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1 i 12 The Canadian Statesman, Bowman ville, September 26,1990 Understanding Your Mortgage If you're like most home- owners, you eagerly anticipate anticipate the day when you make your final mortgage payment. payment. You fantasize about the financial freedom you'll enjoy and what you can do with the money you would normally spend on your mortgage. For most people, it can take a while tor this dream to become a reality. But it doesn't have to be as far off as you may think. There are several options available to let you pay off your mortgage mortgage more quickly. In fact, by choosing a shorter amortization period, when you arrange your mortgage, yoü can pay off your mortgage faster, there; by making substantial savings savings in interest over the years. I In most cases, each mortgage mortgage payment is blended and is applied to both principal principal and interest. At the beginning beginning of a mortgage, the interest portion of the payment payment is extremely high.' But as a mortgage matures, more and more of the payment payment is applied against the principal. The most common mortgage mortgage amortization period is 25 years. By shortening that period to 15 years, you can save a substantial portion of money in interest because you erode the principal amount of money you owe much more quickly. A short- ' er amortization period means larger payments, but to many people this is a worthwhile consideration because of the long-term savings. For example, a mortgage of $100,000 amortized over 25 years at 13.5 per cent interest interest would result in monthly mortgage payments of $1,138 - ana a total repayment repayment off $341,409. Monthly payments for the same mortgage amortized over 15 years would-be just $136 more or $1,274 -- resulting resulting in a total repayment of $229,347 and long-term savings of $112,062 when compared to the 25-year schedule (provided the interest interest rate remained the same for the full amortization period.) period.) -■ While the above figures appear to be fairly astounding, astounding, keep in mind , that the interest rate will fluctuate somewhat each time you renew renew a term of your mortgage. mortgage. Weekly and Biweekly Payments Although most people make monthly mortgage payments, another popular method of paying off your mortgage involves weekly,, biweekly or semi-monthly' payments. This type of payment payment schedule will reduce the amount of principal you owe more quickly because you pay on a much more frequent frequent basis and less interest Payment Payment Calculation Mortgage Repaid in Interest savings Monthly $551.20 300 mos. Weekly $127.20 $551.20x12 52 288 mos. $6,943 Accelerated $137.80 $551.20 4 . 201 mos.. $45,851 Nestleton-Caesarea News Nestleton Presbyterian ! • Ladies Aid The September meeting of Nestleton Presbyterian Ladies Aid was chaired by Dorothy Lee on Friday afternoon in the Sunday School Room. Shirley Scott played for the hymn "Bringing in the Sheaves" and the . Lords Prayer was repeated in unison. The Devotional from "Our Daily Daily Bread" was based on II Samuel 12; 1-7 with the explanation read by Winnifred Davison. The minutes of the last meeting were read by Sec'y - Treasurer and adopted, and financial report given. Correspondence was read, and the Presbyterian Church Calendars fof 1991 will be ordered, and sold at $3.00 each. Donations for several birthdays were received and collection taken. Cards were signed for two birthdays, and one "To Cheer You." Dorothy Lee gave a humorous reading; and plans for catering on Sunday for the Church Anniversary Anniversary were made. Tables were set for the salad luncheon, and the Choral Benediction closed the meeting. Lunch was served by D. Lee and W. Davison and a social time enjoyed. Joyce Taylor expressed expressed the appreciation. Thinking of You Very warmest wishes to Irene McKee and Leona Sadler: two fine Nestleton friends; who are, patients in Port Perry Community Community