266 7TH Street West Owen Sound Ontario
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Six bedroom, three bathroom, 2.5 story red brick home in an area of fine homes near the Mill Dam. Easy walking distance to downtown. This home has a large entrance foyer with stairs leading to four bedrooms on the second floor. There are two additional bedrooms on the third floor. The updated kitchen was installed last year. The house is economically heated with natural gas forced air furnace (6 years old) with central air conditioning. The roof shingles were replaced 3 years ago. There are two natural gas fireplaces (one in the main floor living room and one in the lower level rec room). Electrical panel has been updated to 200 amp with breakers. Older garage in the rear yard is used for storage. There is a large rear sundeck and the backyard is fully fenced.
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.