12 BELL Road Port Elgin Ontario
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If you are into outdoor activities then this family home may be for your. It is located in the Gobles Grove area just a 10 minute stroll to the beach and close to MacGregor Point Prov. Park, yet still close to the main shopping area in Port Elgin. This home is an easy living bungalow consisting of a large living room with cathedral ceiling, separate dining room and kitchen, both with patio door access to a large private deck, three bedrooms and a 4pc bathroom. Downstairs is another bedroom, hobby room, laundry room, a 3pc bath, storage room, utility room and a large unfinished shop/storage area. Laminate flooring runs throughout most of the home, with carpet in the bedrooms plus, ample closet space and a large kitchen pantry. It has a large landscaped lot, secluded treed backyard, low maintenance cedar siding, oversized double garage, paved driveway, interlocking stone patio, an expansive wrap around deck, and a large storage shed. You will feel like you are in the country.
Port Elgin -- Seller’s Real Estate Market
Monthly Mortgage Payments at 2.34
Thinking about buying this home in Port Elgin -- 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.