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The "Mortgage Centre" is the perfect place to visit if you need information on anything to do with mortgages. See what size of a mortgage you can qualify for with their "Mortgage Qualifier", get a list of Mortgage Market Lenders, today's best rates, a "Mortgage Calculator", a glossery of terms & much more on this excellent site.

Getting Pre-approved
How much house can you afford? Knowing how much you can borrow will help narrow the search for your new home. Your Realtor can help you get pre-approved. Pre-approval means the bank analyzes your current income, debt, assets, and credit history to decide what kind of mortgage payment you will be able to afford. The lender then gives you a document stating your borrowing capability and whether your mortgage can be approved, pending the outcome of several tests and an appraisal.

Down Payment
Many recommend that you put down as much as you can for the down payment. Obviously, the more you put down, the less you will have to borrow.

"How much do I have to put down?" It depends. It can range anywhere from 5% to 95% (if you wish).

Having your agent work in conjunction with your lender can take a lot of the hassle out of applying for a mortgage and also give you more control over the process.

Ron McDougall

1st London Real Estate Services
1069 Wellington Rd. S.
London, Ontario N6E 2H6
(519) 685-4190 * Fax (519) 660-1813
ronmcdougall@rogers.com
www.ronmcdougall.com

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