Second in a series tgage payments. In the past, the most popular method was to ar- Tange a first mortgage with a financial institu- tion. The maximum amount was usually 75 per cent of appraised value. But today, the amount of new first mortgages has decreased dramatically. Yet, people continue to purchase homes. What is happening? Having a second mortgage on your house is no longer a social stigma. new first Options for financing your home RISING INTEREST rates have forced home buyers into considering various financing op- tions in order to minimize their monthly mor- '4% By JAMIE JOHNSTON $100,000 and a $40,000 first mortgage at 11 per cent. If a purchaser has only a $25,000 down pay- ment, he is short $35,000. When interest rates are stable, the would simply arrange a mortgage for $75,000 at the same rate. But with interest rates over 14 per cent, that 11 per cent mortgage looks mighty attractive. slightly higher than for a new first mortgage — say per cent. Using a first and second mor- tgage, the average mon- thly rate is now 12-5/8 per cent as opposed to more than 14 per cent for a new mortgage. it seems obvious, that as long as new mortgage rates remain considerably higher than existing mort- gage rates on houses for sale, that the second mort- gage option will be far more attractive for new home buyers. purchaser Of course the discussion assumed that a financial institution gave the second Today, the home buyer To keep that I! per mortgage. is more astute in mortgage the purchaser But often existing calculating the cheapest must now arange a second homeowners, through a way to finance a purchase. Consider a house witha Purchase price of | PATERSON REALTY LID. 980-1941 780 WESTCOT PLACE Entertain acrowd or have seclusion and privacy. Big creekside property Many many extras. $265,000 MLS ROY and ALINA PEARMAN 980-8966 : WHISTLER One bedroom condo with insulte sauna tennis court, pool, $54,900. Lot $26.900. To view these and other Whistier proper ties please call DAN CAMPBELL 980.7438 UPPER DELBROOK §27 SAVILLE CRES. Spectacular view property Quict street but close schools bus shops rec centre 3S beds on main (master cnsulite) 1400 sq ft and full bsamt with den and large rec room 70K 115 casy care lot with level cn: trance. Vendors have no pels and are non smokers. Very motivated having bought new home Immediate possession of this immaculate home Calt PAUL ADAMS 987 2829 and make your dream areality Offers to $169,000. mortgage for $35 ,000. Usually this rate will be the extra ‘“*vendor take back,’’ are the best source of second mortgage financing. WATERFRONT LOT 90 ft. on Larson Bay. Gleneagles. No cllffs, easy beach access. Driveway already in. Plans available. Offers in $500.000 range. ROY PEARMAN 980-8966 LOWER LONSDALE Tastefully decorated 1 bed: top floor with fireplace. $51 500. Call PAUL ADAMS 987 2829 and make your dream a reality 57t W. ST. JAMES Exceptional lower Delbrook family home Close to everything Vendors may carry first mortgage Now ashing MLS ROY and ALINA FEARMAN 980 8966 GFT AWAY FROM IT ALL Unspotied natural one here with LOOM of waterfront Two bedroom and den home with magnificent southern water $475 000 MLS ROY PLARMAN 980 8966 view | $149 9OO§ B13 - Friday, September 14, 1984 - North Shore News | ADMIRAL —~ REALTY LT “EXPLODING” WITH GREAT PRICES 4 brand new homes — offering you everything for tamily living. Come to open and see tor yourself JOAN ALEXANDER 986-4453 BOB FLETCHER 984-0421 : SER STEP BEYOND BEST A perfect 4 bdrm family home. vaulted cell ings. Sunken family room Try your offer to $170s Call BOB FLETCHER 984-0421 JOAN ALEXANDER 986-4453 ~ . Boel A WHOLE LOT OF HOME... hoeaactly whal we ce offenag here Fully finish ed up and down (extta accommodation?) new ly decorated large privalge lot close to Boun Jaty Community School and paced aght! SOREN FREDERIKSEN 984-0421 A LITTLE CHARMER tt doesn t have to be old tO chan anid tha ora) new fF todern home sus pretty bo ed reghyt are the BUG ys Thess tone toast: freed hot ated a very pleasant boc atin Tons treet! SOREN FREDERIKSEN 984-0421 i re toy Gger SOME THING SPECIAL ' to ’ r. toe Woven hoe F ‘ an) toa fa spot 7s er er ‘hong aay ' ' rye toe soy palera oe SOREN FRE OF RIKSEN 984 0421 (24 hea ) MAY WE GO TO WORK FOR INLET VIEW SPLIT LEVEL 4145 BEST COURT iThis large contemporary home is one of the few left in our exclusive Cove View Subdivision Boasting ample 60x120 foot lots, large daylight basement (with extra storage), and a choice of 3 land 4 BR plans ranging up to 2200 sq ft. Natural finishes throughout, privacy plus, and very treasonable prices, make this a premier investment, and a very pleasant place to live See you SOREN FREDERIKSEN 984-0421 (24 hrs.) SIZE THIS ONE UP Over 1800 sq.ft. developed. immaculate condi- tion. Guest accommodation'’s possible. Ready to move right in. Only $122,900 View ex- clusively with BOB FLETCHER 984-0421 JOAN ALEXANDER 986-4453 CAPILANO COLLEGE Immaculate 3 bdrm . two level townhome pric- ed just nght Excellent accommodation Ex cellent price SOREN FREDERIKSEN 984-0421 BUILD TO SUIT Please speciy your paar Thee tats ee cates ‘eae Tt belongs to ctee cof cae treet Duttders and Can we pruil ipa cree bier 6 tae $140 5' Please ¢ all SOREN FREDERIKSEN 9 Nefiocmae try 84-0421 i *! * —_ . VENDOR TRANSFERRED HOT! Nearty ceew Pee A fodiens ticorr ses trp potiverter dot Mort Hb Swot a) Oe moet pobeat with farted rome aru) dere me off ht ‘oteaaterd one a etree Fat tesetot tay teatober fore ee tre be ected Got and ae bootie fe pe qerithy required SOREN FREDERIKSEN 984-0421 257 EAST 4TH OUPLE K ZONED { ‘ . 1 oyet ode re i ete 1 BOB FLETCHER 964 0421 (24 hrs }