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Tyson and Beatrice Delton have made an appointment with you today to pre-qualify for a mortgage. You are to help them determine the maximum mortgage they can qualify for and let them know what information will be required of them when they return to complete the actual mortgage information. (Total marks for case 10 MARKS) Total income $82,500 annually for Tyson, who has been a Operations Distributor for Nova Cannabis for 2 years. Prior ot that Tyson worked in a similar role with the Alberto Liquor and Gaming for 5 years. Tyson earned his BBA in Management from NAIT. Beatrice has an income of 565,000 she is a retail manager for Reebok. Beatrice has her Management Diploma and has worked at Alberta Liquor and Gaming for 4 years. Both have brought paystubs in to verify this information Credit card debt $7850 balance, carried over each month as they are making the minimum payment only Car Loan payment of $575/month and a vehicle lease payment of 5425 monthly Combined they have $12,125 in TFSA'S Beatrice and Tyson currently rent an apartment where they have lived for the last 3 years. They say 51950/month for rent. They plan to make a 5% down payment on a home, using hoping to use their funds in their TFSA, but have said if they require more of a down payment that their parents said they will give them the money Using TDS calculate the maximum mortgage the Deltons can qualify for use standard property tax $250/month and heat $150 per month and us 2.35% for mortgage principal calculation): (5 MARKS) Calculating Maximum High ratio mortgage Monthly Mortgage Housing Payment + Costs $250 + $150 including taxes & heating) ALL Other Applicable Number Consumer Debt Number DIVIDED BY Gross Monthly Income CALCULATE maximum mortgage payment using TDS = 40% Number Number DIVIDED BY Gross Monthly Income CALCULATE maximum mortgage payment using TDS = 4096 Number Calculate maximum mortgage amount using the payment found above. Use a rate of 2.35% and an amortization of 25 years. Number Determine Purchase price based on 5% down payment Number What information is required once the Deltons find a home? (3 marks) Q Equation A- A-T BIUS X, X Styles Font Size > Words: 0 Tyson and Beatrice Delton have made an appointment with you today to pre-qualify for a mortgage. You are to help them determine the maximum mortgage they can qualify for and let them know what information will be required of them when they return to complete the actual mortgage information. (Total marks for case 10 MARKS) Total income $82,500 annually for Tyson, who has been a Operations Distributor for Nova Cannabis for 2 years. Prior ot that Tyson worked in a similar role with the Alberto Liquor and Gaming for 5 years. Tyson earned his BBA in Management from NAIT. Beatrice has an income of 565,000 she is a retail manager for Reebok. Beatrice has her Management Diploma and has worked at Alberta Liquor and Gaming for 4 years. Both have brought paystubs in to verify this information Credit card debt $7850 balance, carried over each month as they are making the minimum payment only Car Loan payment of $575/month and a vehicle lease payment of 5425 monthly Combined they have $12,125 in TFSA'S Beatrice and Tyson currently rent an apartment where they have lived for the last 3 years. They say 51950/month for rent. They plan to make a 5% down payment on a home, using hoping to use their funds in their TFSA, but have said if they require more of a down payment that their parents said they will give them the money Using TDS calculate the maximum mortgage the Deltons can qualify for use standard property tax $250/month and heat $150 per month and us 2.35% for mortgage principal calculation): (5 MARKS) Calculating Maximum High ratio mortgage Monthly Mortgage Housing Payment + Costs $250 + $150 including taxes & heating) ALL Other Applicable Number Consumer Debt Number DIVIDED BY Gross Monthly Income CALCULATE maximum mortgage payment using TDS = 40% Number Number DIVIDED BY Gross Monthly Income CALCULATE maximum mortgage payment using TDS = 4096 Number Calculate maximum mortgage amount using the payment found above. Use a rate of 2.35% and an amortization of 25 years. Number Determine Purchase price based on 5% down payment Number What information is required once the Deltons find a home? (3 marks) Q Equation A- A-T BIUS X, X Styles Font Size > Words: 0