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) Real Estate The Canadian Statesman, Bowmanville, Wednesday, December 11,1991 7 First Place Showings for Local Sheep Farmer Take Advantage of Low Interest Rates Plummeting interest rates arc a hot topic of conversation these days. If you're a potential first-time buyer, you may be eagerly wailing to see just how far they'll drop before you take the plunge and buy a home. But if you're already a homeowner, homeowner, you may be thinking about refinancing your existing mortgage. For some homeowners, refinancing refinancing makes a lot of sense. Obviously, significantly lower mortgage rates can have a very beneficial effect on your personal personal finances. For instance, on a SI00,000 mortgage amortized amortized over 25 years, a change of three percentage points means the difference of paying $1102 per month (at 13 per cent) as opposed to $894 (at 10 per cent). This would mean a sav ings of $208 per month, or $2496 over the course of a year. On a larger mortgage, the savings would be even more significant. However, if you're considering considering this route, there are several several things you should keep in mind. The costs associated with refinancing, such as penalties penalties and administration fees can add up, particularly if you're locked into a long-term mortgage which doesn't have prepayment privileges. Beware of the terms "open" and "closed" mortgages because because they arc not specific or descriptive. For instance, some mortgages contain no prepayment prepayment privileges - but this doesn't prevent you from negotiating negotiating with your bank manager if you want to discharge your i PETER KOWAL Real Estate F - 52 King Street West, J Bowmanville I 623-2453 SERVING HOVVMANVll.l.K X ARI A SINCE 1955 ORONOAREA Ten Acre Country Property Property with trout stream. Park-like grounds, 4 bedroom bedroom brick home, double garage, barn, workshop. Call Sales Rep. "Mac" McDonald for details. 623-2453 or 623-7717. HWY. 115 COMMERCIAL 250 feet frontage on Highway 115 with 2 buildings and 2 apartments. Amazing opportunity. opportunity. Run your own business or lease entire property. BOWMANVILLE STARTER Older 2 bedroom home with large corner lot. Lots of possibilities. possibilities. LOOKING FOR OFFERS. 214 King St.E., Bowmanville 623-4445 eel van 85 King St.W., Newcastle 987-4733 REALTY LTD. Glenda Bedard Murray Paterson Edvan Realty is pleased to announce that Murray Paterson and Glenda Bedard were the top selling agents for the month of November. Congratulations and best wishes for continued success. Glenda and Murray would like to thank their clients for making this possible. Murray and Glenda can be reached at our Newcastle Office 987-4733 or at their homes Murray on 987-4628 and Glenda 987-4316. existing mortgage. Some do contain prepayment privileges, but vary regarding the timing and frequency of prepayment and the amount of penalty charges. Therefore, when con-, sidcring refinancing, it's absolutely absolutely essential that you examine examine your own mortgage document to determine the existence existence and nature of any prepayment prepayment privileges. Requires Careful Thinking Experts suggest that to be beneficial, the interest rale on a new mortgage should be at least 1.5 to 2.5 percentage points lower than your existing mortgage. You should think very carefully carefully about your reasons for refinancing. refinancing. Obviously, you would like to have more disposable disposable income at your fingertips, fingertips, but if you're managing comfortably at your current level, consider whether refinancing refinancing will make a significant difference and if you'll be able to recover your refinancing costs in a reasonable amount of time. Homeowners who arc strapped for cash will probably be more inclined to refinance due to their desire to reduce their monthly payments. Consider, Consider, however, the length of time left on the mortgage and whether you may wish to move in the future. Refinancing Costs Refinancing costs can vary, depending on your particular mortgage and the lending institution institution you're dealing with. Many impose stiff penalties for paying off a mortgage before the renewal date, so it's important important to make sure you're fully aware of all the terms of your mortgage, before making a final final decision. Also keep in mind that, in addition to any penalties you might have to pay, you'd also have to pay administration fees to arrange a new mortgage. (These vary from lender to lender.) And since your lending institution institution will want to have a title title search done to make sure the title is