574 MARINERS Way Collingwood Ontario
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Luxury, signature waterfront condominium. One of the last 5 units built by the developer marking the completion of the Lighthouse project. 5 bedrooms, 3.5 bathrooms. Exceptionally high end finishings. 10 ft ceilings. Gourmet kitchen with professional Miele appliances. Wet bar w/wine fridge and built-in Miele coffee maker. Lake and mountain vistas. Private balcony with magnificent view of Georgian Bay and Blue Mountain ski slopes. Double car garage. Private 40 foot boat slip. Enjoy the best condominium lifestyle in Collingwood. Stay in shape with one-of-a-kind fitness centre, tennis courts, pools, walking/biking trails, water sports.....a unique opportunity.
Collingwood -- Extreme Seller’s Real Estate Market
Monthly Mortgage Payments at 2.34
Thinking about buying this condo in Collingwood -- lets calculate some mortgage payment options and see if purchasing this condo 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.