Down payment – Part 4

Down payment is part four in a five part series about what your client can expect during the mortgage process. This article is meant to be shared with your clients so they can be prepared and move smoothly through the process.

You’re almost at the finish line. It’s time to talk down payment.

If you are buying a home, the lender will need to know the source of the down payment. They may require:
• Your savings account/statement (90-day history) to prove the down payment is not borrowed
• A snapshot of your investment statement
• An RRSP statement
• A gift letter (if your down payment or part of it is a gift, it must be from an immediate family member)

Your broker will provide you with a template to fill in which makes this process easier.

Once your broker receives all the necessary documents outlined in the commitment, along with your signed copy of it, your file will be forwarded to the lender’s funding department.

Congratulations! You’re almost done.