261 4TH Avenue West Owen Sound Ontario
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Pride of ownership is evident in this immaculate 3+1 bedroom, 1.5 bath home on a beautifully landscaped lot in a desirable west hill location. This lovely family home features a large living room/dining room, cozy family room with gas fireplace, and the eat-in kitchen offers plenty of cupboards, a centre island, and a patio door to the rear deck. The master bedroom with a cheater ensuite has his and hers closets, one of which is cedar lined. The lower rec room and fourth bedroom is added space for the growing family. Many updates include a metal roof (2004) with a 50 year guarantee, maintenance free composite deck, all newer windows except for master bedroom and ensuite bath, newer flooring, and updated bathroom. This home is a pleasure to show.
Owen Sound -- Seller’s Real Estate Market
Monthly Mortgage Payments at 2.34
Thinking about buying this home in Owen Sound -- 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.