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Whitby Fio ros% , W.eduy, Apri 26, 1M9, Page 31 Board members, wanted for Schoolhouse centres Schoolhouse Playcare Centres of Durham, a non-profit child care organization is, currently seeking new members for the board of directors. In its llth year, Schoolhouse has 14 centres in echools throughout Durham Regioei. Board of directors' positions would be of interest. to those with backgrounds in child cmr, finance, marketing and human resources. Prospective applicants must ho at Ieast aged 18. Write te: President of Schoolhouse PIayMreCentres, 400 Taunton p Rd . htby, LUN 5R6, fax number (905) 831-6942. Youth group recruiting Sumrise Youth Group, which rime recreational programe for the developmentally handicapped, aged 15 te 25, is recruiting volunteers for soprng and summer ovents, incýùding wfiderness retreats, saili#g,. day trips, dances vIP CONSTABLE Peter Bramma congratu- lates St. Matthew Evan elist Cathollo School student Melissa GIancy during VIP (Values, Influ- ences, Peers) graduation ceremonies last week at the school. Photo by Peter NiIatt. Whitby Free Press There 's much to consîder before, buying a home By Janet Loan Owning'a home is'the single Iargest investmnent you'll probably ever- make. It is important -te consider ail the financial implications before you inake your final purchase decision. Although the purchs price is verimotn in determining what yo en afford, price 18 offset somewhat by the size of your down payment. Calculate carefully what the regular cost wiJl be te buy aund carry the property, then match it against your current income. The down payment is the sum of money youll ho invosting up frot, anid the larger it is, the. sinaller your mortgage will be. That, means your regular payments will ho less, and so will your interést costs. Down payments of less than 25 per cent of a property's lending value will result in a mortgage insurance fée being charged. A deposit is norma]ly required at the. time you make an offer on a property. mhe depoit is held in trust by the vendor, the vendor's lawyer or roal estate agent, and it becomes part of your down payment when the deal closes. Usually the size of your depoit is negotiable. Ask for interest to, be paid on your deposit up to the closing date. Determining what you can afford to pay on a regular basis is probably the most vital calculation you have te make in buying your home. It should take inte account current spending habits, household income, estimated cost of upkeep on the property, and acceptable debt ratios for mortgage financing. Two acoepted guidelines are usod te help people estimate how much of their income they cari allocate te housing costs. Theso are the Gross Debt Service Ratio (GDSR), and the Total Debt Service Ratio (TDSR). SWith each, calculations will help determine if the mortgage you are seeking is affordable in relation te your family incomo. Thoise guidelines are used by moat mortgage lenders, talk te your personal. banker for assistance in verifying calculations. Before home shopping, apply for a pre-approved mortgage. With this you wiil know beforehand the price range that you can afford, and that the interest rate for the mortgage term yo choos may be guaranteed for 60 days 'in writing. When you have this certificate, you cari shop and negotiate with more confidence, save money if mortgage interest rates rise during that 60-day iperiod (if they go down, you should obtain the lower -rate), and you cari shorten the time required te, approve your actual mortgage. When you haveý made an offer on a home, advise your mortgage, lender who will continue with the mortgage application. Provided yoû apply and funds are- advanced witbin the 60-day limit, have met ail the usual financial requiremnents, and the property bas met appraisal requirements, you should obtain your mortgage at the lower of the preapproved rate or the rate then in effect. Buying a home is one . of the biggest decisions you'l ever make. Make sure y ou are workcing with people who h ave the knowledge te, help and genuinely care about your financial goals and dreams. Janet Loan is branch manager at the dEBC, Rosskrnd Road and Garden Street, Whitby. and concerts and the residential camp inAgonuin Park at Camp Tamakwa (wiere the movie "Indian Siunmer" was filmed). Cali 571-4980 and ask for Lorri Brand. Treatzza Pizza The crustis made of fudge and chocolate1 crunch. Add lots of Dairy Queen® soft serve, and a combination of scrumptious &90-Lý 5 toppings. Choose from four flavors ... 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