Memorial Hospital. We trust they well be feeling better soom. Our thoughts and prayers are with them at this trying time in their lives. .Nestleton United Church Lawrence & Gwendolyn Malcolm were the greeters on a côld, rainy Sunday, Sept. 23rd, 11 a.m.. The attendance was indeed excellent for the service; with unfailing unfailing support for our Minister Rev. Dale Davis. He opened the service with the call to worship and the Doxology. A lovely solo by Kathy Tromans was appreciated-She sang "The Way That He Lives" with organist Gwen accompanying on the instrument. Rev, Dale Davis presented the children's theme re - the S. 1 School ; the subject of "work and play" and his sermon was thoughtful and of interest right in tune with values today; setting a good example to follow; based on Scripture Matthew 20:1-16 and Exodus 32:1-14. Responsive reading from Psalm 103, and Lay reader was Victor Tromans. Offering received by Lawrence & David Malcolm. Service closed with hymn, "Thee Will I Love" in keeping with, the minister's thoughts throughout the service. Turn to Page 17 Pet of the Week m m > $ 'M ~Z'- w fix 8K Sometimes, there is an aura about a dog that makes one want to pick her up and cuddle her. This is such a dog. She is small, about 25-30 pounds, a year of a and is an Australian. Shepherd. Shepherd. She is dainty, eager to please and just so sweet. She would, get along well in a family atmosphere atmosphere with children to love. Please call the Animal Shelter today an give this little lady a new lease on life. Animal Shelter - 623-7651 Sponsored by Cynthia I like to help with solutions ^ , I*** ,11 * M to your Real Estate needs. tig|g| H Office Telephone Morgan 623-6622 987-1334 is accrued. The drawback to a more frequent payment system, of course, is. that you have to know precisely what your income income is going to be for a set period of time, to ensure that you are able to meet the payments. Some people commit themselves to a payment schedule that is too nigh and end up with cash flow problems. problems. Accelerated payments are another option,. allowing homeowners to make an ad- , ditional monthly payment each year to the overall payment payment schedule. The following chart shows how much can be saved by making weekly and accelerated payments, using a $50,0000 mortgage amortized amortized over 25 years at 13 per cent. As shown, • the weekly payment plan provides considerable considerable savings, because payments are made more often often and earlier than a conventional conventional monthly mortgage. mortgage. The accelerated weekly plan allows the mortgage mortgage to be retired in just 17 years instead of 25. Annual Payments Some people prefer to make a lump sum payment towards principal on tne anniversary anniversary date of their mortgage, mortgage, as is permitted on many mortgages (similar in principle to the accelerated payment plan above.) This again reduces the amount of money you can pay in the long term because interest would then be calculated on the lower amount of the principal. As the interest component component of your regular payments payments is reduced, more goest towards paying down the principal, resulting in a faster pay-back period. However, if you're in a situation where you know your income is going to be stagnant for some time, then you may want to choose a normal amortization period. That way, if you can accumulate accumulate some extra capital in later years, you can make a lump sum payment - pro- Final Results Of Durham Ducky Race The results of the Durham Durham Ducky Race were finalized finalized at approximately 4 p.m. Sunday, 'September 16, as the first three ducks arrived at the finishing chute. The 3,000 ducks were dumped into Oshawa Creek at the MidTown Mall after John Coulter, President of the Oshawa and District Real Estate Board (ODREB) and Davy. Duck (Realtor Evan Kalnitsky) had said a few words. It was a long and tiring race for our unfeatherea friends, but for the three lucky, winners it was worth it. The following are the prize-winners: 1st prize -- $3,000 -- John Wihiidal of Oshawa. John purchased his winning ticket from realtor Debra Ann Taylor. 