657 BAY Street Wiarton Ontario
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Sit back and relax in this peaceful, cozy all season cottage/home located on Bay St in Oliphant. Just a short walk away from beautiful Lake Huron and it's famous sunsets. The boat launch and docking is located just minutes away, in the bay provides for the best kite boarding and wind surfing in Ontario. This 4 season residence/cottage has been exceptionally well maintained with 3 bedrooms, open concept kitchen and living room, and newer 4pc bath. Enjoy campfires under the even stars in the mature backyard with lots of privacy and nestled within is a Bunkie for kids or extra guests. This cottage Boasts a lovely cottage feel and is move-in ready to make your new family memories. Deeded access to Lake Huron just a short walk away. All measurements are approximate.
Wiarton -- Balanced Real Estate Market
Monthly Mortgage Payments at 2.34
Thinking about buying this home in Wiarton -- 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.