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For mosi tif s. talon biggesi financial Commn ~And witb ioday' etracer it*s imptinant t0 leare a i ng oions te help yoe .Tise type of morigage ly depends on how mue Spaymcnî and' sthe a A Concentisinal Moi ma,, commun way ofl lieuse, i's offcied to bu I25 per cent (if tise porc down payaient. Tise ty Mortgage financing options g oui a mosegage ta tise witcnfora ermof 25to 30years future rime in incone. You can talte oui a cons- reiaid or rcegotiaie liment we'l ever Malte. A High-Ratio Mortgage is a lose of more ventbonalOrest mortgage and mange a second paymenta. you May P ainty over lnterest rqtes, tian 71 per cent but usually 90 per cent or leas morigee tb &ive you tise extra money-you need range front six mnonths Il you can about finlnc- of a homc's pasechase >pice or apprassed value. to buy. Secoilt mnortgages sually cost more iisugiéne-to-tive yearî Malte thse nighi choice. Il muest be ijseored againis loss by tie Canada because diers a higjser riait to tihe tender Tise Vendor Taise Buck you qualify for general- Mortgage add Housing Corporation <CtC) or firsi mourthge holder haî first rights on the provide saine or ail of t b you have for a dowi tise Moigage Insuixece Corporation of Canada properiy. lowoe rate titan those of ns yîou can afford cacis (MICCi. 1A Fixed Rate Mortgage bas tsanse interest loyou have gond equiiy i Here amseme seengage Thse Ftrst-Tinse Boyer*% Prutgrani was essais- rate frombegineinga end, a you pay tis nse helpa a specitic buyer. et oday. , lisiset by thse CMHC and acheduleta r0 n un3il evesy month until ites %lnsed., Fluctuations in second moingage. ibis rtSage isljuss Chat: thse 1998. itsdesgned îo help people who have inteesi rates do not affect it. A Variable lPat fromt a Iower interest getiig a loue iii bey a neyer owned a homte before, and offers flnaec- Floating or Adjuseable Rase Monegage je based payments give ste seller îyers wbct have ai leasi ing of up Io 95 pet ceiI of thse purcisase price. se on te lending rate. Yos eaeially mise a flxed -c1ortgage Boy Down base price t0 use as a yîîur down panmeni çspn be as lotit as 5 per cent. mortgage payment. and when interest rases fall tise seller offers to preps piç,a mortrage lîîan is Toise eligible. yoe ,liusi boy a home je Canada you pay cass igierest and more principal. If rates Uic lender. If. ftir ext tai use as yoitr main tesidence. You can'i bave rise, you pay more inieresi. and less goes te tise inlerens rase dqws from iîwned your îîwn home duning Uic precîneis fOve principal. A rapîd risi in rases may mean y r cent on a SI (1.000 me SCOTT years, but if ylu're applyîng viith a spose or a original paymenss arenit enougs t cover bath bu2er suces more thue STATF %isu. friend. only one of you needs a ismccc tise principal and internest conta, asd youl may bave mients Tisar amoun i rnajuîrcmenis. Tise mortgage teri muet lie lice ta increase your payments. So "me variable rase price of tis bosse. years. and in aIl CMIHC insured mortgages a morsgagps cas lie converted te fixcd rate mort- Aseumîng a Moriga preminse - usually 2.5 per cent - is addel to ste gages Io loi yon locis-ia as a specitlc rase if rates taire river tise sellere n mortage and paiti off jn monthly însiaflments. nise. .normal eng critenia S Second Moingages can help you malte up tise An Open MorIgage lts you repay your Mort- serin mortgage îa a very amount necessaiy to boy Uic home yon wues if gage wben you wat. scittout penalty, Ie' nsal- Plan a Motigage t H you have less than25 pe cent ofte prcase ly siorter àmn(six monis ta ayear) sidibsxa OIeady have along we piefor a sown paymenî apd donst qnalify for higiser inserest rate usas a Closed Moregage. more financing. yos s th is-iebuyer's prograse. Or maybe you wich bas tise secnrisy of lixed paymenis and mortiage witis a eew don't wans to pay CMHC fées, or anticipat a lesg-tern financing. A closed wMMrgg caset be morsgagc you dons bas penaltiesé A Pre-Approved Mor lending institution and 1 can affuird to bey and hi ing every monts. Their i guarattd fosr 30 to 90 you tinte te find a housse action before tise rat Resuember Uic propersy for finncing befote you SMitcff'a Morsgage ts i your corrent lender. Fin bave epecial itransferý bousinss. This suces you setve. and change your lkirtgage cis. Thse cxi' a (c enless yen have your morsgage is up fort "Yonr realtur can ansi about mortgage ftnancii malte tise rigisi choice a Ment youlIl priubably cci Thtis article ta proi and thte Ontarioi Rea f OREA) for rthe benefi real estate market *and if you malte extra îy a penalty. They can te as esuci as 15 yeare. tenns are mon commun. wass Uic seller offera te se l'snancing. unually ai a fered isy othr tenders. If n your home, or wani te yon can hold a firss or way. tise buyci Isetefis rate. and is mortgage a meastlly iticonne. e or Tate Mits mes yoanme of die instera triple. a seller buys thse 10 per cent taeciglis per onigage for a yetas. tise $1.500 in internai pay- added to tise purcise te allows Uic buyer ta ruotgage. prociding tie is met. A low rate, long attractive mclling point. eues saising tis one yon n yon morve. If you sseed an blend the exieting onse. By koeping your ,e Io puy early discissege ge crmes fmom >amur eta you lteow svhat you ow mtpch yot*ll be pay- eteresi rates are usually Idays. nhîcs can gice and complette thse trans. e gearanten expires. you boy. bas te qualify get4ieal 4 al f you'renîy wsVPth ecal smmi )tele ifer> s tracs m#w i tsne7«»Vi wast te letider. «n avoid nean sting ernateae an oen morsgage. or reseal. wer ail yeur questions ng options to hclp you 3ous Uic biggess inceat- et nake. led hs local Realtors 1Estate Associationi r of consumers in the Published by, T.he Canadian Champion, 191 Main St. E., Miltoni, Ont., L9T 4N9 878-2341 Fa«: (905)>e78-4943 Adverdolng la accepted on Ie icondlillon that, ln 1h. evemmlof a typgWpNca effaf that poilon of the adv*wlng apaa ooeuple by Ihe errneou Mm, lagphr wlth a meeaahl eiowan loir alpitu, seil aoi b. dmle for, btg the b.lencelli OIe a*dvumenl wMI be Péïd for ai fie ~i~~e %b Pu*Iew feuvsme » rgN I cabegoili «W rot aùdtk. Mihe effl of typoapil ertr, edverlng go or mevlae a etIle wrong pA -oo or selvila. may net b. sald. Advreig la memly en alue Io sa "i may be wldmn at ey lIme. Pmàmad an beimaf tOe Oels.1i, Milon &Wd DlIsla R Ele Wbad. unancumacom