Nanaimo First time home buyers - opportunity of the week

Nanaimo First time home buyers - opportunity of the week

Here is another wonderful home for first time home buyers in Nanaimo. 

This week‘s #1 pick is a great little house on Kennedy Street

626 Kennedy Street- $255,400

Renovated 2 bedroom plus den in the old city. Open floor plan with a cozy airtight fireplace with a brick chimney feature in the living room. Kitchen has been updated. Beautiful wood floors with many wood accents with doors and trim, baseboards and cove ceilings. Covered porch off the back of the house. Unfinished not full height basement for storage. Property is fully fenced.

So, if you were to put an offer on this starter home what would your payments look like?

I asked Laurie and Rod Phillips, Mortgage Advisors with Scotiabank to put some numbers together based on a down payment of 5%.

The following numbers are based on:  Listing Price $255,400., Interest Rate 4.09%, Term: 5-year, amortization of 30 years.  Property tax would be additional.

Down Payment                                              5%

Down Payment Required                             12,770

First Mortgage                                                242,630

CMHC/Genworth Ins. Premium                7,158

Mortgage to be Financed                             249,788

Monthly Mortgage Payment (P&I)          1,206

Property Taxes                                               Extra

Total Monthly Payment                                $1206.

Required Yearly Income (gross)                52,444

The above figures are based on a 5 year rate.  There are many other finance options available .  Please contact me for additional information on how you, too, can get into the Nanaimo Real Estate market.