Hello, these are my calculations and responses, I would like an informed opinion whether I'm on the right step, thank you in advance!

Patricia lives on her own. She is currently renting but is ready to purchase her first home. As she knows that you are taking a Personal Finance course, she has turned to you for guidance before approaching the banks for a mortgage. Her monthly living expenses are $3,700.

Chequing account: $3,500

Furniture: $9,750

Car: $23,500

RRSP investments (Stocks): $111,650

Savings Account: $5,750

Cash: $50

Investments: Mutual Funds (bonds): $7,000

Student loan (3 years remaining): $12,000

Car loan (4 years remaining): $15,550

Credit card balance (unpaid balance after monthly minimum paid) : $1,600

Q1.Patricias home that she is looking to purchase is on the market for $200,000. This is a good price, in a hot market. She knows that the home will sell fast and will sell for the asking price. How much would Patricia need for a down payment on the home if she were to take a conventional mortgage?

ANS: If she were to take a conventional mortgage it would be between at least 5% - to at most 25%.

200 000 (.05) = 10 000

200 000(.25) = 50 000

Patricia can make a down payment from between $10 000- $50 000.

However according to RBC website, it's stated the higher the down payment percentage the more likely you will save money. Which makes sense as it would take less time to pay for the house.

Source : https://www.rbcroyalbank.com/mortgages/down-payment-options.html

Q2.If Patricia wanted to take advantage of the Home Buyer's Plan (HBP) in November 2019, what is the maximum amount that she could withdraw from her Registered Retirement Savings Plan (RRSP)? ( Hint: the amount under the HBP increased in March 2019, it is no longer $25,000). What is the minimum RRSP repayment amount required under the HBP that Patricia must make?

ANS: The Home Buyers Plan (HBP) lets you withdraw up to $35 000 from your RRSP to buy or even build a home.

Calculation: (.5 mark)

Funds need to be repaid over a maximum of 15 years, beginning with the second year after the year that it was withdrawn and the amount due is 1/15^th of the amount borrow.

So let's say if Patricia decides to withdraw up to $35 000, her RRSP would go down from

111 650 - 35 000 = $76 650

And she would need to make payments of

35 000(1/15) = $2 333.33

Sources: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

https://www.taxtips.ca/rrsp/homebuyersplan.htm

Q3.If Patricia only provides the HBP amount as a down payment, she would (have or not have) _________________ a conventional mortgage and would therefore (require or not require) _____________________ default insurance.

I'm not sure how to answer 3 so could somebody please help me thank you in advance!