Getting ready to build new home? Whether it is your first home or your retirement dream home, you will want to consider the financial aspects of your decision carefully. What's the best approach to financing your home? How much can and should you borrow? What's involved and how long will it take to get your financing in place?

Information
You have easy access to financing information and advice.

• The internet: Mortgage lenders and insurers offer a wealth of online information. Find out about the borrowing process, as well as financing options. Check "renting versus buying" comparisons. Use a mortgage calculator to get an idea of the loan amount you qualify for, and what the monthly payments would be. Explore how different construction prices and down payments would affect your monthly payments.
• Printed information: Most lenders have a full range of brochures and worksheets that provide the same information and tools as their Web sites. Drop in at local branch offices for copies of these materials. Some lenders also have a toll-free number for 24-hour access to information.

Personal Consultation with Lenders
Make an appointment with a branch mortgage specialist to discuss your building intentions and get mortgage approval. A growing number of lenders offer flexible business hours, including evenings and weekends, to make it easier to for you to schedule a meeting.

Professional New Home Builders
Your builder can be an excellent source of financing information and assistance. Larger builders, in collaboration with their financial partners, may offer mortgages to their customers at preferential rates. At a minimum, your builder can provide information and refer you to lenders who are well versed in financing new home purchases.

Easy Application and Fast Approval
Home owners have several options when it comes to applying for a mortgage loan. Simple applications can often be made over the Internet, or you can get the process started with a phone call. You may still need to visit the lender in person to finalize the application.

Today's mortgage specialists are highly trained and well equipped to process your application quickly. This reduces the stress and uncertainty of waiting for an answer in a "hot market." A quick turnaround can be key to meeting the schedule you want. You can often get the results of your application immediately. This may be a conditional approval, pending verification of income, and so on.

If the mortgage represents 75% or more of the value of the home, the loan must be insured against default. A separate application must be submitted to a mortgage insurance company, but networking between lenders and insurers means little or no delay for mortgage customers. "Electronic processing has allowed us to greatly improve our response time," says Peter Vukanovich, President of GE Capital Mortgage Insurance Canada. "Currently, over 50% of applications for mortgage insurance are approved immediately, and 75% within a few hours."

Great access to information, personalized home financing and fast, effective customer service are important. Mortgage lenders and insurers work with you to make your dreams come true.

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