2nd - $1,500 --' Lina Chyb, of Oshawa. Lina purchased her ticket from realtor Penny Johansen. Johansen. 3rd - $500 - Wayne Moore, of Oshawa. Wayne purchased his ticket from ODREB Communications Officer Victoria Greene. Proceeds from the race will go to the Rose of Durham, Durham, a support group for young parents. À very special thank you to all of the judges at the Durham Ducky Race: Councillor Councillor Allan Mason, Acting Mayor for the City of Oshawa, and the following local lawyers: Rob Kuyek, John McKay, James Scott, Debra Sweetman, and Michael Michael Tesluk. Another thank you goes out to the 1st Hampton Sea Scouts who helped to keep all of the ducks on the track and above sea level. Ontario Home Week Marked Sept. 23 to 29 The value of home ownership ownership is being celebrated during during Ontario Homo Week, September 23 to 29. Sponsored Sponsored by the Ontario Real Estate Association, the week will feature the theme: "Homo Ownership: the key to your future," "Owning your own homo is tho key to a secure future," future," said Moira Schiedel, resident of OREA. "Ontario omo Week is an opportunity opportunity to recognize homo ownership ownership as a superior financial investment. At tho same time, our homo gives us an investment we can live in and one that provides us with thousands of di lieront rewards." Local real estate boards throughout Ontario will bo sponsoring activities to celebrate celebrate Ontario Homo Week. The Ontario Real Estate Association represents 05,000 real estate brokers and sales people and 48 local local real estate boards. vide'd that your mortgage has pre-payment privileges. . Some people would, find it very difficult to accommodate accommodate regular weekly or biweekly biweekly payments because they just don't have the availability of funds to make these .frequent payments comfortably. But making the equivalent of even one extra mortgage, payment per year can save you a considerable amount in the long term. Your realtor or a reputable reputable mortgage company -- a hank, trust company or mortgage broker firm - should be able to advise you about all of these possibilities possibilities and try to tailor a mortgage mortgage to your particular income income flow and your needs. Flexibility When arranging a ( mortgage, mortgage, it's important to look for flexibility. Shop around and establish terms that are going to be comfortable for you and make sure your mortgage allows you to make an optional principal payment once a year on the mortgage anniversary date. The ceiling on. these prepayment prepayment privileges can vary, but most are between 10 and 15 per cent. In many cases, you will have to pay a penalty for these privileges, but you gain flexibility. It's also important to make sure you have a clear understanding of what your payment obligations are. Your real estate professional professional is well equipped to let you know about various mortgage options and the types of payment plans available from your lending institutions. Real estate practitioners are aware of their clients' and customers' needs and are very capable of giving sound assistance and direction, direction, to help them get the best possible terms. Real Estate Guide Helpful Hints for Painting Your Home s This article is provided by local realtors and the Ontario Real Estate Association Association (OREA) for the benefit of consumers in the real estate market. Used as protection against the elements for hundreds of years, paint also gives our home lasting lasting beauty, character and value. If you're thinking of painting the exterior of your home this summer or fall, but remain apprehensive apprehensive about the amount of work and time 'involved, keep in mind ( that the key to a successful successful job is a combination of common sense, patience and a little bit of elbow