Where Does Your Deposit Go when you Place an Offer!!!

Deposits on accepted offer to purchase. What is it applied to? The amount you give for deposits on your accepted offer to purchase are applied directly to the amount of down payment required Those funds sit at sellors real estate office until needed by lawyer at time of signing legal mortgage documents. So if your full down payment is $10,000 and you have given $2,000 as deposit on your offer you will still owe $8,000. Call Advance Mortgage for further explanation 403-347-0774

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Home Equity Lines of Credit

Home Equity Lines of Credit-How do they work and are they a product that works for your situation. Perhaps you are looking to invest in more property, have great equity in your home that you can use for the down payment. This product could work perfectly for you. House prices are low so perfect time to buy. Home Equity Lines of Credit are secured against your property and will show up on your title as a mortgage type charge.  They are reusable, you pay on what you owe and in most cases can pay only the interest amount each month or you can pay out the entire amount. …

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Allowable Sources of Down Payment

There are various allowable sources of down payment that you can use for your purchase.  Most lenders will use in some form each of them however some are on a case by case basis. Saved funds – must show 3 months worth of bank statements to prove the accumulation and if there are large deposits you must prove the source of those as well Investment/RRSP  – must prove the funds have been in the investment for at least 3 months and also show the withdrawal of the funds into your bank account Gifted Funds – must be from an immediate family member being a Mum, Dad, Grandma, Grandpa,…

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Purchase Plus Improvements

When house shopping home buyers can usually come up with at least one thing they would change or renovate in a home. Many home buyers will buy a home and plan to do the renovations down the road. But what if they had the option to borrow the money with their mortgage and do the renovations right after they move in! This is actually an option. It is called the purchase plus improvements program. How it works is the lender will lend the mortgage amount based on the Improved value that the home would be worth AFTER the renovations are completed. For example if a family buys a…

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