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12 The Canadian Statesman, Bowmanvillc, Wednesday, May 27,1992 Helpful Hints for Arranging a Mortgage This article is provided by local Realtors and the Ontario Real Estate Association (OREA) for the benefit of consumers in the real estate market. If you're thinking of purchasing a home for the very first time, you'll probably find yourself dealing with dollar amounts that would have boggled boggled your imagination just a few years ago. It makes perfect sense then, to shop carefully for your mortgage. Today, there arc many types of mortgages to choose from, and it pays to be informed ahead of time, so you know what questions to ask when shopping around. Talk to the loans people at your financial financial institution to sec what types of GUIDE Beatty Limited <iwi) 17 Cotborne St. W. Oshewe. Ont. L1G 1L3 I CAN'T BELIEVE IT! Did you ever wonder about those great buys your friends make? Well they missed this one -3 bedroom split level home on 1/2 acre lot, in the country. A short drive from Bowmanville and Orono. Move in and relax for under $130,000. Gall Anderson, Broker, 723-5281 or 433-1877. SUN. MAY 31 1-4 P.M. Krystyna Jones SALES ASSOCIATE 983-9782 • 5270 Main St. Wonderful updated 14-room /Century home, with original jeharm, situated on huge lot "In lovely Orono Village, Zoned commercial & Includes legal apartment! 5189,000 i A 1 L\ CTX '1111 texanta In* 686-4743 (4 10; 0/ 0"0 II I. 60 Athol ih net. C»howo_ CMHcflSCHL Helping lo house Canadian* Question habitation, comptez sur nous V. i : HOMEOWNERS DO YOU QUALIFY FOR' ' $5000 ASSISTANCE FOR HOME REPAIRS, ■ f If you are a low-income homeowner, you may be • eligible for up to $5,000 (which may not have to be ^ repaid) to assist you in repairing your home-.ot; T. make it accessible to a disabled person. .. J '"■>)*< Funds are made available through CANADA^ MORTGAGE AND HOUSING CORPORATION,/ . ; We are now processing applications for the'4992* budget allocation. If you require finàiteial^' assistance in repairing your home, please contact our office to apply for the RESIDENTIAL® REHABILITATION ASSISTANCE PROGRAM q (RRAP). COLETTE GRANT ENTERPRISES Canada 416-404-0020 * mortgages they offer. Realtors are also wcll-vcrsed in mortgage financing financing and, unlike the advice you'll receive receive from a specific bank, a realtor may be able to suggest and explain a broader range of options for you to consider. Your real estate lawyer may also be able to help, as can mortgage brokers. Banks and trust companies lend the majority of the funds. Credit unions welcome mortgage business from their members (even new members who have just joined up), and some life insurance companies can lend you money. Mortgage brokerages act as a contact contact point between borrowers and investors investors who have money to lend. Most mortgage brokers have access to conventional conventional lenders (banks and trust companies), private lenders, pension funds, real estate syndicates and foreign foreign banks. In effect, a mortgage brokers's brokers's role is that of a matchmaker, introducing introducing the appropriate lender to the qualified buyer and charging a fee for die arrangement services. Private lenders advertise frequently in the newspaper, and arc another alternative alternative for mortgage funds, although their interest rates are generally high- cr. Try talking to one or two representatives representatives from each of these lending categories, categories, more if possible. You don't have to visit them all personally; most will be delighted to answer your initial initial questions by telephone. Other Mortgage Sources There are two other sources for mortgage financing that shouldn't be overlooked. One is to "assume" the mortgage that exists on the home you's like to purchase. Assuming a mortgage means you agree to take over the seller's mortgage and payments payments as part of the price you're paying paying on the house. Assumptions can be a very attractive attractive way to arrange mortgage funds. Often, the interest rate on .file assumed mortgage is lower than current market rates and in some cases, you can assume assume a mortgage automatically - but may lenders require you to qualify first. Another source of financing is a "vendor-take-back." To help you buy their home, some sellers will take back a mortgage, which means they will loan you the money themselves from the equity they have in their 2 PRIVATE SALE Backsplit, 3 + 1 bedrooms, living room and separate dining dining room, finished rec room, eat-in kitchen, family room, mature 1/4 acre ravine lot backing, onto greenbelt with creek. Located in Orono. Asking $158,000. Call 983-5438 REALTOR OMonot REAL ESTATE LIMITED 19 Scugog Street, Bowmanville 623-4428 REDUCED TO $247,900. BURKETON HILLS 1,800 sq. ft. ranch style brick bungalow. Main floor family room and fireplace, basement is completely finished, many extras, located on 1.9 acre treed lot. Vendor will hold financing. OPEN HOUSE SUNDAY, MAY 31 ST 2 p.m.