684 WARNER BAY Road Tobermory Ontario
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This is one of the rare properties on the Bruce Peninsula to have a sandy shore. Your own sand beach with exceptional views of Lake Huron and fabulous sunset views. You will be able to enjoy on your own property what others wish for or drive great distances to find. This old Canadian style cottage has an all wood interior, gorgeous fireplace, 3 bedrooms, a main floor bathroom, galley kitchen, and open concept living/dining area. The interior views of the lake are beautiful. The cottage comes with everything you need to start cottage life today. Oversized garage for all your beach toys. Great seating in many different locations facing the waterfront. Large stone fire pit. Lovely large grounds with lots of room for your family and guests. Close to Tobermory and all amenities. Great history of rentals. Taxes: $1,806.
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.