The two major components are the Mortgage and the Down Payment.

Pre-Approved Mortgage

Contact your lending institution to obtain the maximu amount you can be pr-approved for. This will help you determine the price of home you can afford.  You can negociate with your lending institution to guarantee the current interest rate for 60-90 days.  This is a very imprtant step.  The pre-approval give you an edge when you make an offer, because seller knows you are more likely to get a loan.  If you would like help in finding a lending institution, please do not hesitate to ask me.

Many banks and financial institution want your business.  So, take time to search around and don't be shy to bargain.  Once you have selected your lender, you will need to provide your financial information.  Your lender will want the following:

• Personal information such as number of dependents and marital status;
• Details of employment, including a letter from your employer verifying your salary;
• Banking and investment information;
• Details of your assets (e.g.-car, other property);
• Information on loans and other liabilities;
• Permission to do a credit check;

Down Payment

You will also discuss the down payment with your lending institution.  The sources of your down payment can come from many different sources such as Saving, Investments, Inheritance, RRSPs, etc.