ࡱ> hjg_ 0Jbjbj .n>\>\J RR, <F^}$ hsss}s}ss[Ui0,!p!! \s!R!R> : Summative Part 4 Mortgages Use the CMHC website to look up the following definitions. Write them out in your own words. If you learn any other words, add them into the table.  HYPERLINK "http://www.fcac-acfc.gc.ca/eng/resources/publications/mortgages/Pages/BuyingYo-Acheterv-10.aspx" http://www.fcac-acfc.gc.ca/eng/resources/publications/mortgages/Pages/BuyingYo-Acheterv-10.aspx WordDefinitiondown payment mortgage amortization period open mortgage closed mortgage principal fixed interest variable interest biweekly payments  term  deed    Use the mortgage calculator to determine the following:  HYPERLINK "http://cgi.scotiabank.com/mortgage/payment/en/payment.html" http://cgi.scotiabank.com/mortgage/payment/en/payment.html Mortgage Option #1: Amount: 250,000 Amortization: 25 years Payment Frequency: Monthly Interest Rate 4% Monthly paymentLength of time to pay off the mortgageTotal Interest paid (you will need to add it up) Mortgage Option #2: Amount: 250,000 Amortization: 25 years Payment Frequency: Biweekly Interest Rate 4% Monthly paymentLength of time to pay off the mortgageTotal Interest paid (you will need to add it up) Questions 1) Which Mortgage will you pay off faster? 2) Which mortgage will you pay less interest for? How much less interest will you pay? Look at the same mortgages as before, but use 20 years amortization (not 25) to see the difference. Mortgage Option #3: Amount: 250,000 Amortization: 20 years Payment Frequency: Monthly Interest Rate 4% Monthly paymentLength of time to pay off the mortgageTotal Interest paid (you will need to add it up) Mortgage Option #4: Amount: 250,000 Amortization: 20 years Payment Frequency: Biweekly Interest Rate 4% Monthly paymentLength of time to pay off the mortgageTotal Interest paid (you will need to add it up) Questions: How does changing the amortization period to 20 years affect the total interest paid? What are some advantages of a 25 year amortization? What are some advantages of a 20 year amortization that is biweekly? Read this article:  HYPERLINK "http://www.fcac-acfc.gc.ca/Eng/resources/publications/mortgages/Pages/Choosing-Lechoixd.aspx" http://www.fcac-acfc.gc.ca/Eng/resources/publications/mortgages/Pages/Choosing-Lechoixd.aspx What are 3 ways you can reduce your total interest costs? What are the 10 things you need to know before signing a contract? Provide a short description of each one.  HYPERLINK "http://www.fcac-acfc.gc.ca/Eng/resources/publications/yourRights/Pages/BeforeYo-Voicidix.aspx" http://www.fcac-acfc.gc.ca/Eng/resources/publications/yourRights/Pages/BeforeYo-Voicidix.aspx There are a lot of extra costs association with buying a house.  HYPERLINK "https://www.cmhc-schl.gc.ca/en/co/buho/hostst/hostst_002.cfm" https://www.cmhc-schl.gc.ca/en/co/buho/hostst/hostst_002.cfm Scroll down to Figure Out the Up-front Costs and complete a description of each one: Up Front CostDescriptionDown PaymentDepositAppraisal FeeMortgage Loan Insurance PremiumMortgage Brokers FeeHome Inspection FeeSurvey or Certificate of Location CostLand Registration Fee (Land Transfer Tax)Pre-paid Property Taxes and/or utility billsProperty InsuranceLegal Fees List out the 11 other costs that you also need to consider: {" # $ % 6 : ; ? 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