Winnipeg Free Press Newspaper Archives Apr 4 1990, Page 47

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Winnipeg Free Press (Newspaper) - April 4, 1990, Winnipeg, Manitoba 44 Winnipeg free april 1990 examine financing options carefully buying a House is the single in vestment Many people make in their when looking for a new it is also important to spend time looking into various financing Trust companies and other financial sources All offer a wide variety of ways to finance your new Home Pur its up to you to take the time to select a mortgage to meet your just what is a mortgage a mortgage is a Lon term loan for the purpose of buying a the principal is the amount of the or the Cash you actually you Are expected to repay the together with the mortgage payments Are applied toward both principal and take a realistic look at what you can afford to pay for your new As a general no More than approximately on third of your assured Gross income should go toward the total sum of mortgage property taxes and estimated heating if your co applicant is add his or her assured income As no More than 40 per cent of assured Gross in come should go toward the total of your mortgage and All other contracted pay such As car loan when shopping for a Check with a number of different financial institutions and gather information on Vari Ous conditions and inter est the following paragraphs explain some of the terminology that you might nun there Are three main types of Mort gages High ratio and Nha National housing a conventional mortgage is one whose loan does not exceed 75 per cent of the property in a the property value is established As the lesser of the Purchase Price or appraised mortgages that Gerry free press David of explains mortgage to Home buying of years it will take to repay a mortgage loan in full is called the amortization be which May be up to 25 the term of the mortgage is the period for which the interest rate and other conditions of the mortgage Are customers Are offered Choice and flexibility in mortgage payment sched interest amortization prepayment and renegotiation and renewal these help to create the mortgage that is Best for some of the products you May choose from Are out lined when make a Check list for yourself so that you can com pare options and make a smart a first mortgage is an agreement which has first claim on the asset in the event of a a second mortgage is an agreement which has second claim on the asset in the event of a the interest rate is usually higher to reflect the increased risk to the a closed mortgage is an agreement which does not provide for prepayment prior to in some a Lender May permit but will Levy a charge for doing an open mortgage is an agreement which allows the Borrower to repay the debt More quickly than specified and usually without prepayment a fixed rate mortgage involves a loan for which the rate of interest is fixed for a specific period the terms of up to seven or even Are available from some a or floating rate Mort involves a loan for which the rate of interest changes usually not More than once monthy As Money Market conditions the monthly payment usually stays the same for a specified period the amount applied toward the principal will vary according to the change if any in the rate of As for payment you can usually choose How frequently you prefer to pay your mortgage options include monthly and semimonthly payment your Choice could result in considerable savings on the Cost of your most financial institutions also offer a number of options for prepayment of a mortgage in full or in part at any without interest a clause in the mortgage agreement specifies when and How prepayments May be As most financial institutions offer mortgage life premiums Are based on your age and the amount of your mortgage at the Point you apply for cover the Cost can be added to the mortgage exceed this limit Are insured against de fault by the usually at the Bor rowers a High ratio Mort Gage is one whose loan exceeds 75 per cent of the property this mortgage must be insured against default by the usually at the borrowers sex an Nha National housing act Mort Gage is insured against default by Canada mortgage and housing corporation borrowers must pay an application fee to Chc which usually includes the Cost of a property appraisal and an insurance Premium which is usually added to the principal amount of the Al though it May be paid in Nha mortgages Are usually High ratio Mort the actual number introducing our new 1990 models buy now its a great Price and a super 113a Royal Bank mortgage rate discover the Builtin value at any of these locations Kildonan Meadows 3 Margolis place pm 2225206 Canterbury Park 932 Kildare pm 2222731 Grandmont Park 54 payment pm 2698212 Springfield 494 Springfield re pm 6636986 Maple Glen 11 Nyberg place pm 6331078 River Bend 206 Vince Leah or pm 3391675 James seven Oaks 113 Apple Lane 50 Monty Hall pm 8326219 pm 6945348 new Home warranty program of Manitoba heat Mirror and Xiv eliminate of harmful protect your Fine furnishings and enjoy total Comfort 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