AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Home Insert Draw...

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AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Line Numbers Indent Spacing Margins Orientation Size Columns Breaks bc Hyphenation Left: 0 cm Right: 0 cm Before: Opt After: O pt Position Wrap Bring Send Selection Align Text Forward Backward Pane Group Rotate Page 2 of 8 1104 words English (United States) 1. You will need to find a home located in the City of Edmonton. Once you have found your home, you MUST submit, along with this assignment, a sheet detailing the important information about your home (square feet, number of bedrooms, etc.). NOTE: Condominiums, townhouses, duplexes, and homes not located in the City of Edmonton are not acceptable for this case. Now that you have found your home, please indicate the list price in the box below. (1 mark) $345,000 II. Down Payment and Mortgage Amount (2) 2. Assuming that you will be paying the list price for the house, what is the minimum down payment, in dollars, that you will have to put down? Assume that you will make a minimum down payment of 5%. Show your calculations. (1 mark) $17,250 3. Once you make your down payment, the remaining amount is your mortgage amount. What is your mortgage amount? Show your calculations. (1 mark) $327,750 Share Comments Focus + 107% AutoSave DOFF VU Home Insert Draw Design Layout References Mortgage Case - Winter 2020 (3) Saved to my Mac Mailings Review View Line Numbers Indent Spacing Margins Orientation Size Columns Breaks bc Hyphenation Left: Right: 0cm 0 cm Before: Opt After: O pt Position Wrap Text Bring Send Selection Align Forward Backward Pane Group Rotate III. CMHC Premium (2) Page 2 of 8 1104 words English (United States) 4. Since your down payment is less than 20%, you will incur a CMHC premium. Based on your answer for Question 3, calculate your CMHC premium. Once you calculate your premium, you will need to recalculate your mortgage amount. What will be your new mortgage amount? Use the current CMHC premium figures found on the CMHC website at http://www.cmhc- schl.gc.ca/en/co/moloin/moloin 005.cfm. (2 marks) CMHC premium= $13,110 New mortgage amount=$340,860 IV. Mortgage Rate (1) 5. In order to complete the following chart, you will need to go out and research current mortgage rates for a five (5) year fixed rate mortgage term. The mortgage rates you select must be from a major bank and/or credit union - not a mortgage company. Once you have found your two rates, you must submit a paper or digital copy of the resource you relied on for your information and submit it as part of your assignment. [1 mark) Financial Institution Mortgage Rate (5-year fixed) Scotiabank 2.84% TD Bank 3.04% V. Prepayment Privileges (2) 6. Describe the prepayment privileges offered by EACH financial institution listed in question 5. (2 marks) Share Comments Focus + 107% AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Line Numbers Indent Spacing Share Left: 0 cm Margins Orientation Size Columns Breaks bc Hyphenation Right: 0 cm After: repaymentTv*g* (4) Before: 0 pt O pt Position Wrap Text Bring Send Selection Align Forward Backward Pane Group Rotate Page 2 of 8 1104 words Q English (United States) 6. Describe the prepayment privileges offered by EACH financial institution listed in question 5. (2 marks) 3 VI. Calculating Your Monthly Mortgage Payment (3) 7. Based on your answers for questions 5 and 6, select which financial institution's mortgage rate (I/Y) you will use to complete the table below. You will also need your mortgage amount from question 4 to complete the following table. (3 marks) Calculator 15 year amortization 20 year amortization 25 year amortization P/Y= C/Y= 12 2 12 2 12 2 N = I/Y= PV = PMT= FV = 0 0 0 Analysis of what P1= P1 = P1 = Comments Focus 107% AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Line Numbers Indent Spacing Margins Orientation Size Columns Breaks bc Hyphenation Left: Right: 0 cm 0 cm Before: Opt Position After: Opt Wrap Text Bring Send Selection Align Forward Backward Pane Group Rotate VI. Calculating Your Monthly Mortgage Payment (3) 7. Based on your answers for questions 5 and 6, select which financial institution's mortgage rate (I/Y) you will use to complete the table below. You will also need your mortgage amount from question 4 to complete the following table. (3 marks) Calculator 15 year amortization 20 year amortization 25 year amortization P/Y= C/Y= 12 2 12 2 12 2 N= I/Y= PV= PMT= FV = 0 0 0 Analysis of what P1= happened over the first five (5) years P2 = P1= P2 = P1= P2 = BAL Outstanding= BAL Outstanding = BAL Outstanding = Total PRN = Total PRN = Total PRN = Total INT= Total INT = Total INT= VII. Payment Frequencies (5) 8. Select a mortgage payment (PMT) from question 7 (i.e. the one you think you would be comfortable in making if you were truly financing this home), and complete the following chart by calculating the new