grease. ' ' ' Before you begin, make sure you have everything ypu need. Aside from paint "and paint brushes or rollers, a ladder and drop cloths are essential. You may also need scaffolding, paint sprayers, heat guns, paint scrapers, shellac, or putty. Before you rent or buy mechanized mechanized equipment, make sure you read the manufacturers' manufacturers' directions and know how to use these tools properly. , Once you've got all the tools ana materials you'll need for your particular job, it's time to prepare the surface you're going to paint. All areas to be painted should be clean and dry. Painting directly over dirt or old, cracking , paint won't give you the smooth finish you want and both the old and the Putty can be used to fill in crack and holes arid spot primer should be applied applied to bare wood in areas'that areas'that are exposed to a lot of weathering. You should also recaulk 1 around windows and doors or any places where water can get in. If you are working with new wood siding, it will also require special attention, and should be E 'ven a spot-coat of shel- c before painting. Oth erwise, wood knots will end up showing through the paint. Start painting at the top of your house and work your way down. If you're working solo, it's better to paint one entire side of your house at a time to ensure consistency consistency of application. It's a good idea to carry a cloth with you to clean up any' drips as you go along. By following these simple simple procedures, you'll end up with a job you can be proud of and a finish that should last for some time.: REVMM' cornerstone realty ltd. 104 king st. a. bowmanville 623-6000 428-1206 1413 king st. a. oshawa 432-7200 Toronto Line 683-4500 STARTING OUT? 3 bedroom mobile, home, 12' x 65' with 12' x 13' addition, immaculate, low down payment! HOSPITAL AREA Solid 3 bedroom brick bungalow, high David Passant basement, needs some TLC. Asking $154,900. LIVE IN HALF - RENT THE OTHER Legal duplex with Hwy. 2 frontage. Huge lot 76' x 260'+. Only $147,900. Please Call David Passant 623-6000 or 623-3408. 10 ACRES LIBERTY NORTH, BOWMANVILLE 5 level home, 8 stall barn, pool, extra . garage. $439,900. Iris Dormon - 623-6000 or 263-8667 . r Vlnnle Gupta 623-6000 24 hr. 428-1206 Tor. 987-1709 Res. NEW-PICTURE SAYS IT ALL 3 bedrooms, family room, central central air, central vacuum, on 45' lot. Only $156,900. Must be seen!! 3 BEDROOM BUNGALOW Hardwood floors on 62' x 198' lot, and lots more. $144,900. ONLY 3 MONTHS OLD 1900 sq. ft., 4 bedrooms, family room, 2 car garage,.on 50' lot, $199,900. Vacant NEW HOME •2186 sq. ft.,' 4 bedrooms, family room, fireplace, and upgrades. $214,900. Vacant. JUST OUT IN THE MARKET 42 Liberty St. South, Bowman- ville, in-law appartment. Only $162,900. CAR HOBBYISTS! Please drive by 3326 Qonc. 3, Newcastle, and more!! Time to buy is now! Please call Vlnnle Gupta at 623-6000 24 hr. 1456 SQ. FT. BEAUTY Asking only $159,900. For this 3 bedroom, 2 year o|d home. Conveniently located in N. E. Bowman- ville and featuring an eat-in kitchen, family family room, 2 four piece baths plus, upgrades. upgrades. ■ _ Don't miss this one. Call Steve Ytowski R.M.R. REAL ESTATE LIMITED RESIDENTIAL REAL ESTATE 728-9414 COLDUieiL BANKCRD FRANK REALTOR W. FRANK REAL ESTATE LIMITED 234 King Street E., [~j^j Bowmanville Telephone 623-3393 Toronto Line 686-1035 30 Years of Quality Real Estate Service LOTS! LOTS! LOTS! . $92,900 - 1 Acre panoramic view, Newcastle. $88,900. - Mill Lane, Bowmanville, 62' x 271'. $89,900. - 50 Acres, all wooded and Crooked Creek too. Josie Doxtater, Assoc. Broker, 623-3393 or 623-9557 SCUG0GPT. -WATERFRONT 3 bedroom home, furnished. Boat, motor, trailer included. Sandy beach. Winterized. Carol Martin, Sales Representative, 623-3393 or 705-324-9216. ,900. - BOWMANVILLE Beautiful 3 bedroom : raised bungalow. Family room with brick fireplace. Huge kitchen, 2 baths, attached garage. Dave Durham, Sales Representative, 623-3393 or 987-5722. / J'l sis: 1 A»*-.