MortgageInVancouver.com The biggest barrier to entry for most anxious first time home buyers is the down payment. Coming up with a chunk of cash all at once that you are comfortable saying good bye to for a while. What many do not know or have a misconception of is that there are other ways to get a down payment other than your savings or chequings account. So what are they? What other possible sources can you use to get your down payment? Lets start from the top and I will list them in the order that banks favor the most to least as where the funds come from and how much your down payment is has a huge effect on what your are worth to a mortgage lender and whether they will even qualify you for a mortgage loan. 1. Top of the list, of course is your savings. If you have the discipline to save your money and keep it in plain sight without spending it then the banks will really like you and want to trust you with their money. This is obviously the most favorable situation. One thing to note however is that the money you are using must be in your bank account for at least 90 days. The reason for this is to make sure it isn't money laundering or that it isn't untaxed cash, etc. If the money has been in your account for less than 90 days then they will want documentation of some kind proving where you got the money. 2. Ann RRSP account is the next best thing to your actual savings account as it is simply a different a variation of it. You have been disciplined enough to put ...
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วันศุกร์ที่ 19 พฤศจิกายน พ.ศ. 2553
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