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Page REAL ESTATE Wednesday Mirth 11 OREA President Cathcart James A Cathcart was recently elected President of the member Ontario Real Estate Association Mr Cathcari Is President of Cathcart Real Estate Ltd in Caledon East a firm active in residential commercial and in real estate Mr was first elected to the OREA Board of Directors in Understand mortgage plans before you buy that house By John CA Getting a mortgage for a house purchase is a fairly simple and hassle free matter these days But you owe it to yourself lo umiers land something about the before getting your self into a purchase situation More and more house buyers today arc getting known as a pre approved before they even sum looking for a This way ihcy know how much mortgage ihcy qualify for and therefore how much they can afford to pay for their new home Which all makes a great deal of sense The first thing to realize is that you re going to need a lawyer So you may as well get one right at ihc sun At this us not to cost you anything That comes later There arc several reasons why you need a lawyer first is that he or she will represent your inter in the final closing of the deal Also the mortgage lender will insist Before putting up any mortgage money the lender nat urally wants to know if there arc any encumbrances such as un paid mortgages or other hens against the property you propose to buy A lawyer will provide the necessary report This report which ideally should show clear title to the property basically assures the lender that he has first claim The lender may you to get a survey of the pro perly before making any commit mem Where it all possible this from die should make this condition in your offer If you have get Ihc survey yourself find its quite a costly document running to or or The next thing the lender will require is an appraisal of the pro perty The mortgage company generally arranges this itself charging the cost about back to you However this us built into the overall fee structure and simply becomes of your mortgage So don to pay up front Although its unlikely you be asked prou your own in which case you need the of an raiser An appraisal is necessary to is sure tin lender that there an adequate asset to loan ratio a lender will jilvancc up to per cent of the appraised value not the asking price of the property This is why its so Then the canon Here the lender cording a ratio generally about per cent of your gross income For example if your to tal gross income is then you qualify for a montage that could be serviced with 000 a year or SI a month Enough to handle a gage of about SI For advice on TV sec your Wealth available on broad cast channels in Ontario and on satellite across Canada or sec Money in the Bank on your community cable channel Money care a general advice by Canadas char tered accountants John Svrit wiifj National Trust as Regional VicePresident for Region VI which incorporates Orange ville Coll logwood Midland Mu lit ok a and Parry Sound He has been a member of the Associations Executive Committee since IBM and a VicePresident for the past two years Bom In Northern Ireland Mr moved to Canada In 1963 In addition to his real estate Mr Cathcart is a former alderman of Chinguacousy former member of the Board of Governors of the Peel Memorial Hospital and a founding member of the Rotary Club of He was an active member of the Peel County Social Planning Council the Commercial Registration Appeal Tribunal Ministry of Consumer and Com Relations The Brampton Board of Trade and Anglican Church of Canada In his Inaugural address as Pre dent Mr forecast moderate but steady economic growth for the province In 1968 and said he expected that housing costs would not Increase dramatically in moat areas of the province the HERALD The Outlook is Positive Wo re Id belter and I hanks cent advancement every eld slmtess As wo look ahead we can applaud I tie bold novalor who lake on new and g eater challenges as ley cent hue to goals rial along I he path success and make ess a real ly iou o a estimate lie dome hi REMAX SUBURBAN REALTY INC REALTOR trMi Ontario pronto Una CONTACT I fit mmmmmmmmmm