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"A Family Tradition for 132 Years" PORT PERRY STAR - Tuesday, March 10, 1998 - 15 On Re RT (CREA)--A quick way to see how much you can afford is to use the gross debt-service formula (GDS). Here, the Principal, interest and taxes (PIT) on your mortgage loan should not exceed 30 percent of your gross income. Increasingly, financial institutions will factor energy costs into the PIT formula, moving the rule of thumb GDS from 30 to 32 percent. You can work it out in reverse: multiply the monthly payment on principal, interest and taxes (include any condominium maintenance fees) by 40. So if your monthly payment for these items is $1,000, you'll need a oss annual income of at least 40,000. Discuss your mortgage limit and different types of mortgages with your salesperson before you begin seriously looking for a new home. There are several different types of mortgages: Member Durham SEER II CICR Fg YI GR UH ETA R ICI CRA CEL Estate Board PUCKRIN* PUCKRIN** A ONCE IN A LIFETIME This is one of the finest renovated Century homes to be offered. A true centre hall plan this home offers all the charm of yesteryear with amenities of today, set on 34+ acres with | an 8 stall horse barn. Cannington. $269,900. RALPH FAIRMAN** 905-985-7351 WHY RENT? - $3500 DOWN LESS THAN $500/MONTH P.LT. | Ths 2 bam. year round home i located less han § mins. from Port Pen | | | | | wih a vew of Lake Scugog & Port Perry. Lake acoess i directly across he street. Features incl. Ad sephc system & wel. Good aibght sive n fv. m. keep heating costs low. Unbeatable pace fs close 10 town. Won't fast ETER DAVIDSON* 905-985-7351 * WATERFRONT = FUN! Located on the shores of Lake Scugog, this 1 | yr. old 3 bdrm. bungalow will surely impress you! Bright & fresh decor, eat-in kit. & numerous walkouts to deck. Mstr. bdrm. has 3 pc. ensuite & bsmt. has w/o to rear yard. Call: BRETT PUCKRIN* 905-985-7351 | HELPFUL HINTS FOR YOUR HOME The Mortgage: Can You Afford It? Pre-approved mortgages: Pre-approval means that you as a buyer have qualified in advance for a mortgage of X dollars, contingent upon the lender approving the property. Many financial institutions offer pre-approved mortgages, with your interest rate guaranteed not to rise for a certain period. Conventional mortgages: Most banks and trust companies offer standard loans using the property as security and including principal and interest. Conventional mortgages require at least 25 percent of the purchase price as a down payment. High-ratio mortgages: If your down payment is less than 25 percent, you may still qualify for a mortgage, but you will need mortgage insurance. Canada Mortgage and Housing Corporation (CMHC) a federal crown corporation and GE Capital Mortgage Insurance Company, a private company, COLDWELL BANKER OO JUDY WESTALL* KAREN McKENNA BECK* BUSINESS OPPORTUNITY Country convenience store with living quarters plus a separate building with Post Office (upon approval) and the ability to finish | an apartment. Thriving community with good potential. $389,000, RALPH FAIRMAN** 905-985-7351 GREAT FAMILY HOME, JUST LISTED This lovely 3+2 bdrm. home is situated on a large 1/2 acre lot only 15 mins. north of Port Perry & 35 mins. from Oshawa in desirable "Woods of Manilla" This home boasts large panciple rooms with a fin bsmt., 2-4 pc. & 1 - 3 pe. washrooms, propane stove in rec. rm., C.V. & more. PETER DAVIDSON* 905-985-7351 EAS I$ a EXTRA-ORDINARY HOME! | Immaculate 4 bdrm. home all updated! Newer | windows, furnace, garage, roof, decor & the list goes fon. Sep. din. m. & liv. rm. with hardwood firs. Eat-in | kit. with pantry & mn. fir. laundry. Oversized gar. with direct entry to mn. fir. You won't be disappointed. BRETT PUCKRIN* 905-985-7351 provide insurance for high-ratio mortgages. Vendor take-back mortgages: The seller underwrites part of the purchase as a loan to be repaid by the buyer. These are often used as second mortgages to bridge any gaps or to make the property more attractive to the buyer. In some provinces, the seller may also transfer the mortgage to the buyer. Open & closed mortgages: Open mortgages allow you to make extra payments on the principal, reducing your borrowing costs. Because of this flexibility, interest rates for open mortgages are a little higher. Closed mortgages have no flexibility; you must wait until the term is up to pay your mortgage. However, interest rates for these mortgages are generally lower. In the middle are the partially open mortgages that have some of the characteristics of both open and closed mortgages. PETER DAVIDSON* RALPH FAIRMAN** GREAT PRICE, GREAT LOCATION Excellent family home in super Port Perry location. Nicely decorated 3 bdrm. home. Bright living rm. with F.P., 2 baths, w/o from kitchen to deck, cozy family rm. with woodstove, w/o to yard & park! $168,900. RALPH FAIRMAN** 905-985-7351 24 ACRE HOBBY FARM 4 bedroom home w/arge country farm is fenced - 2 barns. NEW TO MARKET. McKee Road, kitchen - new oil furnace - $183,500. 4310 Blackstock. Call: KEITH PUCKRIN* 985-7351 IMMACULATE PORT PERRY HOME landscaped 'Greenhouse kitchen with w/o to "Southem™ 2 tier deck 'Spacious fam. m_ '2 baths, 1 with jacuzzi tub *Gas heat/central air 'Maintenance free exterior Professionally ~~ decorated & "Fenced lot * Many more quality features 'Call: DIANNE HOOKER* 905-985-7351 DIANNE HOOKER" SCUGOG MOVING & STORAGE INC. Local & Long Distance Moving Piano & Office Moving Palletized Heated Warehouse 'Free' Wardrobe Service | 5% SENIORS DISCOUNT Office 1-800-563-5961 i Office (905) 985-3761 Res. (905) 985-7288 2050 Reg. Rd. 6, Port Perry Hadden Satellite Systems EXPRESSVU Sales, Service and Installation ° 18" - 10ft. Dishes ¢ Towers, Antennas e Toshiba & Sharp TVs & VCRs 4 miles S. of Sunderland on Hwy. 12 at 2nd Line (705) 357-2575 1-800-275-9589 "4 \ C ounTRY I ANE RV DVLN Bf Bh QC PORT PERRY McDONALD* $174,900 A must on your shopping list, plaste walls, 2 fireplaces, large kitchen, new roof and broadloom, convenient location. RALPH FAIRMAN** 905-985-7351 . Rl a Mi aiain ioc mrs NEW HOUSE - AVAILABLE APRIL 1 New quality built 1,420 sq. ft. all brick bungalow with w/o from bsmt. Mn. fir. laundry with 2 pc. large kitchen with w/o to deck, semi ensuite, entrance from garage to mn. fir. mud room. 110 Cresswell Road $176,500. Call: KEITH PUCKRIN** 905-985-7351 PORT PERRY EMILY JIM JENKINS* oF] I H{c]0})! 985-7351 * Sales Representative ** Broker / Owner PATRICIA JEWELL® WALK TO ALL AMENITIES Location of this 2 storey, 3 bedroom home makes convenience at your doorstep. Gas heat, air conditioning, hardwood floors, a pleasure to show. $154,900. RALPH FAIRMAN** 905-985-7351 oT ROAD 4 LOCATED ON CQ N 4 engl { O BASEMENT PAV ERA -$54,000 KEITH PUCKRIN** 905-985-7351 "BUILDING Lt et pe | WATERFRONT NORTH SHORE LAKE SCUGOG LIST PRICE: $209,900