What’ Ss ina ‘mortgage? é FOR | MOST. Canadians, buying a home represents the 2 Jargest single purchase of 2, “ Hfetimes : i Few can afford to write 4 -cheque forthe entire pur- ) chase | prices: They: need, a - mortgage - =a lorig-term : to ‘pay*for.the prop- guariinice':to * Tepay: : “ate , are available.’ ..¢ from banks,: trust’ and, life insurance “companies, and _: ‘ ¢redit/.unions. Homes’ can also. be financed’ by lawyc S, :tealtors, .mortgage) brokers and’ private individuals: LS The “ainount "pends : ‘on. “the cost of the? property,” “your level. of in-- debt, - and. the: availabili ty: of | mortgage ‘Usiially the buyer’ ‘pays a centage. of the cost'of the . n. pay- yment: payments to smal ones, but; it=may,.sometime "be easier You bet! Dont’ you & misses this 4 BR'split level cn Calpe are‘in and the builder wants 2 quick’salel/S Joaned de- * make a small down, payment when you buy.a house, you Will have moncy: left in the ‘bank for other things. : ' Mortgages have three ‘characteristics: amortization period, interest’ rate... and term. CMHC has prepared a Glossary ‘of, House rs ‘going to“a lending _dnstitution to ask for:a mor-' ‘tgage on'a dream house. : A-Z af Mortgages Amortization Period:. The “actual number of years “it “will take to repay a mortgage j “loan jin full. The: period is /: Bormally « 20. to 30 ‘years. A = shorter length. of time means “higher” monthly .. , payments but savings in the total’ ine. terest paid. . p “Closed Mortgage prepayment allowed ‘on the. . ‘principal amount mortgage’ during “a” given ; period of time. * - Default: Failure to “abide bythe terms’ ofa mortgage ” loan agreement., Usually this means: failure to make. mor: tgage® payments at the ti set by the contract. pate ‘The. owner's , agreement» ““and borrower extending the « : _ mortgage “for ve : ** period of time after the ini- morigage principal | -and:the ~~” ‘ claims to: the property. Wis usually: the difference be. * total value of the praperty “Insured, Mortgage: A mor.” tgage” loan for, which ‘the ° lender is >.insured against * default by. the borrower.: | Interest Rate: “A percent mount BF KE § » It is affected by the sizevof the. loan and length of time. over ‘ which it is:borrowed! Lending Value: ‘The’ ap- praised market value of the property. It .is usually, but (Rot always, the sale price of jthe property. «75s Life-Insured Mortgage: A form. of term: life ‘insurance: tecommended : for “families with young’ children.’ If one -of the homeowners dics, the _ estate is written . agreement » -between_- borrower’ and: lender, “setting ut the terms of the loa --Mortgage; Renewal “between: further. tial term has expired.” -Open ‘Mortgage:* A mor- a ‘gage. allowing prepayment tts principal al” ‘Ss Mortgages Page| 76. ed hot value in a very special design’ of tamil Kknd home, Centrally. cated, ‘this’ Conternporary, offer: 3 BR plus a unique family area‘up. Add a little. ity “view t [ | i [ 11 Friday, June 17, 1988 ~ North Shore News oan aes Ott. ape 8231 BAR BARA add your eauity, move in your, turniture and enjoy the view! Also the sauna 13, bedrooms up, den and family toom on the main floer.in this immaculate, j 1 1-yéar. youtig family home,,3657, Mountain Highway (the quiet. part) is” Opel for your inspac- : Atlon Sunday from 2:00 to 730 p.m. .or by appointment. Phone” a" é SEAN: MACINTYRE 988-3057 or 995-8254 DELUXE IN EVERY DETAIL ; lonalty finished basemen: An outstanding end unit tucked away Inside small} complex off Capilano Road, Elegant Master Bedroorn Suite with Jacuzzi tub plus separate shower.f Skylights, mirrored wall; cosy algoved bay windows, vaulled ceiling; éustom window coverings | sel the one. a a class by, iselt-tor $173, MLS: For. your, own private showin lease ca Bau, BARBARA HEYRMAN 285-8231 ¢ or 986-6396 65°... You'can do both with’ ‘this 4 ‘BR upper * Lots of house AND two legal tull size