| Comments | Lovely home in the Glen area, North Oshawa, this 3 Bedroom brick detached house has an attached garage, 4 car parking, private backyard patio. Main level has a combined living / dining room. Eat in kitchen, 1 1/2 bathrooms. The basement has a separate entrance. Being developed as a two-bedroom in-law suite with eat-in kitchen, living room, 3 piece washroom. Laundry room. Gas furnace, gas hot water tank and Air Conditioner. All owned. All appliances included. $70,000 down and seller provides financing for the balance without credit references.
Purchase Price, $1,195,000.
Down Payment as deposit: $70,000
Balance: $1,125,000 VTB (Vendor Take Back) or will provide
First Mortgage: $750,000 at 8% interest only, payable monthly at 8%, equals $60,000 per year Second Mortgage: $445,000 at 0% per annum
The $60,000 divided by 12 months is $5,000 Interest monthly
The total mortgaging is $1,125,000. Divide that into $60,000, the overall interest rate is 5.34%
The two mortgages are fully open in part or full, without notice, or interest or penalty
The term is 24 months
The Buyer has the option, upon notifying the lender (mortgagee(s)) two months before expiry, to extend another 24 months, subject to mortgagee and mortgagor mutually agreeing to the negotiated interest rate.
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