-. MBwMsMMsaMpifipsflPf OPEN HOUSE SUNDAY, SEPT. 30, 2-4 p.m. 212 Mill Street, Newcastle 2 bedrooms, 2 baths, rec. room. 3rd bedroom and kitchen in ■ basement. $136,900.623-3393 dr 623-9557. Jt ijumpii ML THIS HOUSE IS!! Spotless, spacious, sparkling. 2 walkouts, main floor family room. Dining room with beautifully crafted wall unit. Finished basement, Bowmanville, $192,900. Kelly McDonell, Sales Representative, 623-3393 or 937-5091, Jack Brown 263-2623 Josie Doxtater :....623-9557 Dave Durham 987-5722 Sharon Edey 623-4961 Doreen Hazelden 987-3245 Gord Hooey 623-6217 Chet Jackson.; 263-8377 Joe Jeronimo :. 623-6920 Carol Martin (705) 324-9216 Kellie McDonell 987-5091 Charlie Reid 983-5914 John Shewchuk 623-5927 Janice Tanton (705) 799-6895 Tom Turner..... 623-5510 Margaret Wiggers 728-3015 Terry Witherspoon 983-8296 "«fir Ü $59,900. 12' x 60' House Trailer in permanent Newcastle Park. Spacious living room and kitchen. 2 large bedrooms. Josie Doxtater, Assoc. Broker 623-3393 or 623-9557. îiljlM ■jKf'"Ir ""W 6 ' BUILDING LOT PLUS HOUSE Buy either one. Must be sold. 4 bedroom, 2 storey. Immediate possession. Lot 66' x 160', $217,900. for both. Charlie Reid, Sales Representative, 623-3393 or 983-5914. 214 King St. E., Bowmanville 623-4445 85 King St. W., Newcastle 987-4733 Ajax/Toronto 686-0477 eel van REALTOR REALTY LTD. Wilf Burrus, Sales Representative THINKING OF SELLING? PHONE NOW FOR OUR FREE NO OBLIGATION APPRAISAL M ifc $147,900.- BOWMANVILLE Spotless and spacious I Walkout from living room to deck. Finished rec room and 2 full baths. Phone to view! 987-4733. OPEN HOUSES - BOWMANVILLE NEWCASTLE-CIRCA 1850 Overlooking tho lake this home Is over 2500 sq. ft. of restored, tranquil beauty on 1 acre. A pleasure to view. Just listed for $349,900. Call Val Aston, Assoc. Broker. m COUNTRY BUNGALOW WITH POOL With 6 bedrooms, this home Is adaptable to many uses. Largo roc room with fireplace, fireplace, 2 full baths, marvelous landscaping and brickwork. Asking only $199,000. Call Vnl Aston, Assoc. Broker. Sunday, September 30th 2:00 p.m. - 4:00 p.m. 74 PENFOUND DRIVE $143,900. Bay window In kitchen, 1 1/2 baths, professionally landscaped, landscaped, fully fenced. Dorothy Hartford, Broker, will be there to greet you. is, I IS' Sunday, September 30th 2:00 p.m.-4:00 p.m. 50 PENFOUND DRIVE BE HOME FOR CHRISTMAS CHRISTMAS Lots of room for a tree and friends, 3 bedrooms, 3 bath- ■ llinrrl . L} § rooms, family room, deck, patio, 2 walkouts, big lot. . Vlasta--~ 58,900. Dirk Woudstra, Sales Rep, will bo there to greet you. Directions: Baseline and Martin Road to Penfound. Watch torsions. M REDUCED AGAIN! To $149,900. This Parkwood Village condo condo in Court ice is 1642 sq. ft. and backs onto Woods. 6 appliances and fireplace. Come see. Call Val Aston, Assoc. Broker. VERY CLASSY Hedged for privacy this lovely ranch bungalow has large rooms, oak floors, ensuite ensuite bath, 3 + 1 bedrooms. $239,900. Call Val Aston, Assoc. Broker.. NORTH BOWMANVILLE BUNGALOW Largo oat-ln kitchen, rolinlshod oak floors In living room, huge roc room with woodstovo, 3 . bedrooms. $170,000. Call Val " Aston, Assoc, Broker. m YOU SHOULD SEE THE REST! Kitchon overlooks family room with fireplace and walkout, Double garage, close to olomontary schools, Lovoly homo lor $189,900. Call Val Aston, Assoc, Drokor, U • V ,v Barbara Eliott 623-6672, Dorothy Hartford 623-3651 Wilf Burrus 1-(705)-277-2773 Murray Paterson 987-4628 Aubrey Crooks 623-1735 Dirk Woudstra 623-1336 Iris Fowler 1-(705) 932-2621 Val Aston 623-4907 Arisen Handloy,, 1-797-2306 Jono Scott,,, 623-4273 Wilma Enlwlsle 1-766-2911 Donna Tumor 1-786-2058 Ed Vonheverbeko 987-5079 r WrMQ 2 STOREY SEMI ON 150' LOT This pretty homo has 4 bedrooms, bedrooms, roc room with wood- stove, dock, above ground pool, parquet floors, movo-ln condition. $149,900, Call Val Aston, Assoc, Broker Iz-K JUST REDUCED-$143,900. Gorgeous soml, 3 + 1 bedroom», sunken dining room, has bay window, window, now broadloom, now bath. A must to soo. Call Aubrey Crooks, Sales Rop.