This video covers the following learning objectives:
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Calculate the affordability of a home based on your financial situation
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Explain how lenders use the GDS (Gross Debt Service) and TDS (Total Debt Service) ratios.
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Show how to estimate monthly housing costs including mortgage, property tax, insurance, and maintenance.
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Assess home affordability based on a real monthly income scenario.
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Emphasize how affordability extends beyond lender approval to include personal financial goals and lifestyle needs.
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Understand the costs associated with purchasing and owning a home
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Identify additional expenses such as closing costs, CMHC insurance, and furnishing/moving costs.
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Help viewers evaluate whether they can still save and meet other goals while owning a home.
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Guide viewers to reflect on whether buying a home makes sense based on total monthly costs, not just the mortgage payment.
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