Reference no: EM132674203
Tracey would like to purchase a condo worth $450,000 with condo fees (including utilities) of $400/mo, annual taxes of $1,800 and closing costs of $4,500.
- She works as a Marketing Coordinator earning $84,000/yr gross income (net income $59,000)
- Her expenses include rent ($1,500/mo), food & clothes ($500/mo), cell & intranet ($100/mo), miscellaneous ($150/mo)
- Assets include: a car ($10,000), RRSPs ($30,000), a savings account ($20,000) and a recent inheritance of $50,000
- Liabilities include: a car loan ($150/mo, $2,000 outstanding), a credit card with a $10,000 limit paid in full monthly.
Based on the information above show your calculations for each of the following questions:
Question A) Calculate Tracey's current monthly cash flow
Question B) In order to purchase the condo, first determine 2 down payment options for Tracey (high ratio & conventional). How much would the down payment be and where would Tracey get the money from?
Question C) Calculate Tracey's monthly mortgage payment if she had a conventional mortgage on her new condo and selected a 5-year term at a fixed rate of 3.85%, with a 25 year amortization
Question D) Calculate Tracey's Gross Debt Service Ratio if she purchased the condo
Question E) Calculate Tracey's Total Debt Service Ratio if she purchased the condo
Question F) If Tracey had a good credit score do you think she would be approved for this mortgage? Why?
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