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Real estate agents tell you the price affordable for you OUTLOOK Retiittpr r i property may still get away payment Homeowners who rely on bank party financing though have lo n lender a standards With a quick calculation estate a can tell you roughly how much mortgage m you can raise They can also tell you how i you can afford to pay for a home People In southern Ontario may find results discouraging Before you begin house hunting it may good idea lo get a rough Idea of what you NASTY S This way you will avoid nasty surprises 11 comes time to raise financing The first test lenders apply is the gross service Your Business us I tint The rules vary from one lender to another Usually your mortgage payments should not bo more than 28 per cent of your lotal in A family with an income of can afford to pay about a month for mortgage and interest Lenders lend to measure you under the three- year mortgage rate now 11 per cent even though you may choose shorter term At 11 per cent a family with an Income of could afford a mortgage of about WO Banks and trust companies alio like you to put up at least a quarter of the purchase price Private lenders may be satisfied with per If you have to saved and an in come of you can pay to It for a house There art other useful calculations can Trust for example uses the following measures MULTIPLY Add up all your annual income and multlp ly by lo determine how much you should pay for a By this measure you could pay only fori a home if your Income was Subtree ting e per cent down payment or about woulc leaie you with a mortgagt of 000 To find how much of a mortgaRe you Ford lake your total monthly Income about in this case multiply it by per cent The result is a month This measure In dudes property taxes Assuming property taxes arc a month you would be left with for mortgage paym This would buy a mortgage of about I BO percent If you found home for you wou Id be well within the lender comfort tone You may be able to set your sights on a more expensive home You can do this two ways You can a second mortgage privately or pay a big premium to the lender for a govern guaranteed high ratio mortgage one that allows you to borrow more than 75 per cent of the purchase price Usually the second mortgage will prove be the less expensive Alternative particularly if it is held by the vender Home renovation ideas highlight Oct 15 show The leading Fall show for the consumer In search of home renovation Ideas and services will be held in Toronto at the Automotive Building Exhibition Place October 15th to The Toronto Home Improvement Show formerly the Do- It Yourself Show was recently acquired by Southex Exhibitions from Ontario Marketing Productions Limited Southex a divi of Southam Communications Is Canada leading producer and manager of trade and con shows operating more than shows in Canada and the United States The Toronto Home Improvement Show tailored to serve the rapidly growing housing upgrade market Is destined to become the tall counterpart to the highly acclaimed National Home Show held each Spring In Toronto Visitors to the Toronto Home Improvement Show will view the latest professional and doit ours If renovation products and services displayed appro ma exhibitors in more than booths Interior on pro ducts and services will also be featured along with garden and inter or planting products For frail and Winter projects the visitor to this years Show will pick up of Ideas for projects to fill the davs until Spring In addition a number of special Show features are currently In the development stage These include a kit display a paintingdecorating feature and a doll seminar workshop area to name just a few Admission to the Show is for adults S3 for seniors a id S3 for children light fourteen years of age Children under eight are admitted tree when accompanied by an adult Early summer market different from spring During June residential sales In the Brampton Real Estate Boards Jurisdiction has cooled its heels said the President Ivan The extraordinary number of purchasers who have taken advantage and a half is settling down resulting In a higher and more normal listing Invenlory Mr Ollveira explained that Historically there is an Increase in Ihe number of listed in the spring market because sellers prefer to plan their move before the start of a new school year We have also seen a healthier Increase In listing activity as purchasers of new homes with long closing dates now realize time Is approaching where they must now sell lie also made the observation that aJthough In rates have moved slightly upward over the last couple of months the public Is still enjoying rates that are significantly lower than what has been available for a number of years Mr advises that The local real estate market is still active but not at such a Inflated asking prices may have to be adjusted Buyers now have the opportunity of having more time and being more selective which they didn t have only a few weeks ago The moat recent statistics the Brampton Real Estate Board MLS system for the first hall of June show that the number of new listings Is already levelling off Over 1 new listings were processed through the board MLS system In April while only ZOO were received in May and the activity now Indicates that less than EKX will be put on the market during the month June Mr said I believe that market con will reflect an adjustment in prices that will benefit both the vendor and the purchaser The Brampton Real Estate Board Is association of over 1 100 real estate practitioner In Brampton Georgetown Bolton Mai ton surround ing a rea Bach a Fighter with Easter Seals A MAIN ST SOUTH GEORGETOWN 8779500 ILA SWITZER 8773133 REG COOPER 8779458 JOHN EDGAR TORONTO LINE YOULL BE GLAD YOU CALLED US FIRST EXCELLENT BUY Its a beauty 3 bedroom bungalow in excellent condition eat in kit Chen living room and dining room broadlook hardwood floors finished rec room super lot all fenced two sheds all alum eaves etc For full details call JOHN A EDGAR at 877 or 2900 IN MOORE PARK in hopping wilting downtown 3 bedroom room dining room lit M lit Inn largo rec nam with flow pool In doubt gififli with work bench Urn lot A to For fid cm JOHN A It or 453 JUST REDUCED bedroom Tudor style niitt count will sir In doom lucky ginpt A to show How it 155 BOO Col Saltier it ITT 453 2900 fw nil 2 BEDROOM CONDOMINIUM ONLY 62900 Wild upgraded large kitchen walk to downtown Why pay rent when you can have your own apartment Far full details call lla Swllzer at 9500 or 2900 CT54 HI COMMUTERS 1 in lira oittamh Ian Movant IWiMnc room riUi lUtactc Mtkroom anrtai room ottithotiuraM ML El a it 9500 File CT5Z A VERY SPECIAL HOME A toft IM act Mil ham It art taau it Cm 9500 far M daw MOBILE HOME 2 bedroom living room kitchen lull piece bath fridge stove air tight stove outside porch Trailer Is Priced to sell Trailer has to be moved from Its present location For full details call John A at 9500 or 453