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Real Eistate

‘FACTORS CONSIDERED

Options could

SIDERING a mortgage

- should sit down with their
lender as a first step,’’ said
. Robert Keller, senior vice-

president, lending at Na-

tional Trust, which provides

mortgage funds for more

“than 100,000 households in

Canada.

‘“‘There are several

‘variables, and valuable op-.
‘. tons are sometimes available

which could dramatically
improve a borrower’s situa-
tion.”’

“Keller tists the following
as some of the factors which
should be carefully consid-
ered before signing the
agreement:

-edo the monthly carrying

costs Of interest, principal
and taxes require no more
than 30 per cent of gross
family income?

.© does the term of the mor-

tgage chosen give a comfor-
table margin of acceptable
risk?

«does the agreement allow
the homebuyer prepayment
privileges — usually 10 per
cent of principal on each
anniversary date of the mor-
tgage? Keller emphasizes
that this is an important op-
tion, which can drastically
reduce the overall cost of a
home, if properly utilized.

e what happens if you want
to sell your home — is the
mortgage transferable; is
there a penalty clause for
early discharge of the mor-
tgage?

edo you require other mor-
tgage insurance, such as
government-insured NHA
mortgages?

“All these options should
be discussed in detail with
your lender,’’ said Keller.

Another factor many
homebuyers are questioning
is the frequency of payment,
and the effect on the overall
cost of owning a home over
the life of the mortgage.

. “Weekly payment mor-
tgages have received and

better mortgage
lending situation

“HOMEBUYERS CON-

continue to receive a lot of
attention,’’ said ‘Keller.
‘““However, while this
repayment option which is
offered by National Trust,
has definite advantages for
the budget-minded con-
sumer, it provides basically
no greater benefit to the
homeowner than one addi-
tional monthly payment each
year throughout the life of
the mortgage.”’

Keller emphasized
most mortgage lenders wel-
come the chance to discuss
the many, and ‘sometimes
complicated, aspects of mor-
tgages with new and existing
homeowners, to help them
arrive at mortgage agree-
ments which best suit their
particular financial cir-
cumstances.

“A mortgage is a_ big
commitment,”’ said Keller,
“and not one a_ borrower
should rush into. Take the
time to carefully consider
your circumstances, and talk
to experts in the field.”

FOREST HILLS REALTY LTD.

Park Royal South
756 Marine Drive, West Vancouver
926- 8581 _

“i “Not best because we are biggest

But best because uw?

ee ee
alli i

work harder

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'
f

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© Value -

that. §

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