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RE10 Georgetown Acton Wednesday Oct Todays mortgage options by Ian M mngCA A rapid Increase in inflation since the late i960 has resulted in a confusing variety of mortgage options Here a brief rundown on the various types and the meaning of the Jar gon used An open mortgage desirable because It lets you prepay any amount of the principal at any time without penalty but its more expensive The cheaper closed mortgage often lets you prepay up to to per cent of the original principal on the anniversary date each year Try to get a mortgage that ls to a new buyer Such an option can be an Impor tant selling point at a time of rising interest rates because it allows the buyer to enjoy a lower- than- market rate for the remainder of the mortgage term Mortgages taken back by vendors usually at lower-than- market rates are common these days as vendors seek ways of making sales more attractive A buyer should be aware how ever that mortgage payments will jump when the term of such a mortgage normally from one year to five years is up Variablerale gages are offered by a few major lenders They give the buyer the advantage of fixed monthly payments for the term of the mort gage even though the Interest rate charged fluctuates If mortgage rates go up the extra costs are added to the principal so that the homeowners equity In his home can decline On the hand the principal Is paid off more quickly If rates decline Mortgages paid weekly which are of so far by only a handful of credit unions allow homeowners to make the equivalent of 13 monthly payments each year thus payuig off the mortgage sooner and saving on interest Major lenders are avoiding weekly gages Because of the administrative head ache of handling as many as four limes the number of payments You can achieve the same result however by saving enough money In a highinterest savings account to make an extra monthly payment each year Ian Young is Chief Financial Officer Of Royal Trust Chariered Accountants Toronto No more meetings Halton Board of Trustees Thursday Education trustees will decided to skip their not have another board October meeting and meeting until after the gather again November election on November 10 FLORIDA A Luxury Rental Condominium Located Directly on the Gulf of Mexico 13440 Gulf Boulevard Madeira Beach The owners have agreed to rent their generously furnished homes away from home These condominiums are two bedroom two bath dwellings very spacious with close to square feet or living area Cable color TV washer dryer dishwasher garbage disposal and the wind and surf At your doorstep and a beautiful ocean view through your windows but you have to be here to appreciate the Individual beauty of each home unit and the building is brand new and sparkling clean The heated pool offers one of the finest sunset experiences you will ever know Please come and drink a toast to the beauty of the sea on your private balcony Rent a catamaran sailboat simple lessons available fly through the air suspended by a parasall go deep sea fishing or water skiing play racquet ball golf tennis or visit Disney world Gardens Sea World Circus World Week Wachl or hundreds or tractions Dine at the finest selection of restaurants In the world or just lounge In the hammock by the pool These vacation homes are completely furnished all you need Isyourbathlngsult For Information on a florid Vacation Cll l4168281709 In this area it was not the summer to grow a prize pumpkin The weather has been too cool for great growth It was not the sum mer to grow musk- melon Some may be all right but I think they will not be sweet I need hardly say that It was not the year to have tomatoes ripen early We are all pon dering what to do with Meandering bv Mabel Bar km an It was the summer to grow zucchini but the problem is what to do with them when they become mammoth The early frost in August stopped the growth of many things The only consolation is the fact that there will be another summer next year to try again EXTENSION PHONE FITS STANDARD JACKS NO INSTALLATION REQUIRED GEORGETOWN i CUSTOM CAR SOUND 55 Sinclair Ave 8772425 Montreal Trust I PRICED TO SELL 900 laioe bedroom bungalow on largo mature lot Locatod on oxduuvo court Good mortgaging Call Ed Allan or alter hours BEDROOM BUNGALOW lull basement single garage on this or other Georgetown pioptri call Ed Allan or after hours ACRE EDGE OF TOWN fabulous rooms contra air heat pump low cost room features wood burning fireplace for nights car gar age 10K financing available Call 877 Hansen Road Brampton Housing sales picking up here A LePage Georgetown branch office Is reporting good first time buyer activity and a general strengthening of the residential marketp lace AE Lepages Georgetown branch manager Finn Poulstrup reports that many of todays first time home buyers can be categorized as those who took themselves out of the marketplace in mid1981 due to ex tremely high prices and interest rates those who would have pur but of adjusting prices and high Interest rates postponed their decision to buy and some of those who would otherwise have entered the market early in 1983 are buying now In order to take ad vantage of the Governments home purchase pro gram Poulstrup says that the branch has received numerous inquiries concerning both provin cial and federal home purchase assistance programs He indicates that most first time buyers are looking at the more affordable properties available In the to range More than 20 per cent of sales transacted by the branch involve first time buyers Many of these people were in a good position to buy a year ago he says Existing govern ment programs lower mortgage interest rates attractive ven dorassisted financing and moderating home prices have played an important role in the purchase decision of first time buyers ARTHUR JOHNSON I ASSOCIATES LIMITED REALTOR EV PATTERSON A I 110 a j uMlo octavo Hide I prtira ami nukes swilnjrr I a tow I J Mini la jy and iris ST GEORGETOWN