Mini Case E (2 marks) It is June 28, 2022, Simon and Simone are looking to buy their first home but prices during this pandemic seem especially high They are looking to purchase a condo that is on the market for $290,000 What would be the minimum down payment that they would need if they wished to qualify for a conventional mortgage (1 mark) Conventional mortgage calculation (1 mark) Simon and Simone are going to the CIBC to discuss a potential mortgage Based on the following information, calculate the Total Debt Service (TDS) ratio Simons gross annual salary is $75,250, while Simones is $96,950 The property they are looking to purchase would result in monthly heating costs of $220, condo fees of $2,250 per year, while their annual property taxes would be $2,112 Simons only debt is a car loan of $235 per month, while Simone has a student loan of $80 per month Calculate the TDS ratio using a monthly mortgage payment of $2,490 (1 mark) Calculation of the TDS ratio (1 mark)

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Question: Mini-Case E: (2 marks) It is June 28, 2022, Simon and Simone are looking to buy their first home but prices during this pandemic seem

Mini-Case E: (2 marks)

It is June 28, 2022, Simon and Simone are looking to buy their first home but prices during this pandemic seem especially high. They are looking to purchase a condo that is on the market for $290,000.

What would be the minimum down payment that they would need if they wished to qualify for a conventional mortgage? (1 mark)

Conventional mortgage calculation (1 mark)

Simon and Simone are going to the CIBC to discuss a potential mortgage. Based on the following information, calculate the Total Debt Service (TDS) ratio. Simons gross annual salary is $75,250, while Simones is $96,950. The property they are looking to purchase would result in monthly heating costs of $220, condo fees of $2,250 per year, while their annual property taxes would be $2,112. Simons only debt is a car loan of $235 per month, while Simone has a student loan of $80 per month. Calculate the TDS ratio using a monthly mortgage payment of $2,490.

(1 mark)

Calculation of the TDS ratio (1 mark)

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