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Real Estate Show Sept 1978 MONEY MONTHLY open Leonard Rosenberg Major banting institutions arc following the lead of smaller companies and open mortgages major banks announced open mortgage plans whereby a borrower is not penalized for prepayments on his mortgage This comes only months after introduction by one company of completely open mortgages permit unlimited prepayments without penalty An open mortgage allows borrower to pay any amount at any time on his mortgage That is by paying part of mortgage aside from regular payments borrower can sub reduce amortization period and the amount in he pays The open mortgage plans recently announced by the two banking institutions both charge an extra quarter point of in teres above the going conventional rate per for the privilege of prepayment The deal is that for Ihe ex quarter point of interest no penalty is incurred if borrowers pay their mortgages before the expiration of the mortgage term Until rcccnily an open mortgage usually meant a rower could make a prepayment or prepayments on his mart gage but only m accordance with certain provisions Sonic required a three month notice others allowed only one prepay ment date during a five year term and in most prepayment was accompanied by a three month to six month interest penalty Another open mortgage plan announced by a smaller company is completely open at no extra charge to the borrower There is no added interest charge to the going gage rate All that is required is a three month notice before prepayment Loans can be arranged for up to percent of the combined value of your home and land And if the required documentation is available it can be processed within 24 hours Now you may well ask why all this talk about open gages anyway What are the advantages The reasoning behind open mortgages is that through pre payments no matter how small total amortization period and consequently the interest payments can be reduced For example if lake a mortgage amortized over years at a rate of 1 percent we see monthly payments are and that the total cost of the mortgage comes to Now if the borrower in question makes a monthly pre payment of the mortgage would be paid off in years and seven months with a net If the borrower makes a prepayment of per month in stead then the amortization period would be reduced to years and two months with a net reduction in mortgage payments of From this example then il is obvious that the borrower can reap substantial savings Ihrough prepayments on his And if you re a homeowner regular prepayments will give the satisfaction of owning your own home that much sooner Il simply a fact that more and more consumers arc in in shorter more flexible loan terms and it a lender s responsibility to find new and inventive ways to respond to thescdemands Open mortgages arc one such way Leonard Rosenberg is President of Grey mac Mortgage Corporation an Ontario based financial firm specializing in mortgages Write to htm in tare How to ConUmud bum from a location of high sun to law sunlight A very compact densely leaved plant with lush green color indicates It was grown under high light conditions Although this appeared outwardly a happy sign Its really warning that the plant needs above average light conditions a survive Green plants don last for ever In your home and It is usually thai kills them For long lasting plants ensure correct light exposure and borough waterings when the soil has dried out Plan of the week four bedroom home Plan No Luxury family living at lit best la achieved In thif elaborate family home lilt exterior Is luxury plus with the bay window the door entry abutters and field stone trim The mixture horizontal and vertical siding blends well with the shake roof and serves to enhance the homes natural lines The entry foyer has a large guest coat closet and Is open to the central hallway An open stairway enhances this hall which connects all rooms on the main floor sunken living room off to the right Is the full width ol the house giving an view In three through the fireside corner windows or through tbe large front bay window room Is large enough to arrange the furniture into two or three conversation groups Two stain up lead to the family sixe dining room which Ha own bay window facing the rear garden All conceivable modem appliances have been in eluded in this shape kitchen Cupboards galore In this design which Is laid out for easy food preparation Featuring he second fire place the family room large enough for the largest party has twin doors to a side deck A second door leads to the utility with washer and dryer and the stairway lo the full unfinished basement Also a door direct to the double garage will make unloading groceries during winter weather more convenient Off the Inner hall la the guest powder room close to all activities The upper off three of the bedrooms has a large galley for reading or loung ing an extra luxury A twin vanity split full bath serves all bedrooms A vanity bath is luxury plus in the master suite Theres room for a full bedroom suite and lounging furniture Twin hi and her cover one wall and twin doors open to a private balcony Over the double garage two steps down from the bedroom hall Is a large recreation room complete with wet bar A stairway leads down to a hall by the family room Should additional bed rooms a workshop storage or recreational facilities be required the complete unfin ished basement can be utilized This Is truly beautiful family home boasting over 3000 square feet and designed for luxury living Plana for design No 140 may be obtained at a cost of for a set of three and for each additional copy Allow to cover postage and handling To view more than well- designed quality homes of every type send for the current publication of the Home Plan Catalogue available for 13 plus cents postage and han dling Make all cheques and money orders payable to Plan of the Week and moil PLAN OF THE WEEK Georgetown Indepen dent Columbia Street New Westminister V3L 1A6 PLAN OF THE WEEK Acton Free Press Columbia Street New Westminster C V3X REALTOR 4573110 COLLECT EXECUTIVE Lovely homo with many on spectacular lot Prime location will soil fast Hurry call todayll GEORGETOWN Move right into this sharp four bedroom with many extras Family room with to yard in a most desirable area priced right URGENT SALE 3 bedroom own house huge living room separate room throughout frldgo and stove included Listed at With down it could bo yours No mortgaging to and no mortgage fees to pay TOWN AND COUNTRY 3 bedroom bungalow with separate dming room hugo kitchen located on Plus rolling land has bam and main floor laundry room Listed at FOR FURTHER INFORMATION CALL MILLIE BISHOP BROWNING ED ALLAN TERRY BONIFACE MIKE PAGE 8265401 DOROTHY LAMB 877 3818 DIANE SCHUMANN EVA PINTO INGRID JOAN MONTGOMERY