Management and Organizational Studies 2277A/B Chapter Notes - Chapter 7: Down Payment, Title Insurance, Home Inspection

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2277A/B
• Professor: Barry Hawn

Document Summary

Single family detached home: free on its own lot. Semi detached home: has a common wall with another home. Duplex: one house that contains two distinct family homes on top of each other. Townhouse: many single-family homes attached by the next common wall. Carriage home: houses joined by garages and carports. Condo: common areas cannot be easily separated among owners. How much can you afford to pay per month for a mortgage based on your budget. Most people pay for a home with a down payment between 5-20% of the purchase price and obtain a mortgage loan to cover the rest of the costs. Pre-approval certificate: provides you with a guideline of how large a mortgage you can afford and an estimate of your mortgage payment based on your financial situation. Does(cid:374)"t guara(cid:374)tee you (cid:449)ill (cid:271)e appro(cid:448)ed for a (cid:373)ortgage. Banks provide you with a mortgage loan only if your gross debt service (gds) ratio is no more than 32%