clear and that taxes have been paid, you'll also have to pay for legal fees and related disbursements. • To figure out how much time it will take you to recover your refinancing costs, divide the annual payment savings into the total refinancing costs to determine the break-even point - in terms of years. If this point isn't too far in the future, future, you may wish to refi- 18331 HOCKIN HOCKIN REAL ESTATE 123 KING ST. EAST, BOWMANVILLE 623-4115' ■realtor! GREAT FAMILY HOME Located near everything, ideal for the commuter, 4 bedroom, detached home beautifully finished. Priced to sell at $159,900. FIRST TIMERS' DREAM Beautiful soml on quiet street with 2 bedroom bedroom in-law apartment In basement with separate entrance. Two full washrooms and kitchens. Newly decorated and carpeted. Call now to see this outstanding buy. $129,900. WILMOT AWAITS Clean, tidy, recently broadloomed, 2 bedroom bungalow In the Wilmot Creek Community. It's vacant and waiting for you. Rec centre, golf course and I axes, many acli villes, all included In the fee. Offered at $83,500. PERFECT RETIREMENT HOME Well-kept bungalow in quiet residential residential area of Bowmanville. Two bedrooms bedrooms up and one down. Close lo schools, shopping and hospital. Call now to view. $152,500. MOVE IN FOR CHRISTMAS Peace and quiet in the park, In this affordable mobile. Cozy one bedroom with fridge and sieve Included. Easy stroll Into Newcastle Village. All for $41,500. CENTURY HOME On 66' x 124' lot In heart of Bowmanville. Bowmanville. Tastefully decorated, 3 bedroom, bedroom, 2 storey home with separate dining room, two 3-plece baths, sun- room and detached garage. Upgraded Upgraded and charming. Asking $195,000. MARY LOU MINTZ Sales Representative HISTORICAL APPEAL Traditional appointments of wood and lead glass enhance this 4 bedroom home in Bowmanville. An updated kitchen adds convenience. Finished attic and lot 66' x 165'. Call now to see. $195,000. MEDICAL OR DENTAL CLINIC!! Commercial building in downtown Bowmanville has good Income potential potential for its existing C1 zoning. Owner can also tenant part of property, If owner occupied. Vendors anxious. $279,900. nance to lock into lower rates, or to get out of a long-term, high interest rate mortgage. Other Factors In addition to considering the interest rate, you should examine examine some other factors as well, such as the length of time you plan to stay in your home. If you decide to sell later within within the term of the mortgage, you would then face another penalty to discharge your mortgage mortgage -- unless you lender allows allows your mortgage to be assumed assumed by a purchaser. However, to be attractive to buyers, the rate would have to be lower than current rates and the principal amount would have to be one that would fit into the purchaser's financing plans. Also look at the amount of time left on your existing mortgage; mortgage; if you only have a few months left to go before you renew, it probably isn't worth the extra expense to refinance. Other Options If you believe interest rates will continue to drop, another possible alternative is lo take out a short-term mortgage (six months to a year), or one with very liberal prepayment privileges, privileges, when you renew your existing mortgage. You would then have more freedom to refinance. refinance. However, you would still probably face at least an administrative fee. Another option is a variable rate mortgage which goes up and down with changes in the prime rate. However, due to the fluctuating nature of these mortgages, you should be very careful, especially if you fear rates may begin to rise. Some variable mortgages provide the borrower an opportunity to cap their rates if interest should start to rise. However, you should ensure that you fully understand all the terms of the mortgage before considering this alternative. No matter what you do, make sure you consider all the options carefully and discuss the plan thoroughly with your lender or a financial adviser before making a final decision. Boyd Ayre of Hampton exhibited Suffolk Sheep at the recent Royal Agricultural Winter Fair in Toronto. Following is a list of the awards that he won: in six classes, he won six first placings, including the Cham pion Ewe, Reserve Champion Ewe as well at Champion Ram. These photos show the "Freysing" Trophy winners for the best group of three animals (Get of Sire) over all breeds of sheep. RRSP and Home Ownership Registered Retirement Savings Savings Plan (RRSP) funds should be available as part of a package package of options to improve access access to home ownership for entry-level entry-level home buyers, Gary