38 - 954 ARLINGTON Street Port Elgin Ontario
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This immaculate townhouse condominium is located at 38-954 Arlington St in Port Elgin. This unit is an end unit at the end of the development, the backyard has a fence for privacy from the house next door. The main floor features 2 bedrooms, 2 baths, eat-in kitchen, living/dining room with patio doors to the patio and yard. Upstairs there is a large loft that overlooks the living room. The unit comes with 6 appliances, has parking for 2 cars, is heated with a gas furnace and cooled with central air. The monthly condo fee is $275.
Port Elgin -- Seller’s Real Estate Market
|Bath (# pieces 1-6)||Basement||3PC|
|Recreational, Games room||Basement||11.10X30|
|Bath (# pieces 1-6)||Main level||4PC|
|Dining room||Main level||12.5X13.5|
|Living room||Main level||12.5X17.5|
|Master bedroom||Main level||12X12|
|Bath (# pieces 1-6)||Main level||3PC|
|Other||Second level||12.5X27 LOFT|
Monthly Mortgage Payments at 2.34
Thinking about buying this condo in Port Elgin -- 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.