Home Quest Flashcard

Front

How much minimum Down Payment is required to buy an Investment Property in Canada?

Back

20% of the purchase price

Front

The maximum purchase price for a property eligible for insured mortgages in Canada is?

Back

$1.5M

Front

What is the maximum amortization period for a mortgage insured by CMHC?

Back

30 Years

Front

What does LTV stand for in the context of mortgages?

Back

Loan-To-Value

Front

What is the primary benefit of making a larger down payment on a home purchase in Canada?

Back

You can avoid paying for mortgage insurance, Your mortgage payments will be lower, You get a better interest rate.

Front

Which of these documents is usually required when applying for a mortgage in Canada? A letter from your boss stating your salary, A copy of your credit report, A bank statement from your account, All of the above

Back

All of the above

Front

What does the "stress test" for mortgages in Canada evaluate?

Back

The applicant’s financial ability to handle higher interest rates