In order to purchase a home, you are required to put a deposit down. If you are like the thousands of Canadians out there selling their current residence in order to purchase their new home, your deposit money is currently locked up in your equity. We let you access your equity to put a deposit down, and you simply pay back the deposit when you sell your home.
First we'll explain a couple of key points.
What is a Deposit?
A deposit is the money which is given to the seller (and held by the Realtor "in trust") when a buyer has decided to FIRM up an offer on a property. This amount can very, however is commonly 3% to 5% of the purchase price. The deposit can come from sources such as, Savings, Line of Credit, Credit Card, Gift or a Deposit Loan.
This money is returned, or applied to the downpayment upon completion of the property. If the buyer does not complete the sale, the deposit is forfeited.
What is a Deposit Loan?
This type of loan is provided to those many Canadians who have a FIRM sale agreement on their home and are looking to place a deposit on another home before completing their sale.
By utilizing the deposit loan, this product will allow you to buy a home and line up your sale and completion dates so that you don't need to rent before buying a home! It also allows you to avoid having to withdraw your funds and pay taxes or penalties.
This is a great option for anyone looking for a deposit loan and all you need is the following:
- Title of your home (from lawyer / realtor)
- Application & Government ID
- Sale agreement (Firm) of your home
- Copy of your current mortgage statement
- Purchase agreement for your new home
In 24 hours you can have the deposit cheque delivered in trust, electronically or via. courier.
Deposit Amounts: $10,000 to $100,000
Interest Rate: 1% Monthly
Processing Fee: 5%
Need access to this type of product or a Mortgage Broker who works on creative solutions for you? Make sure to Reach Out!
Get in touch!
What To Do Next? 😎
- Reach out to us If you are THINKING about buying or Refinancing
- Send This Info & Video to everyone you know who is buying or selling or maybe refinancing Remember: they may be thinking of a refinance, investment property OR know a friend who is currently thinking of buying.
- Send them our way and we will give them an estimate of their before and after rule pre-qualification.
- Contact us early to get ahead of the game, even if your mortgage is not up for renewal until next year.
How to Start Reach US! 📲
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