Reardon, President of the Canadian Canadian Home Builders' Association Association (CHBA) said today. Mr. Reardon called for reinstatement reinstatement of the 5 percent minimum minimum down payment required for National Housing Act mortgages mortgages as the single most important important part of the package. On behalf of Canada's beleaguered beleaguered home building industry, industry, he expressed "anger and frustration" with the federal federal government's "insensitivity to the variety of responsible options that have been presented presented to improve home ownership access." Mr. Reardon appeared before before members of the House of Commons Finance Committee studying a proposal to allow first-time buyers to use RRSP funds. He pointed out that the RRSP option, the lower down payment proposal and others have been under discussion for three years. They were discussed discussed at a federal housing finance finance conference a year ago. Mr. Reardon told MPs that two important principles should govern all options for Family Trust Sets Up Fund For Children Shirley Sylvester, Branch Manager of Family Trust Corporation, Corporation, Realtor in Bowmanville Bowmanville is pleased to announce that the company has developed developed a children's fund to benefit benefit underprivileged children in all of our trading areas reaching reaching from Orangeville to Bowmanville, Bowmanville, Beaverton to the Beaches. This fund will be used to afford these children the thrills and challenges • of summer camp. Tom Shea, Family Trust's Chairman and C.E.O. since 1955, wants to give to the communities communities in which we trade, the opportunity for the healthy growth of our children. To kick off our new charity effort, Family Trust is hosting a company wide Festive Fundraiser Fundraiser from which entire proceeds proceeds (a planned $25,000) will go directly to our Family Trust Children's Fund. Roger Ashby of CHUM FM will be hosting our 50's and 60's dance to be held on December December 12th, 1991 at 8 o'clock in the St. Lawrence North Market. Market. 214 King St. East, Bowmanville 623-4445 eel van REALTY LTD. 85 King St. West, Newcastle 987-4733 Ajax/Toronto 686-0477 ADORABLE 2 BEDROOM BUNGALOW On large lot In Newton- ville. House has been renovated, nothing to DON'T PAY THE RENT! do but move in. Only you can buy a two bedroom mobile $98,000. For viewing, with family room addition. Wood- rail and ask for Murray stove in kitchen, fenced yard and call ana ask tor Murray corner | 0 , (or more priva cy. Only or Glenda. $30,000. Call Murray Paterson, 987-4528 (res.) or Glenda Bedard, 987-4316 (res.) or 987-4733 (bus.) i KING STREET, NEWCASTLE COMMERCIAL BUILDING 1200 sq. ft. one storey building. Good parking area at roar of building. Asking $189,900. OATLEY COURT, NEWCASTLE Immaculate ranch style 3 bedroom bedroom bungalow, well finished lower level with attached garage and paved driveway. $159,900. \sking Call Wilma Entwlsle, Sales Rep. 987-4733 or 786-2911 (Res.) FOR $154,900. YOU CAN GET ALL THIS Super home with 4 bedrooms, 2 1/2 baths, main floor laundry and family room with fireplace. Lots of goodies, shows perfectly. LOT SIZE 60' X180' Raised bungalow with 3+ bedrooms, Large rec room with woodstove, 2 walkouts and an all fenced yard. Close to 401 access. Asking $139,900. Call Murray Paterson or Glenda Bedard on 987-4733. AGENT OF THE WEEK Wilma Entwlsle The Small Company That Is Big On Service improving access to homcown- ership: 1. They should make ownership ownership more accessible and attractive attractive without creating undue risk to potential buyers or cost to the government. 2. They must bo structured so that lenders and investors will want to participate. Mr. Reardon said government government inaction on these issues over many months has denied in excess of 200,000 potential home buyers an opportunity to enter the housing market. In addition, Mr. Reardon pointed out that because housing housing starts generate jobs, the residential residential construction industry can "kick-start" the economy. "We want to put back to work more than 175,000 construction construction workers who are unemployed," unemployed," he said. "It's incredi ble that the government has not recognized this." The true value of the RR3P proposal will only be fully realized realized when it is used in combination combination with other options, most importantly the lower down payment, Mr. Reardon said. The Canadian Home Builders' Builders' Association is the national representative organization for 12,000 firms. The housing industry industry is an important component component of the Canadian economy, contributing more than one