466 OAK Street Collingwood Ontario
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Very cute 2 bedroom home with main floor living in Central Collingwood. Lovingly maintained with many updates over the years, this home is sure to be just right. Spacious kitchen offers lots of counter space and room to cook with an eat in kitchen nook. Generous sized master bedroom offers lots of storage and great lighting. Enjoy your morning coffee in the front enclosed porch as the sun beams in. Main floor washroom with large soaker tub and laundry makes it easy. Upstairs offers a lofted rec room and a second bedroom. Dont miss out on this great opportunity for a super cute home in walking distance to all downtown amenities.
Collingwood -- Extreme Seller’s Real Estate Market
Monthly Mortgage Payments at 2.34
Thinking about buying this home in Collingwood -- lets calculate some mortgage payment options and see if purchasing this home can become a reality.
- Down Payment
The amount of money you pay up front to obtain a mortgage. The minimum down payment is 5% and for down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance.
- Mortgage Insurance
Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance is calculated as a percentage and is applied to your mortgage amount.
- Mortgage Rate
The rate of interest you will pay on the outstanding balance of your mortgage.
- Mortgage Type
The mortgage type includes the term of the mortgage, between 1 to 10 years and the rate type, variable or fixed. The mortgage term is the length of time you commit to the terms, conditions and mortgage rate. The mortgage rate type can be fixed for the duration of the term or variable, fluctuating with the prime rate. Fixed rates are most popular and represent 66% of all mortgages, according to the Canadian Association of Accredited Mortgage Professionals.
These mortgage estimates are provided by Sharon Vanderschot from Mortgage Alliance.