Sunday, March 13, 2011

Forms of Down Payment

Forms of down payment:
1. Your own savings
2. Equity from the sale of a home
3. Equity take out from another property you own
4. Borrow the down payment as a loan from the bank and debt service for it.
5. RRSP’s and/or Tax Free Savings Account
6. Cash back program s with my lenders based on credit qualification for cash
back.
7. Gifted Down payment from immediate family only - you must have a
signed gift letter and show proof of the gifted money deposited into your
bank account for the lender. The lender can also ask for the path of the
gifted money so a bank statement from the family member gifting the
money.
Prepared by Amy Wilson
P:780-919-0475
F:1-877-3692-5092
Email: amy@brokersforlife.ca
Post a Comment