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The Canadian Statesman, Bowmanvillc, October 15,1997 Page 12 r Real Estate Deadlines and Policies Deadline for Wednesday Publication is Monday at 12:00 Noon. Any compensation for errors or omissions by Tire Canadian Statesman will k limited lo the value of the space occupied by the error in the advertisement. ^ Please phone 623-3303 and ask for the Real Estate Sales Department j Tips on How to Pay Off Your Mortgage Faster This article is provided by local Realtors and the Ontario Real Estate Association (OREA) for the benefit of consumers in the real estate market. Buying a home is a big purchase. For most of us, realizing that dream means combining our savings with money borrowed through a financial arrangement called a mortgage. Wether you're planning to buy a home or already own one, paying off that mortgage can be a long-term commitment. commitment. Most home buyers would like to be mortgage- free sooner. But where does one begin? To repay a mortgage quickly and cost-cffcctivcly, begin looking at options and understanding them before you buy, or before your existing existing mortgage comes up for renewal. When house hunting, your Realtor can help you calculate calculate how much mortgage you can afford and provide advice on the many options available these days. The next step is to shop around and compare what different financial institutions institutions have lo offer. Lending money is a business and lenders will compete for your business. A word about mortgages Mortgages allow you to pay back the principal, or amount borrowed, plus interest, interest, in regular instalments. Often, the taxes on your home arc also added to the mortgage mortgage payments. Most mortgages are amortized amortized over 25 years. This is the length of time it will take for you lo pay your mortgage off in full. Lenders provide money for a certain period, or term, ranging anywhere from six months to 10 years. Think U.S. UNIVERSITIES WANT YOU! PURDUE • NORTHEASTERN • CANISIUS PERPPERDINE • DENVER • ST. LAWRENCE NIAGARA WAYNE STATE • HOFSTRA • ELMIRA «DREXEL AMERICAN U OF PARIS • CENTRAL MICHIGAN CLEMSON • D'YOUVILLE • CASE WESTERN •LEARN ABOUT THE S.A.T.'s •FINANCIAL ASSISTANCE •SCHOLARSHIPS •TUITION DISCOUNTS & CON. DOLLARS AT PARI • HUGE ARRAY OF COURSES AVAILABLE • UNDERGRADUATE AND GRADUATE STUDIES V" WEDNESDAY, OCTOBER 22 COURTICE SECONDARY SCHOOL /, fflèT 1717 NASH RD. COURTICE, ON ^8»/ 12:00-1:30 P.M. FOR FURTHER INFORMATION, CALL: PENNY BISSETT CONSULTING, TORONTO 416-756-9263 EMAIL: penny@islar.ca Chris Hobbs o(UC(UC Darlene Hobbs Sales Representative^ GROUP [ Sales Representative Excel Realty Inc. (905) 721-1144 or (905) 697-1550 "Specializing in Unique ana Country Properties" OJF "A RIVER RUNS THROUGH IT..." Sparkling clean two bedroom bungalow on 1 acre with trees, pond and lush perennial gardens. Delightful country kitchen, 12 x 24' sundecx and the most idyllic setting beside a babbling brook! Located on a scenic, quiet country road and only minutes from Bowmanville. Like no olherl $149,900. Exclusive listing! "TAKE THE LONG WAY HOME" Set amid the majestic Kendal Hills this wonderful family home is a true delight! Lovingly maintained and beautifully decorated with four bedrooms, country kitchen kitchen loaded with built-ins. formal living and dining rooms. Great big, cozy family room featuring fireplace and walkout lo 16 x 32 inground pool! Creative loft space and an attic ready to develop...newer systems and ready lo enjoy! Well worth the wonderfully scenic commute! Only 8 miles east of Hwy 115. $189,900. I ©ffæi COSXPSB Stm. .DOïiffl , âad) Potato CAVAN 5 ACRES $189,900 FRANK REALTOR 234 King Street East, Bowmanville Telephone 623-3393 I Toronto Line 686-1035 REDUCED - REDUCED Super 3 bedroom semi, large eat-in kitchen, upgraded carpel, walkout Itom tec room lo large back yard, new gas lurnace, close to 401 and schools. Don't miss this - reduced to $120,900. Call John Fowler* 623-3393 or 623-7928. JxkuwLwwW,;.--c,.„,//vi -xxX.vl.'. LARGE COMMERCIAL HOLDING • BOWMANVILLE I Central core. Comer location. ] Excellent patklng $75,000 net I Income with potential lor more. | Prime Prime opportunity. $675,000. Call John Shewchuk* 623-3393 or 623-5927. INDUSTRIAL SPACE $2.25/SQ. FT. Unbelievable value Comparel! Ideal for warehouse, warehouse, light manufacturing or assembly auto detailing. Call John Shewchuk* 623-3393 or 623-5927. PLAZA SITE $395,000 Prime development corner sur- I rounded by subdivisions ol now homes. Musi be seen. Vendor take back possible. Call John Shewchuk* 1623-3393 or 623-5927. UNBELIEVABLE VALUE! Serviced Industrial land. $35,000 per acre. Best deal in Durham!! Compare, Call John Shewchuk* 623-3393.or 623-5927. of the amortization period as a school year - a term is one semester. The most common mortgage mortgage is a conventional mortgage, mortgage, where a lender will loan up lo 75 per cent of the appraised value of the home or the purchase price, whichever is lower. The remaining 25 per