WHITBY FREE PRESS, WEDNESDAY, JUNE 4, 1980, PAGE 21 DOULAR sElSE Bargain for best terms when renewing mortgage By* Murray Riimack,ý CA may be a renewal fée -. a bonus to the lender. These items arte regotiable; ana you should work out the best deal. Finqlly, you must decide the life term of the mort. gage. If you believe interest rates are going to corne down, consider taking a one year termn rather than a longer term. That way, you won't be stuck paying high- er rates of interest over a longer period than necessary. Once you have found the best mortgage deal you can get, have your lswyer and chartered r.ccxuntant rev&'cw the contract bef')re you sign. They know what pitfalls to look for and how to avoid them. Is fitness Important? Ask any body. Frank Goes to the Fair Tamara Nelipa, a sales agent for the Whitby branch of W. Frank Realtor, is shown here manning the booth at the Brooklin Spring Fair last Sunday. Frank was the only real estate eompany represented at the fair arnongest other concerns including a car lot and the Canadian Arined Forces recruiting centre. -Free Press Staff Photo If your mortgage is com- ing Up for renewal, start shopping around at least threc months in advance, to try to arrange better terms than you got the first time round. You are a homne owner. You have equity in your homte and your debt has bee;i decreased. If you have a good record in paying back your mortgage, then youhave strong bargaining points to negotiate favour- able terms when it cornes time to renew. Shop for the lowest interest rates; a convenient Dollar Sense offers general finant'ial adice by memn- bers of The Institute of Chartered Accountants of Onta.rio. payment schedule; flexibil- ity regarding lump sum payments; the life of the agreement; and, try to strike out any extra costs such as fées for appraisals, inspections and a bonus for granting the loan. You should be comparing prices offered by all the potential mortgage lenders: mortgage companies; trust companies; batiks; lawyers who represent investors; and private iuidividua'!s. Find oi't what initerest rates each ý'ender iE prepar- eri ta offer yau -- they do vary. Ycu ais.> have tso de- cide how you want to pay the boar. bDack. The possible arrangements are to pay monthly, quarterly, semi- annually or annually. An important point in an:' mort gage agreemient is prepayment of principal. Try îo work into your agree. ment a clause that allows you to make lurnp-sum pay. ments at fixed intervals -. without penalty. The lender may want to do an appraisal before he will renew your rnortgage. He may also want to in- spect your house to make sure you are keeping it Up. In both cases, he will want to charge a fee; and there OSHAWA, RITSON RD. N., 2 Storey, brick home 80' X 120' zoned M1B, excellent opportunlity for contractor and other uses. Asking $87,000. ELIZABETHVILLE,Just list- ede 2woods, rest garden soîl, 5 year old 4 bedroom sidesplit, family room, firepiace, double garage, small outbuiidings. County RD. 65. Asking $109,900. OSHAWA,detached 3 bedroom, 2 storey, 110% mortgage, large family home, .weIl located, full price $39,500. National Trust Realtor 6763333 What kinds of training resuit ln 1600 real estate- sales a day? *TJI..AIING IN REAL ESTATE LAW. Your agent must be aware of the constantly changlng maze of legal restrictions. a TRAINING IN FINANCE. In today's volatile market, your agent must be able to give you qulck and accurate financial guidance. a TRAINING IN SHOWING OFF YOUR HOUSE. Yourhouse is special. Youragentshould understand how to show lt off to lts best advantage. e TRAINING, IN CLOSING THE SALE. Selllng a house is easy., Keeping it sold Is tough. Your agent must be trained in shepherding your transaction through to the final close. e TRAINING IN WORKING WITH OTHER AGENTS. There's a good chance your buyer will corne from out of town. Your agent should be tralned to work wlthln a referral network so he can 'shop" your house around the country. e TRAINING IN ADVERTISING. Television advertising has become a dominant factor in selling real estate. We believe your agent will serve you best if he dies the sale of your home into a $20,000,000 advertising campalgn. There is only one group of agents wlth the training to meet ail of these requirements. And last year they sold 579.000 homes. Ifyou haven't guessed by now, we'll give you a h int: they wear gold jackets and C I go by the name ï~EE fiIT ui®Professiona1s7- Gold Jacket Realty Lt. 824 Brook Street, North, Wh itby Welgivour wonitoyou.,, Century 21 Gold Jacket Realty Ltd. Across f rom the Curling Club.