mortgage payment and the new amortization if you change the payment frequency. Use the formulas in Exhibit 7.4 on page 213 of your text. (5 marks) Mortgage Payment Frequency Accelerated bi- weekly Weekly Accelerated Weekly Calculator Semi- monthly Bi-weekly P/Y C/Y Page 2 of 8 1104 words English (United States) Share Comments Focus 107% AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Mailings Review View Home Insert Draw Design Layout References Margins Orientation Size Columns Breaks Line Numbers bc Hyphenation Indent Spacing Left: 0 cm Right: 0 cm Before: Opt After: O pt Page 2 of 8 1104 words English (United States) Position Wrap Text Bring Send Selection Align Forward Backward Pane Group Rotate 8. Select a mortgage payment (PMT) from question 7 (i.e. the one you think you would be comfortable in making if you were truly financing this home), and complete the following chart by calculating the new mortgage payment and the new amortization if you change the payment frequency. Use the formulas in Exhibit 7.4 on page 213 of your text. (5 marks) Calculator P/Y Semi- monthly Bi-weekly Mortgage Payment Frequency Accelerated bi- weekly Weekly Accelerated Weekly C/Y N I/Y PV PMT FV AMORT (t) VIII. Calculating Annual Property Tax (3) 9. Go to the City of Edmonton website and determine the City of Edmonton's assessed value for your home for 2019 and write it in the space below. You must also print off the information you found on the website and submit it along with this assignment. (1 mark) Share Comments Focus 107% AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Line Numbers Indent Spacing B Left: 0 cm Margins Orientation Size Columns Breaks bc Hyphenation Right: 0 cm After: Before: 0 pt O pt Position Wrap Text Bring Send Group Selection Align Forward Backward Pane Rotate Page 2 of 8 1104 words English (United States) PV PMT FV AMORT (t) VIII. Calculating Annual Property Tax (3) 9. Go to the City of Edmonton website and determine the City of Edmonton's assessed value for your home for 2019 and write it in the space below. You must also print off the information you found on the website and submit it along with this assignment. (1 mark) 10. Using your value from Question 9, use the City of Edmonton's property tax estimator to determine your approximate annual and monthly property tax bill and write these numbers in the space below. You must also submit the information you found on the website by including it as part of your submission in drop box. (1 mark) Share Comments Focus 107% AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Line Numbers Indent Spacing Margins Orientation Size Columns Breaks bc Hyphenation Left: 0 cm Right: 0 cm Before: Opt After: O pt Position Wrap Bring Send Selection Align Text Forward Backward Pane Group Rotate Page 2 of 8 1104 words English (United States) 1. You will need to find a home located in the City of Edmonton. Once you have found your home, you MUST submit, along with this assignment, a sheet detailing the important information about your home (square feet, number of bedrooms, etc.). NOTE: Condominiums, townhouses, duplexes, and homes not located in the City of Edmonton are not acceptable for this case. Now that you have found your home, please indicate the list price in the box below. (1 mark) $345,000 II. Down Payment and Mortgage Amount (2) 2. Assuming that you will be paying the list price for the house, what is the minimum down payment, in dollars, that you will have to put down? Assume that you will make a minimum down payment of 5%. Show your calculations. (1 mark) $17,250 3. Once you make your down payment, the remaining amount is your mortgage amount. What is your mortgage amount? Show your calculations. (1 mark) $327,750 Share Comments Focus + 107% AutoSave DOFF VU Home Insert Draw Design Layout References Mortgage Case - Winter 2020 (3) Saved to my Mac Mailings Review View Line Numbers Indent Spacing Margins Orientation Size Columns Breaks bc Hyphenation Left: Right: 0cm 0 cm Before: Opt After: O pt Position Wrap Text Bring Send Selection Align Forward Backward Pane Group Rotate III. CMHC Premium (2) Page 2 of 8 1104 words English (United States) 4. Since your down payment is less than 20%, you will incur a CMHC premium. Based on your answer for Question 3, calculate your CMHC premium. Once you calculate your premium, you will need to recalculate your mortgage amount. What will be your new mortgage amount? Use the current CMHC premium figures found on the CMHC website at http://www.cmhc- schl.gc.ca/en/co/moloin/moloin 005.cfm. (2 marks) CMHC premium= $13,110 New mortgage amount=$340,860 IV. Mortgage Rate (1) 5. In order to complete the following chart, you will need to go out and research current mortgage rates for a five (5) year fixed rate mortgage term. The mortgage rates you select must be from a major bank and/or credit union - not a mortgage company. Once you have found your two rates, you must submit a paper or digital copy