cent is the amount the buyer contributes as a down payment. Sonic lenders offer high ratio mortgages mortgages which require only 10, per cent down by the buyer if they qualify. Government- assisted mortgages allow some buyers to borrow up to 95 per cent of the value on a home. When qualifying buyers for mortgages, most lenders insist that mortgage payments and taxes, plus condominium fees if they apply, should not exceed 30 per cent of a family's family's monthly gross income. Despite their limited prepayment prepayment privileges (10 - 15 per cent a year), most mortgages mortgages arc 'closed', meaning they can't be paid off until the end of the term without a stiff penalty, usually about three months bonus interest. Fully 'open' mortgages can be paid off at any time, penalty-free, but they usually bear a higher interest rate. Get the best interest Interest rates can have a huge effect on how much you pay. If rates are falling, you might want to take out a mortgage for a very short term and lock into a longer term when the rates are lower. If rates are rising and look like they may continue to rise, lock into a longer term. If rates are fluctuating, take advantage of some of the many options available from lenders such as short-term convertible mortgages (where you can lock into a fixed interest rate at any time), or variable rate mortgages (where rates change from month to month along with market fluctuations). x Reduce your amortization period The average amortization period (when the mortgage must be paid off in full) is 25 years. But you can also arrange for shorter amortization amortization periods. The shorter the period, the larger your payments, payments, but the more you save on interest and the long-term cost of the loan. Weekly or monthly payments? In addition to monthly payments, some lenders offer weekly and biweekly payment payment options. These can save you a lot of money by reducing reducing the amount of interest paid out, but they can also be a headache. You end up making making twice and four times as many payments a year. Some lenders also charge a handling handling fee for this type of mortgage. Most lenders allow you to prepay up to 10-15 per cent of the original principal amount of the mortgage without charge each calendar year, often in low amounts at any time. On renewal of your mortgage mortgage (when the term is up), most lenders will allow you to make any size repayment at no extra charge. Many lenders also offer a double-up option where you double your monthly, weekly or biweekly payments at any time. When to re-finance If you have a fixed rate, long-term mortgage, you don't have to be stuck with it. If interest rates have fallen more than two per cent, you may want to refinance the loan to get a better rate. The cost of re-financing can be high. So calculate carefully or you will end up paying more than staying the course with your current rate. Many lending institutions offer mortgage planning services services that help you calculate how much extra you need to pay to be mortgage free sooner. sooner. Take advantage of these services. But keep in mind that while most forms of prepayment prepayment go directly to reducing the principal, it docs not reduce your existing payment obligations. You arc still required to make regular payments. payments. Critics of prepayment also argue that if your interest rates are reasonably low, you can put the extra money to better use. For instance, if you prepay $2,000 in a year, you gel no tax benefit, However, if you put that money into a registered retirement plan, you'd gel a tax break. If your mortgage rate is live per cent and you invest the $2,000 in a mutual fund at 10 per cent, you would make five per cent on your money rather titan paying paying off your mortgage, Glass Act Wine-Making Now Open Glass Act employees Kale Shotten (right) and Sheridan Beaton toast the launching of the new wine-making facility now open in the Wavcrlcy Plaza in Bowmanville. Opening celebrations were held on Saturday, October 4th. Wine-lovers can buy kits and make their own wine on the premises. Drop by and ask about the monthly specials. RF/MBK 3 cornerstone realty ltd., realtor 104 King St. E, Bowmanville MONTHS MORTGAGE 'Some conditions apply. Tony Klompmaker" Associate Broker Remax Cornerstone Realty 623-6000 or Res. 263-4448 GORGEOUS 10 ACRE WOODED LOT 4 bedroom ranch bungalow, barn and small creek. Asking $239,900. Located at 3480 Middle Fid., Bowmanville, right next to golf course. Tony Klompmaker Remax Cornerstone Realty Ltd. 623-6000 or res. 263-4448. OPEN HOUSE SUNDAY, OCTOBER 19TH 2-4 P.M. 4510 CONCESSION ROAD 5 Lovely brick 3 bedroom century home on one acre. Very large living and dining rooms, country kitchen with wood- burning stove, main floor laundry and double attached garage with workshop. $169,900. Go 401 to Newlonville Road, north to Concession 5 and turn right. Follow signs. Call Linda McLennan* Associate Broker 623-6000 Call Linda McLennan and Marg Bain (905) 623-6000. David Passant" j Assoc. Broker j Over 22 Years of Service RAISED BUNGALOW Former model home, huge eat-in kitchen, spacious spacious living room/dining room, In-law apartment down, fireplace. Double car garage. Call lodayl Also: $37,900. Mobile home, woods and creek, j $103,900. 