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SPRING HOME GARDEN Friday Mareh 1M1 Be realistic when looking through window of opportunity This article la provided by local Realtors and the Ontario Real Estate Association for the benefit of consumers In the real estate market Have you always longed for a home of your own but were afraid to take the plunge or previously lacked the means to do so Do you find yourself look ing wistfully at for sale signs Without a doubt buying a home 1b something that requires careful planning and of course adequate financing Its the big gest and most important pur chase youre likely to make in your lifetime not to mention one of the smartest long term in- vestments Many consumers are finding the current housing market is af fording them with a window of opportunity to become first- time homeowners BE REALISTIC If youre thinking about pur chasing your first home it is essential to be realistic Most firsttime buyers want their dream home right away com plete with a white picket fence large shade trees rolling lawn and several thousand square feet of living space In most cases this is simply not feasible Before you get carried away sit down and identify your needs How much of a down payment can you afford What types of monthly payments can you cope with based on your current in come What are your basic re quirements in a home What are your time parameters Remember that in addition to your down payment you will have to pay legal fees mortgage fees land transfer tax and clos ing costs So be sure to factor these Into your calculations CALCULATE ON PAPER you start looking at homes its highly advisable to calculate your gross debt service ratio To do this take your total monthly gross income and multiply It times 30 per cent The resulting figure will give you the amount available lor mortgage payments and property taxes You should also calculate your total debt service IDS ratio Take your total monthly gross in come and multiply it by per cent The resulting figure will give you the amount available for mortgage payments property taxes and fixed monthly payments such as loans and credit cards These ratios are used by len ding institutions to qualify bor rowers for mortgages The most common type of mortgage is conventional where lenders will loan up to per cent of the appraised value estimated market value of the property or purchase price whichever is lower The remaining 25 per cent is the amount the purchaser con tributes as a down payment By figuring out these equa tions you will gain a much more realistic idea of what you can af ford A realtor can help you with the calculations Keep in mind that In assessing you as a loan risk lending institu tions will also take a look at your overall credit rating number of A Touch KITCHEN SHOWROOM INC Represents kitchens I 25 1 mile south of Acton Ontario 8534577 Mention this and Get 10 OFF until Hay 31 1991 Beam in on Beam Builtin Vacuums Dont lug a vacuum Plug in a Beam Imagine cleaning your home jusi by plugging in a hose and never again drag gmg an old fashioned vacuum behind you Imagln one so durable it the last vacuum you II ever buy Stop Imagining Systems Inc Alarm Systems Intercom Systems Our Customers Are Our Best Advertising BEAM CANADAS BEST SELLING BUILT VACUUM CALL FOR A FREE ESTIMATE years at your present Job and other factors Once you have a good grasp of your financial situation and know exactly what you can afford its time to start scouting around for your first home Your first major decision will be location Where do you want to live This is where a realtor is in valuable He or she will be able to show you homes within your range of affordabillty identify your pre and help you find the home that is best suited to your lifestyle He or she will compare your needsj wants and budget with what is available on the market and make recommendations that will save you time and money When conveying your needs to a realtor remember that there are many types of housing to choose from in todays market new homes resale homes and condominiums If this is your first home a detached home with a goodsized yard may not be within your financial reach Be prepared to be flexible in your choices and keep an open mind Many semi detached homes for instance provide ample space and tend to be more reasonably priced Keep your future needs in mind as well when looking for a house dont buy simply for the moment DOMINION SEED HOUSE COUNTRY GARDEN CENTRE 8732500 GREAT SELECTION GLADS TUBEROUS BEGONIA LILIES MANY OTHER NOVELTY TYPES 3 TIER LIGHT STAND reg35o ocnoo now TABLE TOP LIGHT STAND REG NOW DORMANT OIL KITS Make certain overwinter bugs dont damage your trees this summer REG ON SALE 14 95 Over 1 300 Varieties FLOWER VEGETABLE SEEDS Top Quality All American Selections 15 OFF GRASS SEED SALE 0SEC0 Canadas Leading Turf Specialists PRICES VALID UNTIL APRIL 26 1991 DOMINION SEED HOUSE Corner of Maple Ave St GEORGETOWN HOURS Fn 96 Saturday 95 Sunday 1 2 8772460 EASTER FLOWERS POTTED LILIES HYDRANGEAS MUMS CLOSED GOOD FRIDAY and EASTER