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HALTON HILLS AREA PARADE OF HOMES By MACK PARLIAMENT Director A Publication Canadian Real Delation While federal government loon lor existing housing have do received he publicity or prominence that other federal Canadians who wish to invest in this type of home There arc advantages for many people In acquiring an existing resale home such lis better location relative a place of employment the all Important price tag and the tact that young childless couples especially can acquire a home of a size to suit their requirements and without being The last mentioned has Important dollars and cents Implications The space in a home which Is not being used or needed still must be paid or both in higher mortgage payments and In higher taxes It Is just good business practice to tailor the space purchased to requirements thus avoid unnecessarily high fixed overhead costs The money saved by following a practice can be invested and the savings El us the earnings on them can used to purchase large accommodation when he need or it arises or to purchase some other big ticket item in the future If the money Is used for a larger or a new bouse later mortgage payments will be effectively reduced resulting in the new property being easier to carry and in a con savings in mortage interest over the long haul However with the apparent concentration of government programs on new housing and with their attractive subsidies some persons have found themselves in possession of more accommodation than they actually need and in a location further from place employment than they would like to be The alternative is acquisition of on existing home which meets a husband and wife preferences with the assistance of a National Housing Act NHA loan While the interest rate on the loan may not be as attractive as those for some subsidized federal programs concerned with new housing the other terms do make going the route to existing housing more than worthwhile For instance the loans are high ratio or moderately priced homes with the buyer a minimum equity down payment being to 5 per cent of the value of the property For moat other purchases of existing homes the down payment requirements average at least per cent The low equity requirement are made even more palatable because the equity can be in the of cash labor equity in the property or any com bi nation of these In addition the purchaser can borrow any amount above the per cent from sources but this will be taken into arcoun the ratio of payments to Income is being considered In other words the purchaser can borrow the down payment as well as the rest or the money but from a different source Payment obligations In a year for he mortgage loan plus municipal taxes are not be more than 30 per cent of the borrower income Depending on the lender the annual In come figure may include whatever portion of a spouse Income that is condered ap propriate Then if a husband is earning and his wife Ihe total gross income allowed In calculating the per cent mentioned above could be Knowing loans are Insured lenders arc often more generous in allowing a greater portion of a spouse income to count More specifically if the combined Income was the gross debt service ratio of per cent would be K the total amount the couple could afford to use for mor payments So in many cases couples wllh a con siderably lower combined income could afford to pur chase an existing home under the program The maximum loan available for an existing dwelling is as high as per cent of the first or lending value or plus per cent of the balance up to maximums established by Central Mortgage A Housing Corp CMHC or specific municipalities and regions Here arc some examples of other maximum amounts Toronto Hamilton and Vancouver and Victoria Ml monton and Calanrv ana Yukon and Northwest Territories The mortgage loan usually has a repayment period of from to years but the term Is usually live years This merely means he balance of the loan Is renegotiated at the end of each five years at interest rates then current This It common practice for several Application for a mortgage loan is made to an ap proved lender and must be accompanied by an plication fee of iicsof IheC the application is rejected The loans may also be used for improvements on an existing house and in some cases lo discharge certain debts mortgages sales agreement balance liens This means that a person can buy a lower priied sometimes referred to as a handyman special and not only obtain mortgage loan for the purchase price but also for the improvements If the purchaser docs some of the labor himself this can be converted into sweat equity and used as part of the down payment as described earlier As one veteran real estate practitioner who has had considerable experience with program remarked It is a great way lo buy a structurally sound home that needs some work done on It Is possible for more prospective buyers to be under this under private lending schemes he added According the principal purpose of the program is lo extend home ownership to those families who may wish to purchase a dwelling from stock and to enable owners to improve their homes It is frequently referred to as the Program Any further enquiries in may have regarding the purchase of an existing home under the program JON Z0RGE REAL ESTATE Inc Realtor 8770155 4572624 JUST DISCOVERED AAsture treed one acre property south town beautiful landscaping Big 3 bedroom bungalow broadloom through out family room with walk out patio plus Inqround 18x36 concrete pool Priced to sell at OWN YOUR PLACE In the country Not too big not too small acres with bedroom