Week D Cue Cards

Question	Answer
Difference between Conventional and Insured Mortgage	Conventional limited to lending 80% (20%down) Insured is limited to lending 95% (5%-19% down)
Gross Debt Service (GDS): ____%	32%
Total Debt Service: _____%	40%
What is the recommended minimum credit score?	650
Savings, RRSP Withdrawals, unencumbered land, proceeds from another property and/or equity grants are forms of _______________ down payment sources	Traditional Down Payment Sources
CMHC, Genworth Canada and Canada Guaranty are types of mortgage ___________'s in Canada	Insurers
GDS and TDS are good measures of affordability for borrowers T/F	False, because they do not include other expenses such as utilities, insurance, food, daycare etc. Also, it uses gross income instead of net.

Resource summary

	Created by dylan_earl over 10 years ago