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2-The Canadia Champion, Friday. April 31998 Wbus shuli I boy? When prices are falling people say that yau should wait until tho market ««bottams out" and when pricos are rising you are told ta buy now ta avaid beîng left behind! No one cen accurately predici the best timo based an the market. The bost ime ta buy is when you decide taat the time Is right based an your financiai pasition, yaur famîly and jab situation. Remember "The primary purpose af buying a home is ta pravide you and y aur famiiy wtii shlter with socurity - the investmont aspect is a bonus." Ansva yu aiy? Have you demonstrated an ability ta save? Are yau ready ta change spend- lng habits ta support the additional cosîs of owning a home? Do you have a gaad credit rat- îng? Are you proparod ta enter inta a long lorm commitment? Is pride of ownorship impor- tant? If y au answer Wys"ta most or ail of the abovo thon you are roady for the next stop. Wint eau yeu allan? Two main considorations are - initial cost (cash) and contlnuing cost (mortgago and taxes). As a first timo homo buyer you can qualify for a 95%y mortgage honce the frst consîderation Ks the sizeofa your savlngs. Mutiply yaur saving by 20 ta arrive at the maximumpurchase price 0f the homo. If you have $10.000 avalabie today this means that you can purchase a home for $200000.00 - perhaps! Ouf of the $10,000 we have la deduci lagal f ees, iand transfflr (abtough tis cen be saved undor gavornmenl Initiatives for f irsi time buyers, moving costs etc.) t.ets use $3.000 as a guide whlch leaves $1.000 for a pur- chase price of $140000. Now we need ta consider the mortgage costs. At 7%v your mort- gage of $140,000 wilI cosi $980.00 per month plus taxes of about $1 25.00 for a monthly cosi of $1,1 05.00. Can yau afford this? Can you quallfy for tais mortgage? One of the guide- lines which the lending institution will use is the Gross Debt Servfice Ratio (GOS). The gener- ai rule is that this shallflot exceed 30% of your incarne hence in the example above you wilI have ta show a family incarne ai $44200; do you quallfy? This is only a very brief look et the costs/qualificatians involved in the process af buying a home. Yau very next step shauid be ta taIk ta REALTOR and have himliher wark through tais pracess In detail. A usefui guide available tram your REALTOR Is the book ;"How ta buy your home" pubished by the Ontaria Real Esiate Association. Mark Maalleu Is ta. Braker/Owner af REALTY WORLD Miipand Reaity, a past president af the Oakvllle, Moltn and District Real Estate Board and a past directar of the Onario Real Estate Association. REALTY WOBLD NIILPND REALT MC, UALTOR S189 Main St E., Milton 8--76-063ý3 UNION- NIEW MEMBERS ALWAYS WELCOMEI 112% Reduction off posted rates e.9. Posted rate 6.85% SPECIAL RATE 6.35%4. Save up to $5,000 on tntersst costs on a $200,O00 mortgage over 5 years. cm Bou- 3 Year Tetm $300 e 4 Year Terni $400 e 5 Year Term-$500 Minimum mortgage $1 00,000 CMHC flnanoIng availabie up te 95%. WUWAOK»« Apply for»a mortgag. before May 31, 1998, upon ciosing you wIli recelve a comilmntary smoke alaom and carbon monoxide detector. Wa have Thrsa convanient locations to batter serve you. Milton Branch 44 Main St E., 678-4168 Georg.ewn Branch 187 Guelph St 877-6926 Acton rnc 273 Qusan St. E. 853-011 Alas Van unesÀ ffNG ILY STATE FARM INSURANCE Like A Good Neighbor ', ) State Farm Is There® IM I 1 NSNC 1 ANITA CUTAIA, Agent 575 Ontario St. S., Derry Centre E NEEDS Milton, Ontario L9T 2H2 Telephone: Office 878-8871 State Farm Insurance Comparues - Canadien Head Offices: Scarborough, Ontaro Flut Tlm e HoeO LU lu- gr - - pu a