bungalow barn workshop and lots fresh air and space to be on your own of Georgetown and priced at only fl9900 HERES ANOTHER bedroom listed Very clean and nicely decorated throughout and handy to shopping etc Call now before It gone RAVINE LOT Large roomed storey 3 bedroom house In older area of town ft master bedroom almost new kitchen cabinets Priced low at 5900to or necessary new decorating Owner anxious so make offer now MOVING TO MISSI5SAUGA We have a sweet little bungalow near Brown s Line Listed at only CONTEMPORARY WHITE PINE BEAUTY 50 acres mixture of mature bush and rolling hills with view for miles from the escarpment The home Is professionally designed and built by master craftsmen and features large comfortable rooms balconies a kidney shaped pool and much more A pleasure to show Prlce259 ON SELECT YOUR CHOICE LOT NOW BEAUTIFUL MULLEN PLACE JUST NORTH NOTE THESE DISTINCTIVE FEATURES underground services ft min frontage country size lots paved and curbed only minutes from Plaza AREA II WIDTH THIS IS ONE OF THE MANY DESIGNS AVAILABLE OR YOU BRING YOUR OWN THE HERALD August IT 1J77 HOME OF THE WEEK BEAUTIFUL BARGAIN Builders Home This spacious side split has all the features youd expect for thousands more than the asking price Five levels completely finished Family room rec room play room formal living and dining rooms Large kitchen 4 baths broadloom throughout valances walkin closets and many more extras too numerous to mention Would you believe 79000 25000 to one mortgage moves you in FINN H POULSTRUP 8770 73 877533 I JUST LISTED bedrooms main floor torn room backing onto fields Slops lo schools and shop ping Asking Mi TOO Don delay his will be Mid today Call AND SPAN Is the only way to describe this super bedroom side split show room condition Large living room and dining room walkoul and gas barbecue room In English pub style roughed In llreplace 7 car garage fully fenced and a real steal only This one won I last Call MINI ESTATE This finished raised bungalow offers over ft luxury living space broadloom fireplace and much more Priced too tig not at En col lent Inane ng available Call tor details SHERWOOD FOREST This spacious four bedroom home on acre estate type lot In Caledon Only miles Georgetown Spacious family room offers antique brick fireplace with barn beam mantle plus walkout to your gorgeous pines New owner may have choke broadloom and Interior colours from the builders samples Best yet price is only 900 excellent financing Call lor more details BUILDERS HOME They spare the quality in this super clean level home Everyih Is perfect no cracks nothing missing completely fin shed In over ft Only 000 down to a Vendor mortgage Call us for details on extras and what Inside fireplace bedrooms and much more Call for personal Inspection HUNGRY Everyone has to eat This fast food business currently making a good shows a super return If you want your but can I afford Ihe set up cost about the risk try this equipment lease Call CUTE AS A BUTTON A completely renovated no Aluminum sided bungalow situated In town on a large treed lot Appliances and much more Try SS down Hey It even has I lull bathrooms Don delay call today WHAT CAN WE SAY About home You must see it predate It This stone 7 storey century home has bedrooms and a lot plenty big enough for the children to play plus a garden maybe a tennis court oaves and and a roof shows the care this home has seen Country living lust S from Georgetown Call 0173 BONNEVILLE FINN H POULSTRUP Realtor 8775331 Canada Trust 8779500 GOLDEN OPPORTUNITY to finish Ihls builders bedroom Spanish bungalow with bin family room and Impressive lloor to celling stone fireplace sunken living room This II home Is located on acres rolling country just Georgetown wllh Irontago on main paved road Asking 500 Inspect and submit your THE DREAM HOME For the choosy family who love setting away from ti features gracious i a prestige area lollowlng to putter your as the following rock garden healed pool wine cellar and Florida heated room trull bearing grape vino For your lady a gracious selling rooms decorated quality carpet throughout formal ng room living room 1h walk out to balcony and pool area room an ground level an angclstonc to colling with sliding doors lo pool patio large 8770155 4572624 Rd Georgetown SALLY REED WARREN CRAWFORD V LUKAS 877 CORING 877 ACRES A hobby wllh all the trimmings In eluding a J ft strip a completely renovated and modernized rustic house a born large beautifully kepi yard with plenty of room for family Located quiet Side road a real treat for city commuter must be seen to be appreciated For further call 077 Asking price the IS 115 0C BEDROOM SEMI DETACHED Irccs yard close schools aia large kitchen room J to soli mi wo 700 M WATSON ft I MAIN ST ONTARIO TORONTO LINE ASK ABOUT OUR BRIDGE LOAN PLAN REAL ESTATE INSURANCE LIMITED Guelph Georgetown A FIREPLACE AND LAROE LOT a two of features of lovely bedroom bungalow Located In a quiet are ng on a foot lot this homo has a nice sited kitchen living room and wllh a stone fireplace There Is a modern bath and forced a A lovely house and asking SCENIC of the tew remaining parcels situated high on the Niagara Escarpment a panoramic view of Southern Ontario Ideal selling lor your fulurc home and hobby farm Two natural springs rising on property lor future ponds Well within commuting it stance to Toronto on all year round road Asking I NO good terms ACRES seclusion well Ireed acres of wllh over ID0O frontage and grea possibilities for large lake a very unusual piece properly Interest Call and we II ONE ACRE Choice building lo OFFICE OR 877 5165 IRENE CURRY LLOYD CRICHTON MAR J HUNTER APPRAISAL MANAGER 877 1931