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Average priced house: $714,000
Average annual income: $46,600
Distance to Toronto (in minutes): 52
Hikers will love relocating to Milton. No matter your location within the city, you will always be close to walking trails and conservation areas, such as the Crawford Lake Conservation Area, or Rattlesnake Point Conservation Area, and more. The city has a very small town feel to it, mainly because of all the surrounding farmlands. Downtown Milton has lots to offer for its residence, including parks, the Farmer’s Market, cafés, pubs, and more. Milton is also known for their public schools’ high reputations. See a list of top real estate agents in Milton who can help you find your next home.
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A mortgage is a type of loan that is used to buy a home. The repayment of the mortgage to the lender (bank) is typically made monthly or bi-weekly. The payments are a blend of the interest due on the mortgage and the repayment of the principal on the loan. Learn more about mortgage
The down payment is the amount of money you will pay upfront to obtain a mortgage, this can range from 5% to 20% of the home's purchase price. Learn more about down payment
An interest rate is charged with your mortgage since you are borrowing money from the lender. The smaller the amount you borrow, the lower your interest payments will be regardless of the rate of interest being charged.
The mortgage term is the length of time you are locked into the mortgage contract (interest rate, payment frequency, etc). Typically this ranges from 1 to 5 years. The amortization period is the total length of time over which you plan to pay off your mortgage. Typically this is 20 to 30 years.