4 bedroom starter home $59,900. 200'X 200'level site. $126,900. Northend bungalow, In-law potential.: $219,900. 25 acres, century home, workshop. : For a market evaluation of your home, please ask for David Passant", Associate Broker, todayl 623-6000. Marg Bain* Sales Rep. Call for details at (905) 623-6000. RETIRING? A great 2 bedroom detached home In an adult lifestyle community with view of Lake Ontario from kitchen and patio, fridge and stove Included. $34,900. ATTRACTIVE UPGRADED HOME On a 100 x 165 ft. lot, backing onto a tree farm for privacy. Immaculate 3 + 1 bedroom raised bungalow, covered side entrance to basement with great In-law potential. $174,900. Cal^ar^aii^nd^Lind^cLennanjgos^MS^OOO^ Sutiw GROUP PLANNING TO SELL YOUR HOME? At Sutton Group-Dynamic we offer the buyer of your home the following fees and.taxes*: • Legal fees up to $400.00 • CMHC application fee of $225.00 • Land transfer tax Oall 697-1700 * certain conditions apply GREAT FOR THE FAMILY This 4 level baoksplit Is situated situated on a large 100 x 150 ft. lot In a quiet subdivision. Home has been updated with newer windows, roof and furnace and comes complete with finished family room and stone fireplace, fireplace, hot tub and air condl- Honing. Reduced tor Imme- Rose Sailer diate possession, located only eo7 H7nn 30 minutes north ol Oshawa. oarizuu. $142| goo. Rose Saller Sales Rep. Call CHEAPER THAN RENT! 1986 14 x 70 ft. mobile home situated In one ol the nicest parks In the area. And only 40 minutes northeast of Oshawa. This home has 2 decks, 12 x 14 ft. shed with Insulation and hydro. Lease and taxes are $196.00 per month. Listed at $59,500. EVERY HOME IS SOMEONE'S CASTLE Here's an opportunity to own yours! Debbie Balenko Janet Mulder Sales Reps. 3 bedroom NEW bungalow on great court location. Fabulous open concept, fireplace, dream kitchen and huge basement with walkout. $174,900. Call Debbie Balenko or Janet Mulder 697-1700, RlNSKE WAGENAAR Broker 10 ACRES-$215,900. Located in he Hampton area, 4 bedroom, 2 baths, living room, dining room, main floor family room, several outbuildings. Call Rinske Wagenaar at 697-1700 HARD WORK + EXPERIENCE =SUCCESS First time buyer, why pay rent when you could purchase your own property (or the equivalent or lower monthly paymentlll Together, we will find you the perfect property. For more information, the reimbursement of your land transfer faxes, $235, Aline Guyon CMHC application free and $400 toward legal fee Sales Rep. have been extended till the end of October 1997. The time is now. Do you own a property and want to know the value? Call Aline Guyon and receive a tree Market evaluation with this ad. Call Aline Guyon at 697-1700 or 24 Hr. Pager (905) 983-9102 4 BEDROOM CENTURY HOME IN BOWMANVILLE With two sell contained one bedroom apartments. Homo has had major ronovatlons In past year. Lot llto ronl pay your mortgage. Bob Craig Sales Rep. ■ TUDOR STYLE MANSION On 3+ acres, just north of Bowmanvlllo, barns and enclosures for rare birds, nature traits lo seo door and fox. Ono ol a kind property. Call Bob Craig (905) 697-1700, WANTED! Farm listings with a high percentage of workable land, with or without buildings. Call Henry Eikens (905) 697-1700 or (905) 983-5279. Henry Eikens Sales Rep. VELTRI HOMES LORRAINE BOWMANVILLE Van Alstyne QUICK CLOSINGS AVAILABLE Safes Rep. FINAL PHASE Prices starting at $139,900 many great designs to choose from. Directions: From Hwy. #2 go North on Mearns to Cone. St. turn right to Soper Creek, then right on McFeeters Ores. Lorraine Van Alstyne 697-1700. Joanne Simpson-Mulder Sales Rep. GREAT STARTER HOME Excellent 3 bedroom home ready to move in. Beautifully decorated with flair. Private fully fenced back yard. Joanne Simpson-Mulder Sales Representative 697-1700 24 hr. pager Betty Smith Sales Rep. 4 BEDROOMS, HUGE PIE-SHAPED LOT $162,900. 16 Royal Pines Court - one of Bowmanville's most preferred areas. Large master with full ensuite, main floor family room, oak kitchen, gas heat. Avery clean, neutrally decorated homell Call Betty Smith at 697-1700 or 1-888-226-2230 130 ROSER ORES, Sold for 97% of listing price in 14 days! Randy Flint Sales Rep. 112 VAIL MEADOWS Sold for 96% of listing price In 21 days! FOLLOW THE CROWD - Thinking ol selling your home? , Looking for honesty and respect? Call Randy Flint" at 697-1700. Let's talk todayl 53TAMBLYN RD,, ORONO - Sold for 95% of listing price In 33 daysl 3455 CONC, 3 NEWCASTLE • Sold for 95% of listing pries In 60 days! HOME OWNERS ... DO YOU KNOW THAT: 1, All our listings are entered on the Toronto Real Estate Board's MLS system. 2, All our listings are accessible world wide via Internet exposure, Your neighbourhood specialists - living In, working In, and knowledgeable about our community.