466 WALES Drive Port Elgin Ontario
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This bungalow is situated on a lot 60' x 100' at 466 Wales Drive in Port Elgin. The windows, doors, and shingles are up-to-date; new breaker panel installed in 2016. This home is heated with two gas fireplaces and the price includes 4 appliances. There is a nice sized garden shed in the fenced backyard along with a new deck for your enjoyment this summer. Great location for a home or cottage, just a short walk to the beach or the downtown core.
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.