When you purchase a home and require mortgage financing, lenders will want to confirm the source of the down payment for a variety of reasons. This is to ensure that there is no hidden loans or monthly obligations that would effect your monthly carrying costs, abide by the anti money laundering act and to also assess your suitability to carry the debt. Here are some things to keep in mind when it comes to down payment sources. Gifted funds must be from an immediate family member (MOTHER,FATHER, SISTER, BROTHER, SIBLING, GRANDPARENT) Minimize transfers between bank accounts Out of country assets must be in Canada…

What are the risks of Condition-Free Offers? Great question. In today's market, buyers are often in multiple offer situations and want to submit a clean offer that has no conditions. This is never advisable, but we do understand that this is a very competitive market. If you have been pre-qualified by a licensed mortgage broker, you may been vetted by one or more lenders, however, the property has NOT been vetted. Below are some issues that could affect a lender’s willingness to lend on a particular property. Please note that this list is not exhaustive. There could be other issues impacting a lender’s decision. • Water damage, leaks…

A mortgage solution specifically designed to help new residents to Canada realize their dream of home ownership. DEFINITION Immigrated in the last 5 years. Must have Permanent Resident status/landed status OR work permit. BORROWER QUALIFICATIONS Must have permanent residency or landed immigrant status or valid work permit. Must have a minimum of 3 months with the same employer. PROPERTY TYPE Owner Occupied purchase only. Maximum 4 units. Maximum 1 unit for temporary residents. AMORTIZATION 25 years. Certain lenders will allow up to 30 years CREDIT REQUIREMENTS AND DOCUMENTATION • Canadian or International credit report; or a letter of reference from the borrower’s financial institution in their country of origin confirming a minimum…