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C$649,000

reducedC$

540 PRINCESS ANN St, Wellington North, Ontario, N0G 2L3

bedrooms 3 Bedroom
|
washrooms 2 Bathroom
|
garages 1 Garage

MLS - #X11898406

FOR Sale

Description

Welcome to your dream home in Mount Forest! This charming detached bungalow boasts a delightful front porch, inviting you to sit and enjoy the serene neighbourhood. Step inside to an open concept design where the kitchen seamlessly flows into the dining and living areas, creating the perfect space for family gatherings and entertaining friends. Down the hallway, you'll find three cozy bedrooms and a beautifully renovated 3-piece bathroom. The sliding door leads to a spacious back deck, complete with an attached gazebo that's perfect for a hot tub or can be easily transformed into an outdoor bar for summer festivities. The backyard also features a handy shed, providing ample storage for gardening tools and outdoor equipment. The newly renovated basement offers in-law suite potential, featuring two additional bedrooms, a modern 3-piece bathroom, and a large recreation room. You'll also find a laundry room and extra storage space, adding to the home's practicality. With an attached garage and a long driveway, parking is never an issue. This home is conveniently located close to the hospital, parks, recreation centre, schools, and the charming downtown area of Mount Forest. Don't miss out on this incredible opportunity - schedule a viewing today!

Last check for updates

Property type

Detached

Style

Bungalow

Community

Mount Forest

Lot size

6,000 Sqft

Garage spaces

1

Home Overview

Basement information

Finished, Full

Virtual tour

Mls® #

X11898406

Building size

Status

Active

Property sub type

Taxes

$3,046

Tax year

2024

Maintenance fee

N/A

Year built

2024

Interior

# total bathrooms

2

# Full baths

2

# of above grade bedrooms

3

# of rooms

13

Family room available

No

Laundry information

Exterior

Construction materials

Brick

Other structures

# garage spaces

1

# parking spaces

3

Garage features

Attached

Has basement (y/n)

Yes

Has garage (y/n)

Yes

Drive

Private

Amenities / Utilities

Cooling

Central Air

Heat source

Gas

Heat type

Forced Air

Sewers

Sewers

Location

Water source

Municipal

Area

Wellington

Community

Mount Forest

Community features

Hospital, , , , ,

Directions

Arthur St. & Princess Ann

walking  Walk Score for 540 PRINCESS ANN St

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Steps to calculate your payments using a mortgage calculator

1. Determine the purchase price of the home.

2. Calculate the down payment (usually 5-20% of the purchase price in Canada).

3. Subtract the down payment from the purchase price to get the mortgage amount.

4. Choose a mortgage term (typically 5 years in Canada) and amortization period (usually 25-30 years).

5. Determine the interest rate (check current rates from Canadian lenders).

6. Use a mortgage calculator or formula to determine the monthly payment based on the mortgage amount, interest rate, and amortization period.

7. Factor in additional costs like property taxes, home insurance, and possibly mortgage insurance if the down payment is less than 20%.

8. Consider the impact of making accelerated bi-weekly payments instead of monthly payments to pay off the mortgage faster.

9. Review the total interest paid over the life of the mortgage.

10. Ensure the monthly payments fit within your budget, typically not exceeding 32% of your gross monthly income for housing costs.

Terms Explained

Home Value: The current market value or purchase price of the property.

Down Payment: The initial upfront portion of the total home purchase price paid by the buyer.

Mortgage Amount: The amount borrowed from a lender to purchase the home (Home Value minus Down Payment).

Interest Rate: The percentage charged by the lender for borrowing the money, usually expressed as an annual rate.

Mortgage Term: The length of time your mortgage agreement and interest rate are in effect (typically 1-5 years in Canada).

Amortization Period: The total length of time it will take to pay off the entire mortgage (usually 25-30 years in Canada).

Monthly Payment: The amount paid each month towards the mortgage, including principal and interest.

Principal: The original amount borrowed, which decreases as payments are made.

CMHC Insurance: Mortgage default insurance required for down payments less than 20% of the home's value.

Property Taxes: Annual taxes levied by local governments based on the property's assessed value.

Home Insurance: Coverage to protect the property against damage or loss.

Land Transfer Tax: A tax paid to the provincial government when purchasing a property.

Closing Costs: Additional expenses incurred when finalizing a home purchase (legal fees, inspections, etc.).

Prepayment Privileges: Options to pay extra towards the mortgage without penalties.

Fixed Rate Mortgage: A mortgage where the interest rate remains constant for the term.

Variable Rate Mortgage: A mortgage where the interest rate can fluctuate based on the prime rate.

Refinancing: The process of replacing an existing mortgage with a new one, often to take advantage of better terms or rates.

These terms are commonly used in mortgage calculations and discussions about home financing in Canada.
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