What is a Canadian Mortgage? The September 2020 update on house prices, states that the...
90.2K
Verified Solution
Link Copied!
Question
Accounting
What is a Canadian Mortgage? The September 2020 update on house prices, states that the average price of a house in Windsor is $430,000. A family has saved 5% of this amount that is required to make a down payment for an average home. If the current posted rate is 3% would you recommend a family with a monthly income of $5000 buy a house? The Canadian Housing Mortgage Corporation recommends that the cost of a mortgage should not exceed 35% of your monthly income.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