million person-years of employment. employment. Membership comprises comprises mainly smaller builders, renovators, developers, suppliers suppliers and tradesmen, but also includes includes architects, engineers and other professionals in related related services. Working locally to serve you better" PHis i csi; PATRICIA LANGE Sales Assoc. bedroom brick bungalow with detached single garage (with power) on Central Park Blvd. S. in Oshawa. Very well kept area and home. New broadloom in living room and freshened throughout. Nice wood trim and detailing. Private hedged lot Please Call Patricia Lange 576-3111 or 623-4998 for more details. KRYSTYNA JONES Sales Associate $124,900. Super country bungalow, Oshawa 40 minutes. Call 576-3 II I or 983-9782, 2-UP, 2 - DOWN $134,900. GORD BARNES Assoc. Broker 14 level backsplit on quiet northeast Oshawa street Kitchens up and down, 3 and 4 pc. bathrooms, side | door entrance to lower levels. Power of sale so tty an offer. Call without obligation. Gord Barnes 576-31II or 623-6860. NANCY BARNES Sales Assoc. BACKS ONTO PARK OR GREENBELT Greenhouse, oak kitchen overlooks family room with fireplace fireplace and walkout to large deck, 4 bedrooms, finished rec room, computer room, exercise room, walkout basement, ceramic tile, 50 oz. broadloom, this list goes on. Call for details on this $219,000. Beauty - Nancy Bames 623-6860 at home or Office 576-3111, 24 HOUR PAGING CTA,? I I ccD\/irc ^ w w Ir U U J SERVICE i X -\ v 4 ■ j ' ' *- More than sixty young people people from across rural Canada gathered in Toronto November 6-10 to participate in the 1991 National 4-H Conference. Included Included in this group was Eric Barkey from Blackstock who joined other 4-H'crs at the 61st annual event. The objective of the Nation- Eric Barkey al 4-H Conference is to provide provide delegates, ranging in age from 16-21, with an opportunity opportunity to better prepare for and shape their own future. 4-H members from across canada, the United States and the United United Kingdom, attended seminars, seminars, spent a day utilizing the resources at the University of Guelph and participated in discussion discussion groups. The impact of the 4-H program program and its members was the major focus of this year's conference conference - "4-H Youth...Making a Difference." Issue groups examined relevant relevant and global issues such as the environment, the vitality of rural communities, Canada's international competitiveness and animal welfare. The conference also featured featured some fun social events such as a mystery theatre and a banquet in China Town. Delegates Delegates toured the city of Toronto, Toronto, attended the Royal Agricultural Agricultural Winter Fair and joined National 4-H Volunteer Leaders' Leaders' Conference delegates, 4-H sponsors, Foundation trustees, past presidents and honorary members and member representatives representatives of the Canadian 4-H Council for the annual Friends of 4-H banquet. Sponsors play an important role at National 4-H Conference Conference as in all 4-H activities. The Canadian 4-H Council's Delegate Sponsorship Program allows sponsors to support the participation of specific delegates delegates at a national 4-H program. program. Funding is provided in amounts ranging from $1,000 to $10,000, and sponsors arc assigned a corresponding number number of delegates. The initiative has been very successful and the support of Imperial Oil Limited made it possible for Eric Barkey to attend this year's conference. The Canadian 4-H Council joins all the 1991 National 4-H Conference delegates in thanking thanking Imperial Oil Limited and all other sponsors for their commitment to the 4-H movement, movement, rural Canada and its y outli; their valuable support is sincerely appreciated. Gord Mills, MPP DURHAM EAST £•' My staff and l confially invite ■ t! you tojoin us at tfte opening off& tfte new constituency office Tuesday, 'December 17,1991 $;■ from 10:00 a.m. to 12:30 p.m.-$ (Refreshments tvillhe served) «r 80 Athol Street, Oshawa Raren'Jmam, MTB, sc. Minister of Culture and Communications Constituency Office :> 6S 'King St. 'l-itftri Complex F 'Bowmanville, Ontario L1C 3X2 Telephone: 697-lBÛjM m MIDLAW auisioN LTD. 71 Mearns Court, Unit 6 ^ Bowmanville ff-rv Vt* 623-8808 "Christinas We will pay your deductible up to $100.00 FREE Side Body Molding FREE Pinstriping FREE Estimates Offer expires December 31/91 • Unibody Collision Repair • Expert refinishing base coat/clear FOR APPOINTMENT CALL 623-8808 Ask for Jeff for personalized service. LAIDLAW COLLISION LTD. ï 116 Bâttline E. Ou* minx III* tvisolino D jj i e â LM D LAW COLLISION LTD. 'ÈP- Du,Hi Dkl