-4 p.m. R.R. #1, Campbellcroft Village of Garden Hill Enjoy your very own trout stream on this .38 acre property. 2 +, 1 bedroom red brick open concept bungalow, family family room with woodstove, detached garage. Close to all amenities. Asking $139,900. Directions: Highway #115 to County Rd. 9, to Garden Hill, follow signs. BUILDING LOTS IN COURTICE 3 building lots, ravine view, in area of superior homes. Fully serviced and sidewalks, 10% down. Vendor will hold mortgage.at 9% for a one year term. Asking $99,900. AFFORDABLÈ 3 bedroom, 1 1/2 storey home, located on a quiet street, near schools and hospital, private backyard, now priced at only $122,500. RICE LAKE WATERFRONT Building lot on Island with deeded mainland private park and docking. Lot has mature trees and underground hydro service, just under 3/4 acre. Value priced at $52,000. 3/4 ACRE RAVINE LOT Spacious raised bungalow with finished finished in-law apartment. Fireplace, country setting, magnificent view. Asking $153,900. FAMILY TRUST CORPORATION REALTOR X w Lucien Lambier** RETIRE WITH CHARM Good mobile at an excellent price. Only $34,500. Come and enjoy this lifestyle. Lucien Lambier** 623-6622 or Res. 623-4975. ganastBSKiui 8 MEADOWVIEW BLVD., A RARE FIND, CUSTOM BUILT SPLIT, INGROUND POOL, $189,900!! A fabulous solarium/family room with walkout to deck overlooking a perfectly private, fully hedged back yard with kidney-shaped Gunnite pool, new carpeting, ceramic floors, big rec room, 3 bedrooms, 1 1/2 baths. Betty Smith* 623-6622 or 987-4661. •sa" COME AND ENJOY 1 1/2 car garage for the tinkerer, side entrance to kitchen, fully fenced yard, close to park, schools, shopping. Call and let's make a deal. Lucien Lambier**, Assoc. Broker, 623-6622 or Res. 623-4975. BEAUTIFUL SETTING WITH CREEK 3 + raised bungalow, completely upgraded, new hunt doors and windows, new stainguard carpet, deck overlooks creek. Asking $249,000. Peter Devos* 623-6622 or 987-4415. ' M1 ---- «iïiWTS Bob Craig* HAMPTON VILLAGE SCUGOG ST., REDUCED TO $147,500. 4 bedroom century homo on large lot, tastefully renovated with gloaming pine floors, now furnace, 2 new bathrooms, largo healed workshop. Bob Craig* 623-6622 or 263-8441. homes. This type of arrangement is frequently employed when the real estate estate market is slow or the seller wants to sell the home quickly. First-time buyers find a take-back mortgage attractive, because it puts them into their home sooner, while giving them time to save a larger down payment or increase their income income to qualify for a larger mortgage. Types of Mortgages Conventional mortgages are available available through most lenders and they're the most common type of mortgage around. The lender will loan you up to 75 per cent of the appraised value or purchase price of the property, whichever whichever is lower, and you must usually come up with the other 25 per cent which is the down payment. Many people uie their savings and other cash assets to raise the 25 per cent, although you may be able to arrange arrange for a portion of the amount needed through alternate or secondary financing sources. : Second and third mortgages are ad- : ditional financing arrangements behind behind an existing mortgage, also se- , cured by the property. Secondary ' financing is usually arranged at a higher interest rate and for a shorter term than the first mortgage. As a first-time buyer, you may find it advantageous to arrange a second : mortgage to assist you in making the 25 per cent down payment required for a conventional mortgage, although j you'll still have to qualify through j your debt service ratios for both the , first and second mortgage payments. When you don't have sufficient personal funds to make a 25 per cent down payment, you may want to investigate investigate a high-ratio mortgage. High-ratio mortgages arc available for up to 95 per cent of a home's appraised appraised value or purchase price, whichever is lower, up to a maximum mortgage amount set by the government. government. However, since you are borrowing more than the usual 75 per cent, the government insists that the mortgage be insured against default and that you pay the cost of the insurance. That cost can range from one to three per ■ cent of the mortgage amount, and is added to the mortgage principal. REMAX REFLECTION 434-5222 SPACE THE FINAL FRONTIER This 5 level backsplit with 4 bedrooms, large fenced yard, double paved driveway has a lot of space to expand and can be bought for under $128,000. Call Lorn Scanlon 434-5222 to view this home. PREMIUM LOT 4 level backsplit, family room with fireplace, main bath with Roman tub and separate shower, extra 4 pc. down. Only 2 years old. Up to September closing. Call Lorn Scanlon 434-5222 today. Lorn Scanlon Full Time Sales Representative *«IS& iiiSM Prospective Purchasers look to Edvan Realty because of our proven record of success. Thinking of selling your