Fram p Ke 47
redit, check fee, survey ‘Tee, photocopying and
: any other charge the lender feels he cat hit you
Mith,’ Know what these’ costs are and cheek
saround ta ensure you are snot being “over:
charged. ‘The cost'of these tees ean, really add
lip and vary greatly from lender to lender.
a Property ‘and Borrower Qualifications ~=
Most lenders‘have predetermined tormulas for
termining the mortgage amount they will
lend. ‘This amount is based upén at lease wo
components. One. being the borrower’
‘income, Each lender will have a slightly d
“ent forniula-for determining the amount of a
mortgage a-borrower can qualify for. The see:
ond factor is.the value the lender will place on
the property? Just because you paid x dollars

for a property does aot mean tig lender will

“loan ona percentage of the purchase price. :
»-Each lender will have a different’policy on the
lending value and sometimes that difference
considerable. : *

» @ Interest Rate Buy-Downs — A populle mar-
“keting tool used by new-home builders is to
offer’ mortgage rates‘at an interest rate consid™
erably:below, the. going rate. How do they.
thi
Iie: of. the’ interest atc

NORTH Vancouver: realtor Satnam T, Sidhu ivas : appoint-

. vA mortgage may be one of the lar
They make an up front payment using the 7

“the builder is prepaving the lender the differ
ene beoween wharthe fender would receive at
say Sand avhat the lender would receive ae
Veo There are two dangers tor the borrower,
Are you paying more tor the property than if
no but dawn was being used? When the buy
down mortgage term expires will you be able

to quality for ‘the mortgage renewal ar ute -

higher rate? There are no free lunches.
@ Round Up. Your Payment --

ort gare written 7% aver. 25 vears requires
amonthly payment of $873.52. Ifyou were to
round up that payment 1 an even S900 per
month that would reduce ‘vour amortization
period to just 280) parments, Over all vou
would save ST1,0Q0 just by paving an ext
$25 per sronth, Using the same example a

paying an extra S448 per month would save’

youover. $2,000.

These are. just a few thoughts to keep in,

mind wher -packaging. vour smortgage.
strongly suggest vou go’ and buy a book on

Canadian mortyaues (Alan Silverstein has’same -

good publications) which are available at any
bookstore. Invest $20 and three hours. ‘That
investment may'save vou thousands of dollars.
t liabilities
\ : v take on. Be “Buver Aware” ‘or
pay the consequences, Next week we go inside

he MOrTBABE, document: .

ed president of The Canadian Real Estate Association at its

55th annual confererice and trade shew held ‘i in Windsor, “

“Ontario at the end of September. ::

Sidhu, a sales associate with Re/Max Cr ;
in real estate for almost 20 years. He served ‘as president":

of the Real Estate Board of Greater Vancouver in 1992 anctiwas

director with the British Columbia Real Estate Association :

m 1988 to 1994. :

Ses USENET
ROYAL LEPAGE

SE28.000

@ - Sunny fenced patio with privacy,

Realty, has, been

a a ‘THOMAS LEONG

ING
amex VINTAN CHE ‘
AMEN BROADWAY WES FMEALEY 401582

CANYON HEIGHTS
~ Tolaily updated 3 level spit home
+ d bedrooms up. master ensuite with jetted tub
~ Designers kitenan ~ :
- 2 Storey tall solarium off family toom :
~ Lower level fas 1 bedroom, 1 rec room and a ated bath
- ber 65x16 = . .
~ Close te Handsworth Schoot

CENTRAL LONSDALE
3 BDRM TOWNHOME

3 bedroom, 3 baths ~ Over 1600 saitt
= Deight end unit with lots of storage

-- Two car secured parking ~~.» - Pet OK.
#2-2133 ST. GEORGES AVE., N. VAN

BEST VALUE IN TOWN! :

— Centra! Lonsdale, 3 level

— Gotgeous 50x157 fot

— Main floor master with.ensuite:
— Two bedroom + den upstairs ¢ ~

— 5 bedrooms, 3 baths .

Rema \X° Crest Realty

Michael Schelhaas

(985-1321

313-1781 CELL”

www.remax-crest.com/imik

with link to. MLS

_§ Updated, sunny south facing lot: hardwood floors; 4 §
g bdrms. Great location. Super home, Hurry on. this
fF one? S449, 000 + 4427 Derby Place. “O” by appti:

ONE OF NORGATE® $ BEST

“A 3.bden. 2 bath wlensuite. Quiet’ location, tully

fenced yard, Updated and a pleasure to shoiv!
S287 506 * 1840 SOWDEN :

* VIEW! VIEW! VIEW!
~ Bright & spacious S.W, corer suite with”. ,
unobstructed panoramic city and ocean view:
“2 bed, 2 bath, insuite laundry ‘O" by appt. ;

._ #1004 1515 EASTERN + $219,000.
BAKER, VIEW - BURNABY

or ist time buyers. “O" by. appt...
#306 - 7351 &DMONDS' © $103, 500 |