137 SIMPSON Avenue Tobermory Ontario
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Two level home or cottage on Hay Bay off of Lake Huron on the Bruce Peninsula. This home has 3 bedrooms and 1.5 bathrooms. Main floor is open concept living/dining and kitchen, with hardwood floors in the living area and cozy woodstove. Lots of windows and walk out to waterside deck with great views. There's a laundry room with washer, a 4 piece bathroom and main floor bedroom. The upper level has two very large bedrooms, the master with a walkout to waterside balcony, plus a 2 piece bathroom. Great views from both levels. Comes with appliances, furniture and pretty much all you need to start cottage life. Situated on a natural inlet off of Lake Huron, there's a great swimming area a short walk along the path to the shore. This cottage has a great rental history that you can continue to help supplement your costs. Close to Tobermory and all amenities. Taxes: $2,109.
Tobermory -- Seller’s Real Estate Market
Monthly Mortgage Payments at 2.34
Thinking about buying this home in Tobermory -- 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.