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reirjeconomlstun7tkbunkafkhvra98e choose mortgage very carefully for many people the two most impor tant decisions in their lives are buying a home and choosing a mortgage purchasers especially if they are first- time homebuyers may require some ex planation as to the workings of a mortgage virtually all lenders requires the buyer to contribute a cash downpayment towards the purchase of a home the remaining sum becomes the mortgage which is broken down into the principal the amount borrowed and interest payments amortization and term your monthly payment is normally calculated by amortizing the principle and interest over a 20 or 25 year period the term of your mortgage which is the period of time the interest rate remains the same normally ranges from one to five years when the term matures you can re negotiate the mortgage at the interest rate that prevails at that time conventional lenders like banks and trust companies usually offer similar mortgage interest rates however de pending on the current market those rates will vary slightly private mortgage funds available from individual investors and vendortakeback mortgages are also available often at a lower rate fixed or variable rates you can also arrange a mortgage with a fixed or variable interest rate with a fixed mortgage your monthly principal and interest pi payments re main the same over the term of the loan the monthly payments with a variable mortgage fluctuate with changes in the bank interest rate open or closed in addition you have the option to choose either an open or closed mortgage the majority of lenders offer closed mort gages while some conventional and pri vate lenders will arrange an open mortage in past years closed mortgages have meant the homeowner could not change either the monthly payments or make any additional payments on the principal amount fortunately many banks and trust companies are now offering prepay ment privileges on closed mortgages in effect you can either make additional lump sum payments once a year to reduce the principal amount of the mortgage or you can increase the amount of your monthly payment to pay off the mortgage faster to be released from a closed mortgage most lenders require you to pay either a threemonth bonus of interest or an in terest rate differential however some financial institutions request both a three- month bonus of interest and the interest rate differential especially if neither the buyer nor the vendor want to deal with that particular lender fullyopen mortgages are available in sixmonth to oneyear terms from some in stitutional lenders longterm open mort gages are usually obtainable from private phjlip associates ltd realtors appraisers 4701 hwy 7 unionville 4771777 near main st old unionville brick and stone bungalow on lot 50 x 125 4 bedrooms 22 baths 2 car gar age finished basement with family recreation rooms wet bar asking 154900 to view call john clifford 4771777 or res 6402895 marquis realty ltd member broker ssigievittija save money buy now 119900 dutch clean semi 3 bedrooms family room with walkout to huge yard roomy eatin kitchen with ceramic backsplash finished basement money saving fall possession date call now teny weir 2983113 kevin fleetwood 4778188 rrt real estate lto affordable cathedral ceiling and fireplace high light this 2 storey semi in the heart of unionville nicely decorated large lot and extrasl 136900 call david east man 4772223 6407043 or 7616805 five minutes from stouffville or 404 50 acres of beautiful rolling land with a pond on the 9th line of stouffville 1 mile north of bloomington road priced to sell at 159000 call cathi lee 4772223 8875177 pager 761- 6806 lenders although an additional charge is often involved the open mortgage may be advan tageous to you if you expect to pay off a large portion of your mortgage in a short time or you believe there will be a drop in interest rates armour real estate inc ambdct brofccr announcement pat da silva sue meadows manager broker at century 21 armour real estate inc takes great pleasure in welcoming pat da silva to the markham sales team pat has lived in markham for twelve years and has many friends in our community together with her business acquaintances made dur ing her previous affiliation with a loc al bank pat is a hard worker who puts her clients needs in first place she looks forward to meeting old and new clients alike during her career with century 21 armour in markham call pat da silva at 2942533 jane mcgivern ltd real estate broker for sale jane mcgivern ltd 4857766 residential industrial commercial and investment real estate services for information in your area call 4857766 john m limited realtor stouffville 5 acres stream pond this property is well located close to highway 48 large house with huge separate dining room and living room joined by french doors must be seen to be appreciated stouffville 2 bedroom brick bungalow large garage make an appointment to see this cozy 2 bedroom brick bungalow with eat- in kitchen utility room fireplace and much more priced realistically at 9250000 hurry phone 2940789 evenings 2940672 john m baird limited realtor estate homes from 14690000 maple park estates take a drive out today to this mini community located on the west side ol hwy 48 just 700 feet north ol aurora sideroad in ballantrae with easy access to the 404 and with a captivating entrance of hardwood bush 28 exclusive homes reflecting ageless design exciting interiors and custom features included only in better built homes homos designed with todays lifestyle in mind homes that are built to last and to pass on to the next generation come and see these innovative plans today some custom features 2x6 wall construction approx v acre lots some with hardwood bush all clay brick exterior brick fireplace quality accessories spruce plywood for flooring 200 amp service with circuit breaker panel wood sectional garage doors r22 wall insulation r32 ceiling forced air electric heat weve got it alli prices location quality and value 8 plans to choose from or your own plan victorian reproduction plan with gingerbread trim available options are available starting at 14690000 for 1 750 sq ft bungalow with attached double car garage and 1 65400 00 for 2245 sq ft 2 storey with attached double car garage triple car garage additional 350000 only prices terms spec subject to change without notice stouffville real estate ltd exclusive agent northwest comer hwy 47 48 stouffville 6401200 6492266