home? Call me now and I will arrange for a market evaluation of your home without cost or obligation. Over 15 years experience." Wilma Entwisle Edvan Realty Ltd. 214 King St. E., Bowmanville Res. (416) 786-2911 Bus. (416) 623-4445 Tor. (416) 686-0477 Pel's Mortgage Watch Today's Best Rate for High-Ratio First Mortgages. • Access to funds from financial institutions as well as private lenders • Appointments arranged to suit you • We can create your ideal mortgage for Buying - Renovating - Consolidating or Refinancing Term Variable Rate 7.750% Term Rate 9.750% 6 Months 8.000% 5 Years 9.750% I Year 8.250% 9.890% 2 Years 8.740% 10 Years 10.240% 3 Years 9.240% 12 Zi Years 10.450% Call DEL PYKSTRA at [ RAY CAN } Financial 571-2880 (office) or 623-1249 (res.) sovd HOCKIN REALTOR m-y . -.:v' HOCKIN REAL ESTATE 123 KING STREET EAST BOWMANVILLE, ONTARIO 416-623-4115 y BILL WHYTE PARKLIKE SETTING Compliments this beautiful, custom- built bungalow on almost 1/2 acre lot. Solid construction. Terrific well. Close to schools and churches. Three minutes to shopping, two minutes from 401. Call Ron Moore for an appointment appointment to view. $269,900. DREAM HOME Distinctive 3 bedroom, 2 storey with attached garage, unique family room, two walkouts, ensuite. Beautifully landscaped landscaped and in an excellent neighbourhood. neighbourhood. Well priced at $179,900. Call now for an appointment to view. A PLACE TO CALL HOME Spacious, 4 level backsplit with large fully fenced yard and two walkouts - one from kitchen to large deck and one from rec room. Three bedrooms up and a guest room down. Large rec room accented by wainscotting. This home lends itself very easily to in-law apartment. $149,900. IT'S FOR YOU! If you are a first time buyer; if you want value for your dollar; if you want a large semi, detached; if you want a good area close to schools and shopping; if you want to see what $129,900. will buy; then you should call Ron Moore now. PERFECT LOCATION FOR CHILDREN Two-storey, brick and aluminum home close to schools, shopping and 401. Amenities include family room with fireplace, air conditioning, air cleaner, new deck and new roof. Call now to view. $159,900. VICTORIAN CLASSIC RESTORED WITH CARE Professionally finished inside and out. Century home offers comfort of past with convenience of today. New bathrooms, new furnace, new wiring, interlocking brick patio and walk. $249,900. CLASSIC BUNGALOW You will have 3 bedrooms, separate dining room, fireplace in living room and finished rec room with woodstove. Wide and deep lot. In town near the high school. Asking $154,900. IMMACULATE CONDITION Spacious, two-storey, detached home with four bedrooms in Orono close to Taunton Rd. and Hwy. 115-35. Walkout from rec room to backyard. Listed for only $144,900. REDUCED TO $159,000. Make your move to the country and this attractive, 3 bedroom bungalow id garage 3. You'll I with attached garage, breezeway and private patio. kit ' - love the spacious kitchen.'Trees on this 75' x 200' lot are bursting into leaf and there is room for a garden or pool. Make your appointment now. 234 King Street East, Bowmanville Telephone 623-3393 Toronto Line 686-1035 3 BEDROOM HOME WITH 1.3 ACRES Solina Road, One owner, absolutely gorgeous brick bungalow. New oak kitchen with separate paved drive and manicured lawn. Just listedl $169,900. Charlie Reid*, Sales Representative, 623-3393 or 983-5914. ESTATE SALE - BOWMANVILLE Spotless 3 bedroom bungalow. Eat-In kitchen, full basement, single car paved drive and beautiful grounds. Best buy In the areal Just listed - $131,900. Charlie Reid*, Sales Representative, 623-3393 or 983-5914. OUTSTANDING COMMERCIAL SPACE Excellent street frontage and sign area, King St., Bowmanville. Excellent factory or discount outlet. 4200 sq. ft. Landlord may divide. John Shewchuk*, Sales Representative, 623-3393 or 623-5927 BOWMANVILLE - $122,900. Gorgeous 2 storey 3+ bedroom semi in prime area. Large eat-in kitchen, walkout to deck and private fenced yard. Many upgrades! Dave Durham*, Sales Representative 623-3393 or 987-5722. .il ri PRIVATE COUNTRY SETTING If you are looking for an outstanding sidesplit, 3 bedrooms, 2 baths, with fireplace and paved drive, view this before It's too latel Newcastle - $159,900. ' Charlie Reid*, Sales Representative, 623-3393 or 983-5914. BUNGALOW WITH 10 ACRES Brick and stone bungalow, 4 miles from Bowmanville. Includes small barn. $278,800. Tom turner*, Sales Representative, 623-3393 or 623-5510. REDUCED $10,000! Wilmot Creek - Bowmanville, spotless 2 bedroom bungalow. Recreation complex, pool, golf, lawn bowling, billiards, tennis and much more. 4 appliances included. $54,900. Terry Witherspoon*, Sales Representative, 623-3393 or 983-8296. " 'S"* , CUSTOM BUILT BUNGALOW Completely finished, 160 x 120' lot, one owner, This is an absolutely gorgeous home. Health forces sale, Orono. $159,900. Charlie Reid*, Sales Representative, 623-3393 or 983-5914. Over 30 Years Quality Real Estate Service