Greetings for the day. It was a pleasure talking to you. As per our discussion regarding Homeloan
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Greetings for the day. It was a pleasure talking to you. As per our discussion regarding Homeloan facility, kindly find below rates and Features of Scotiabank Mortgage services.Loan to Value: of the property value on first mortgage. Subject to property value less than Million of the property value on nd mortgage onward.The Rate of InterestThe rate of interest for the next years will be fixed.Other Schedule of Fees and Charges: processing fees on the loan amount.Applicable for Buyouts, Settlement through Own FundsSale ofPropertyFixedTermVariableTermPartial Settlement per year of less than of outstanding loan amount Early Settlement Fee:Partial Settlement of more than of outstanding loan amount peryear Full Early Settlement Max C$Please note that all charges are including taxes.Salaried. Passport Copy or PR card copy for both applicants salary slips Previous employment proof if current employment is less than year. Personal Bank Statement for last months till date. Title deed of the property. Processing fee cheque of Loan amount, need to pay upfront with the documents.Please do not hesitate to call me if you need any clarifications.Debt Burden Ratio DBR: of the salary.Gross salary all Liabilities of CC limit auto loan EMI Personal Loan EMI Mortgage loan EMIAdditional Information Since you are located in Richmond Hill, Toronto, the land transfer taxes will be applicable basedon the location of the house. You are also a first time home buyer and the cost of the house is C$ excluding any taxes. You also know that there are following expenses every monthincluding taxes Mortgage payment GroceriesFood C$ Internet C$ Insurance C$ Gas C$ Electricity C$ Water and Sewage C$ Water Heater leased C$ Miscellaneous C$ The mortgage payment will be made fortnightly and the original mortgage is for years.Given all the information above, please answer the following questions What is the mortgage payment fortnightly? Please prepare amortization table in excel If you rent a similar size house, you will end up paying C$ monthly. This rent includesutilities excluding internet and insurance and miscellaneous expenses. Does it make senseto rent the apartment or buy the apartment use the rent as the EMI at the end of years?
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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