21 GRANT WATSON Drive Tobermory Ontario
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Imagine life on the lake with this 3-bedroom/2-bath home or cottage close to the village of Tobermory. The expansive view from this Niagara Escarpment cliff side property is breathtaking. Located in an area of prestigious homes with nature trails located close by. The open concept design compliments the ability for one floor living with a bright bedroom, 4 pc bath and laundry all located on the main level. The Beautiful field stone fireplace is the focal point of the great room if you can take your eyes off the sunset from your waterside deck. Very spacious upper level bedrooms with one boasting a large walk-in closet. Detached garage with workshop and interlock driveway leading up to the house. A rare find on Grant Watson Drive. View the video walk through of this listing by clicking the media link.
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.