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Last business

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Mickey Hou

on 16 January 2013

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Transcript of Last business

Arthur Lung The Impact In the early 90s, Statistics Canada named Richmond Hill as the fastest growing community in Canada The 2011 Census recorded a population of 185,541, The town's population is projected to exceed 200,000 by the year 2015 35% to 5% What Interest Rates Can You Expect? $ 26,330/$506 30/25 years $448,200 4% and Up (fixed rate) $403,400 Total Money Spent ? $775,047.6 $2,152.91 a month 5% $38,976/$749 $ 55,992/$1076 %25 RECOMMENDED $425,757.6 $1,182.66 $ 200,000 How it Performs: The Good and the Bad The Good How to get a Mortgage Must have worked in Canada for many months (can vary based on the bank) Must put at least a 20% down payment in order to avoid paying mortgage insurance Many banks such as offer special mortgages to new immigrants Must have immigrated to Canada within 36 months (three years) Sometimes, a letter of reference from a recognized financial institution is required The Bad New immigrants can purchase a house that they otherwise couldn't have afforded New immigrants can end up paying a lot more money due to mortgage insurance How does it perform on the market? Extra money that banks charge you if you are at a high risk of default So that banks won't lose money if you are unable to pay for your house anymore Have to pay extra on top of your mortgage payments A company such as an insurance firm, has to provide a letter that states that you are likely to pay the loan back A new immigrant may be at a high risk of losing their job THE SOCIAL AND SECURITY BENEFIT OF A MORTGAGE ON AN IMMIGRANT FAMILY OF RICHMOND HILL Part I: What is a mortgage loan?
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
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