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PORT PERRY STAR REAL BSTATR CLASSIFIED ADVERTISING VOL.1 No.44 - FIRST CHOICE REAL ESTATE - TUESDAY, JULY 17, 1990 Published weekly by the Port Perry Star ly landscaped 75 x 179' lot. Four bedrooms, large 21°4" x 17' living room with walkout to sunroom and large deck. Separate dining room with bay window, tiled entrance, central vac, attached garage, walkout from family room to garden and 50' dock. $329,900. HARRY TRIPP ... 640-4151, 985-7077 FOUR BEDROOMS, POOL, 206' LOT, $179,900. Solid brick and aluminum sidesplit minute from town. Professionally landscaped, 2x10" construction, plaster walls, 15 years old, full finished base- ment. Attention first time buyers. Large 11.25% mortgage, due - August 1992, available. HARRY TRIPP ... 640-4151, 985-7077 To view these properties call 986-7077 8% FINANCING AVAILABLE Waterfront Bungalow on professional- | Know what to look for when out shopping One of the most important features to look for when shopping for a mortgage is . prepayment privileges. The right decision will provide you with maximum flex- ibility, whether you take on a long-term or short-term mortgage, whether interest rates go up, stay stable or fall, and whether you sell your home during the mor- tgage term or renew the mortgage on maturity. Over the years, lendi institutions have includ some types of prepayment clauses in. their mortgages as a means of attracting new business. When looking for a morgage with prepay- ment privileges, you should also consider how much money you can save. Generally, the more "open" for prepayment a mortgage is, the higher the interest rate. While prepayment for a mortgage with prepayment privileges is "open." However, there is considerable confusion about what the phrase "open" means. Different mortgages have different degrees of prepayment privileges. These range from privileges which per- mit all the principal to be prepaid before the mor- tgage comes due, partial privileges which allow the borrower to pay a certain percentage annually or semi-annually, etc. to mor- ~ - tgages which do not permit any automatic prepayment privileges. The majority of residen- tial Canadian mortgages contain partial prepayment privileges. The biggest problem with having a partial prepay- ment privilege, is the uncer- tainty the borrower faces about what options the privileges allow borrowers lender will permit when the to make payments during borrower sells his home. the term of the contract to Although a penalty of three reduce the outstanding month's interest is what principle, there is often a lenders often charge for the penalty charged by the privilege of paying off the lender. You should check mortgage, lenders are not the amount of this penalty limited by law to just that against the possible future amount. Lenders have been savings on interest costs. permitted to exact penalties A term often associated Turn to Page 3 READ EVERY WEEK BY OVER 20,000 PEOPLE IN THESE COMMUNITIES * * * . ASHBURN - BLACKSTOCK - BROOKLIN CAESAREA - COLUMBUS EPSOM - GREENBANK - JANETVILLE LITTLE BRITAIN - NESTLETON PORT PERRY - PRINCE ALBERT SEAGRAVE - SUNDERLAND - UTICA UXBRIDGE and surrounding hamlets & villages. a EN i j J --