For Sale in Old South, Sarnia

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• 

1 bath

,
2 bdrm


FOR SALE 

78000 CAD .



MLS® 201775095

Well cared for 2 bedroom bungalow. Features include an enclosed front porch, updated windows, updated furnace, laminate flooring. Good size living room and large master bedroom. Great home for single person or investor. You can own this home for a lot less than what you would be paying in rent. Payments on this home would be approximately $425/mo. P.I.T. (contact listing agent for finance details).

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New Mortgage Rules Starting October 2016 Will Effect Your Buying Power

The Finance Minister announced today that starting Oct. 17, borrowers who take out insured mortgages that are fixed-rate loans of five years or longer will be subjected to a more stringent “stress test,”.

These new rules will effect the buying power of new home owners.

Under the new rules, all buyers who have insured mortgages (less than 20% down payment)  will have to qualify at the most common rate posted by the Bank of Canada This rate is currently about 2% higher than the discounted mortgage rates offered by most lenders. The rules apply only to new mortgages and not renewals.

So how does this effect you as a first time buyer. With the previous rules you would be able to qualify for a mortgage at the discounted rate that the banks offered. This is currently as low as 2.35% for a 5yr. term. With the new rules you would have to be able to qualify at a rate of 4.35%. If you were making approximately $60,000 a year and had no other debts then this new rule could potentially reduce your purchase price by $30,000 to $40,000 dollars. You can get a better idea by using an affordability calculator such as this one: Mortgage Alliance Affordability Calculator

According the the Minister, the rationale for using the posted rate to qualify buyers is to “…protect Canadians by ensuring sufficient flexibility to support mortgage payments at higher interest rates in the future, for example, when the mortgage term is up for renewal”.

Bungalow For Sale in Corunna, Lambton County

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•  2 bath, 3 bdrm bungalow$300,000 CAD.
MLS® #201673176  

– This house features a large living room with gas fireplace, 2 bedrooms plus a den, separate dining room and kitchen. Hardwood floors throughout with laminate flooring in the kitchen. The main floor bathroom has a jetted tub for soaking those tired bones. There is also a nice deck off the dining room with a retractable awning. The lower level features a Granny Suite with a large living room and fireplace, kitchen, large bedroom and rec. room with hardwood floors throughout. The home is nicely landscaped and fenced and also backs onto a park. This is a great home for those with aging parents or a young family just starting out. Custom blinds included. Hook up for gas or electric stove

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2 Story For Sale in Golden Mile, Sarnia


Great location next to golf course

•  2 bath, 4 bdrm 2 story$340,000 CAD.
MLS® #201672904  

– Over 2 acres (250ft x 400ft) just outside of Sarnia. This is a great property in a great location. Adjacent to the 10th green on the Greenwood Golf course. Sit on your wraparound porch and watch the action on the putting green of the 10th hole. This property features a large 2 storey brick home with 4 bedrooms plus 2 bathrooms. Large living room, dining room and country kitchen. Newer hardwood flooring and windows. Roof was shingled in 2015. Great country feeling just outside the city. Detached double car garage, chicken coop, private and nicely landscaped yard.

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