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Marg McCarthy
Broker of Record

Marg McCarthy Professional Real Estate Services

office:519-925-6948
toll free:800-563-0946
cell:519-216-1756
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Best Fixed - 1 year
3.19%
Best Fixed - 5 year
3.29%
Best Variable - 1 year
3.59%
Best Variable - 5 year
2.65%
Helpful Tips For Buyers

 

Bi-weekly and weekly payments

Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. The first is it can save you money as you can expect to pay off your mortgage about 4 years sooner. This can save you dramatically over the life of your mortgage. The other reason why these options are so popular is that if your employer pays you on a weekly or bi-weekly basis, you can simplify your budgeting by making the payment line up with the way you paid.
 

Making Extra payments

Paying extra amounts on your mortgage can make a big interest saving over time. When we select a mortgage company, privilege payments options are something that we look for. A 20% privilege payment will allow you to pay off up to $20,000 per year on a $100 000 mortgage. It is important that the privilege payment also be flexible to allow you to pay smaller payments on the mortgage and as often as you wish. An extra $1000 periodically paid on a mortgage can help you become mortgage free faster.
 

Reducing the CMHC fees on your purchase

When you require a mortgage for more than 80% of the purchase price of a property, that mortgage must be insured by Canada Mortgage and Housing (CMHC) or GE Mortgage insurance. The premium charged by these company`s decreases as the down payment increases. When you finance your property at 95%, a premium of 3.75% is added to the mortgage. By increasing the down payment to 10% of the purchase price the premium can be reduced to 2.5%. If you can put down 20%, you can avoid any additional insurance fee. Depending on your situation there are ways that you can structure this financing to avoid the CMHC or GE insurance premium.
 

Advantages of Bigger Down Payments

As mentioned above, when you put a 20% down payment on your purchase you can avoid the CMHC premium. More importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage. It is important to note that it may not be wise to stretch yourself to increase your down payment and end up borrowing on credit cards or a line of credit at a higher rate.
 

Short Term Rates vs. Long Term Rates

The options for mortgages available can be very confusing for most mortgage shoppers. Terms for mortgages vary between variable and fixed rate, 6-month terms to 10 year terms. Taking a variable or floating rate mortgage can have savings. Typically the shorter the term or guarantee of the rate, the lower the rate will be. This does not always happen, depending on the market place and the economy, but history has shown that short-term rates tend to be lower than long-term rates. The up side of variable rate is the strong potential for interest rate savings. The down side is the fact that you are accepting the interest rate risk without a guarantee. If you are considering a variable rate mortgage you need to look at your own risk tolerance, and your cash flow available to deal with potential increased payment. Considering projections of rates and where we see interest rates heading can also be important in this decision. Make sure you talk to an expert when you are making this decision.
 
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Shelburne Ontario Real Estate
Dufferin County's Quiet Rural Town

History of Shelburne Ontario

Shelburne, Ontario (2016 population 8,126) is a town in Dufferin County, Ontario, Canada, located at the intersection of Highway 10 and Highway 89. Shelburne is best known for the Annual Canadian Championship Fiddling Contest that is held each August.

In the early 1860s, the founder of the town Shelburne, William Jelly, found his way through the bushes to choice lot in Melancthon and built several cabins in the area.

As Melancthon began developing in the late 1840s, the construction of the Toronto-Sydenham Road (Now Highway 10) began and led to settlers moving into the Shelburne area in the 1860s. In 1865, William Jelly established the British Canadian Hotel. A post office was built shortly after, named after the Earl of Shelburne. Rapid economic growth followed and the population increased from 70 villagers in 1869 to 750 villagers in 1877, due to the new railways that were built. Shelburne was incorporated as a town in 1977.

Real Estate in Shelburne Ontario

One of the strongest attraction of Shelburne is pricing. Compared to the communities south of Shelburne you are still able to purchase a decent detached home as a first time buyer. The town of Shelburne is made up of young families to retirement living. Some of the attributes of Shelburne is the small town feeling to raise your family. Safe neighborhoods and parklands for everyone to enjoy.

Shelburne offers all types of real estate from traditional family detached homes to condos to your rural farm life. In town we find many heritage homes that have been updated and renovated to keep the allure of the original homes. Over the past 20 years we have seen growth in this community of newer neighborhoods, condos and townhouse developments. Currently we are seeing 2 newer developments are going up as we speak.

Price of Properties in Shelburne

Types of Properties   Price Range of Properties
Luxury Homes   $300,000 - $650,000
Detached Houses   $135,000 - $650,000
Rural Homes   $250,000 - $650,000
Semis   $170,000 - $225,000
Townhouses   $110,000 - $160,000
Condominiums   $150,000 - $180,000
Vacant Land   $30,000 - $500,000
Farms   $300,000 - 1.5 million
Hobby Farms   $250,000 over 1.5 million
Mobile   $15,000 - $110,000

For Listings in Shelburne and surrounding area  click here

Schools in the Shelburne Community

Type of School   Name of School   School Website   School Ranking
Secondary   Centre Dufferin DHS   site   rank
Catholic HS   Robert F Hall   site   rank
Elem./French   Centennial Hylands   site   rank
Elementary   Hyland Heights   site   rank
Elementary   Primrose   site   rank
Elementary   Glenbrook    site   rank
Catholic Elem.   St. Benedict   site   rank
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