of the resource you relied on for your information and submit it as part of your assignment. [1 mark) Financial Institution Mortgage Rate (5-year fixed) Scotiabank 2.84% TD Bank 3.04% V. Prepayment Privileges (2) 6. Describe the prepayment privileges offered by EACH financial institution listed in question 5. (2 marks) Share Comments Focus + 107% AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Line Numbers Indent Spacing Share Left: 0 cm Margins Orientation Size Columns Breaks bc Hyphenation Right: 0 cm After: repaymentTv*g* (4) Before: 0 pt O pt Position Wrap Text Bring Send Selection Align Forward Backward Pane Group Rotate Page 2 of 8 1104 words Q English (United States) 6. Describe the prepayment privileges offered by EACH financial institution listed in question 5. (2 marks) 3 VI. Calculating Your Monthly Mortgage Payment (3) 7. Based on your answers for questions 5 and 6, select which financial institution's mortgage rate (I/Y) you will use to complete the table below. You will also need your mortgage amount from question 4 to complete the following table. (3 marks) Calculator 15 year amortization 20 year amortization 25 year amortization P/Y= C/Y= 12 2 12 2 12 2 N = I/Y= PV = PMT= FV = 0 0 0 Analysis of what P1= P1 = P1 = Comments Focus 107% AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Line Numbers Indent Spacing Margins Orientation Size Columns Breaks bc Hyphenation Left: Right: 0 cm 0 cm Before: Opt Position After: Opt Wrap Text Bring Send Selection Align Forward Backward Pane Group Rotate VI. Calculating Your Monthly Mortgage Payment (3) 7. Based on your answers for questions 5 and 6, select which financial institution's mortgage rate (I/Y) you will use to complete the table below. You will also need your mortgage amount from question 4 to complete the following table. (3 marks) Calculator 15 year amortization 20 year amortization 25 year amortization P/Y= C/Y= 12 2 12 2 12 2 N= I/Y= PV= PMT= FV = 0 0 0 Analysis of what P1= happened over the first five (5) years P2 = P1= P2 = P1= P2 = BAL Outstanding= BAL Outstanding = BAL Outstanding = Total PRN = Total PRN = Total PRN = Total INT= Total INT = Total INT= VII. Payment Frequencies (5) 8. Select a mortgage payment (PMT) from question 7 (i.e. the one you think you would be comfortable in making if you were truly financing this home), and complete the following chart by calculating the new mortgage payment and the new amortization if you change the payment frequency. Use the formulas in Exhibit 7.4 on page 213 of your text. (5 marks) Mortgage Payment Frequency Accelerated bi- weekly Weekly Accelerated Weekly Calculator Semi- monthly Bi-weekly P/Y C/Y Page 2 of 8 1104 words English (United States) Share Comments Focus 107% AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Mailings Review View Home Insert Draw Design Layout References Margins Orientation Size Columns Breaks Line Numbers bc Hyphenation Indent Spacing Left: 0 cm Right: 0 cm Before: Opt After: O pt Page 2 of 8 1104 words English (United States) Position Wrap Text Bring Send Selection Align Forward Backward Pane Group Rotate 8. Select a mortgage payment (PMT) from question 7 (i.e. the one you think you would be comfortable in making if you were truly financing this home), and complete the following chart by calculating the new mortgage payment and the new amortization if you change the payment frequency. Use the formulas in Exhibit 7.4 on page 213 of your text. (5 marks) Calculator P/Y Semi- monthly Bi-weekly Mortgage Payment Frequency Accelerated bi- weekly Weekly Accelerated Weekly C/Y N I/Y PV PMT FV AMORT (t) VIII. Calculating Annual Property Tax (3) 9. Go to the City of Edmonton website and determine the City of Edmonton's assessed value for your home for 2019 and write it in the space below. You must also print off the information you found on the website and submit it along with this assignment. (1 mark) Share Comments Focus 107% AutoSave DOFF VU Mortgage Case - Winter 2020 (3) Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Line Numbers Indent Spacing B Left: 0 cm Margins Orientation Size Columns Breaks bc Hyphenation Right: 0 cm After: Before: 0 pt O pt Position Wrap Text Bring Send Group Selection Align Forward Backward Pane Rotate Page 2 of 8 1104 words English (United States) PV PMT FV AMORT (t) VIII. Calculating Annual Property Tax (3) 9. Go to the City of Edmonton website and determine the City of Edmonton's assessed value for your home for 2019 and write it in the space below. You must also print off the information you found on the website and submit it along with this assignment. (1 mark) 10. Using your value from Question 9, use the City of Edmonton's property tax estimator to determine your approximate annual and monthly property tax bill and write these numbers in the space below. You must also submit the information you found on the website by including it as part of your submission in drop box. (1 mark) Share Comments Focus 107%