30 ARBOR Road Tiny Ontario
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GREAT THREE BEDROOM COTTAGE LOCATED JUST A SHORT WALK TO BALM BEACH AND ITS AMENITIES INCLUDING TENNIS, RESTAURANTS AND VARIETY STORE. PARTIALLY FENCED LOT. THE COTTAGE IS INSULATED, AND THE WATER SYSTEM COULD EASILY BE WINTERIZED FOR FULL YEAR ROUND USE. BALM BEACH IS A POPULAR COTTAGE AREA JUST A FEW MINUTES WEST OF THE TOWN OF MIDLAND AND UNDER TWO HOURS FROM THE GTA.
Monthly Mortgage Payments at 2.34
Thinking about buying this home in Tiny -- 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.