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Transcript of Last business
Part II: The performance of a mortgage on the market, and how to get one
Part III: The impact mortgages have on Canadian immigrants A mortgage is a loan used to buy a property A brief history of mortgages. Mortgages were introduced in the 1930s in America by insurance companies the only way to get a loan was to prove that you didn't need one. The performance of a mortgage on the market, and how to get one Presented by Matam, Aditya Mortgage Insurance The purchase of a house can boost the economy Who can take advantage of this In 1930s, The FHA came to the rescue FHA established the amortization of loans New immigrants Will not have to pay as much money for insurance Poorer Will still be able to get a house, but will end up paying more money Down payment- money you pay to reduce the amount needed Monthly payment = A portion of the Principal + Portion of interest The original amount borrowed The "extra reward" Wealthier Fixed mortgage: Interest rate will never change New immigrants may not have a stable job Due to a lack of credit history, loans may be refused By owning a house, personal equity goes up The Longer the length, interest rate Monthly payment Adjustable-rate Mortgages: The interest rate changes A lot more than Fixed The borrower has full control prime rate , pay principal
prime rate , pay interest caps and limits - Presented by Hou, Mickey - Presented by Matam, Aditya - Presented by Lung, Arthur