Patricia is looking to buy a condo that costs $300,000 on November 1, 2022. She has always rented so this is a very exciting step. Her Net Worth statement shows:

Description	Fair Market Value
Savings account	$300
Furniture	$13,750
Car	$20,500
Registered Retirement Savings Plan (RRSP)	$75,650
Tax-Free Savings Account (TFSA)	$25,000

Complete the sentence. (3.5 marks-.25 marks each)

Patricia would like to put a 20% down payment which she calculates as $__________.

To help with the purchase of her first home, Patricia could participate in the ___________________________ as this program would allow her to withdraw funds from her ________________________ to buy or build a qualifying home.

The maximum that Patricia could withdraw under the plan in b) is $ _________. She would have up to _____ years to reimburse her withdrawal. The minimum amount that she would need to reimburse would be $______________every year. If she fails to reimburse the minimum amount required, she would be ___________ on that amount.

For the missing difference in the down payment, Patricia could withdraw from her ___________________________ with no tax impact.

If Patricia provides the 20% as a down payment, she would have a __________________mortgage and would not require __________________________ insurance.

If Patricia did not have 20% as a down payment on her mortgage, Canada Housing Mortgage Corporation (CHMC) would consider this type of mortgage a high _________________. This is when the mortgage loan is higher than 80% of the lending value of the property.

Patricia is looking to obtain the lowest interest rate possible on her mortgage. She is, however, unsure if she should obtain a Closed or Open Mortgage. You advise her that ______________ Mortgages, would allow her to pay off her entire mortgage balance at any time throughout the term. The drawback is that she would pay a higher interest rate for that due to the prepayment flexibility option. You let her know that such mortgages are for those that are planning to move in the short future, or for those expecting a lump sum of money through an inheritance or bonus, that would allow them to pay off their entire mortgage early. As she wants the lowest interest rate, you recommend: _______________________ Mortgage.

Patricia went to the bank and received a Pre-Approval Certificate for her mortgage. A Pre-Approval Certificate is __________________________________________.