage.. so because the bank owened majority of their house they took it over in order to get their money.