in the account for minimum of 90 days. Make sure you budget enough time (about 30 days) to make sure your funds can be transferred out in time.
4. If all or part of your down payment will be a gift, a signed gift letter must be provided. A bank statement from the giver will verify the funds. Be prepared to show the funds deposited to your account no later than 15 days prior to closing. Gifted funds can only come from immediate family members (parents, grandparents, siblings). 5. If you are getting money from outside the country get the money deposited into Canadian bank account at least 30 days before funding, and provide a 90 day confirmation via bank statements from the previous account. Some lenders will ask that the money have been in a Canadian bank account for 90 days or more. 6. Regularly deposit all cash in the bank, don’t accumulated at home! See the point above regarding large deposits. Lenders don’t like to hear that the money has been sitting hidden in jars at home! 7. If your down payment is coming from the sale of your existing home provide a firm purchase and sale agreement, and the current mortgage statement. Sometimes lenders will also ask to see a copy of your real estate lawyer’s letter of disbursements which shows how the proceeds of the sale will be disbursed 8. And last but not least, you’ll also need to verify that you have an additional 1.5% of the purchase price to cover closing costs such as legal fees, land transfer tax fee, appraisal and home inspection fees, title insurance, property insurance, PST on mortgage default insurance, etc As you see by now, the mortgage process requires a lot of paperwork. But well worth it once you take ownership of your new home! Call me at 647-893-2535 with any questions or drop me a line at [email protected] Sign Up Here for Monthly Mortgage Updates
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