410 DORCAS BAY Road Tobermory Ontario
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Well built newer waterfront home, approx 5 years old, on small inlet off of Lake Huron on the Bruce Peninsula. Stunning sunset views from this home or cottage. Gorgeous open concept living/dining/kitchen area with vaulted ceiling and huge windows to enjoy the fabulous view. Engineered hardwood flooring, wood trim and doors and wood ceiling. Gorgeous Stone propane fireplace is the main source of heat. Large dining area with walkout to waterside deck. Large kitchen comes with all stainless steel appliances. Tastefully decorated. Main floor master bedroom has walkout to private waterside deck. Large 4 piece bathroom and 2nd bedroom on main floor. Upper level is a large open bedroom loft with fabulous waterfront views. Large deck at road side of house, great for morning sun. The inlet is ideal for canoe or kayak and there is a great swimming location just down the shore. Close to Singing Sands. Great rental opportunity. Taxes: $2,705.
Tobermory -- Seller’s Real Estate Market
|Bath (# pieces 1-6)||Main level||4PC|
|Dining room||Main level||12.5X10|
|Great room||Main level||19X18|
|Master bedroom||Main level||12X10.2|
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.