107 THOM Street Meaford Ontario
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Very unique property being sold AS IS, WHERE IS. The property is in need of some TLC. The property was a barn turned into a residence over 30 years ago, we have some very interesting properties in the area that were once barns turned into homes. 1356 square feet on the main level, with an open concept dining room, a very large living room with large windows and a walk out to a deck, 2 bedrooms with a 3 piece bath between them. The lower level has a rec room/laundry room with a main door to a very deep garage. The large irregular shaped property has 2 driveways. The attached well to the property is a shared well and sellers will install a new drilled well on or before closing. The property is heated with a natural gas furnace
Monthly Mortgage Payments at 2.34
Thinking about buying this home in Meaford -- 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.