MCS 2100 Chapter Notes - Chapter 7: Home Equity Loan, Mortgage Loan, Mortgage Insurance

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: May Aung

Document Summary

Renting versus buying housing: choice should be analyzed based on lifestyle and financial factors, mobility is a primary motivator of renters, while buyers usually want permanence. In general, renting costs less in the short run, but home ownership usually has long-term financial advantages. Housing information sources: start with basic resources books; real estate section in newspapers, friends, real estate agents, government agencies, canada"s mortgage and housing corporation or the financial consumer agency of. Selecting a rental unit: an apartment is the most common type of rental housing, apartments range from modern, luxury units to simple one- and two-bedroom units. If you need more room, you should consider renting a house increased space will cost more and you will probably have some responsibility for maintaining property. Step 1: determine home ownership needs: should consider the benefits and drawbacks of this major financial commitment, evaluate different types of housing units and forms of ownership, determine the amount you can afford.