MORTGAGE & RETIREMENT BINGO MAP 4C
Put the following terms on your BINGO card in any order: Mortgage Loan Mortgagee Security Down Payment 5-10% Term Amortization 20 year 40 year Interest Monthly Fixed Mortgage Variable Mortgage P i M CPP Old Age Security Defined Benefit TFSA Defined Contribution Reverse Mortgage RRSP
A mortgage is a type of: loan
A mortgage where the interest rate does not change: fixed mortgage
The length of the mortgage amortization
The usual down payment amount: 5-10%
The amount of the mortgage: P
A long amortization period: 40 years
A type of pension plan that never runs out: defined benefit
The amount you must pay immediately when you buy a home: down payment
The interest ÷by 100 ÷by the number of compounding periods per year:
Based on how long you have lived in Canada: Old Age Security
Registered Retirement Savings Plan: RRSP
The bank earns money on a mortgage by charging you: interest
A pension that is tied to an account in your name: defined contribution
When mortgage payments are usually made: monthly
Tax Free Savings Account: TFSA
Usually a length of 5 years: term
A short amortization period: 20 years
When the interest rate changes over the amortization period: variable mortgage
The property you will give up if you forfeit on a loan: security
A loan to buy property: mortgage
The monthly payment: M
The person who has the mortgage: mortgagee
For homeowners 55 and older; a type of retirement plan: reverse mortgage
Canada Pension Plan: CPP