What are possible sources of Down Payment?

If you are buying a home What are the possible Sources of Downpayment?

It can come from your

Savings & Chequing
TFSA
RRSP
Sale of a home
Refinancing from a home
Gifted down

Did you know that about 19% of First Time Home Buyers used gifts from siblings or parents as a down payment? When it comes to RRSPs you have 15 years to pay that back and the money has to be in your account for 90 days before you can use it.

Common mistake buyers make is they move money in different accounts multiple times. Banks want 90 days history. So the more you move your money the more confusing it can be.

I am Bernadette Laxamana, President of Karista Mortgage. We help you get a great mortgage and use it to build wealth.

DISCLAIMER: The information in this post is solely advisory, and should not be substituted for legal, financial or tax advice. Any and all decisions and actions must be done through the advice and counsel of a qualified attorney, financial advisor and/or CPA. We cannot be held responsible for actions you may take without proper financial, legal or tax advice.

Karista Events & Workshops

We offer FREE educational events and workshops for First-time Home Buyers, Homeowners, Real Estate Investors, and a lot more!

Although we currently don’t have any scheduled webinars, we have an exciting opportunity for you to access our on-demand webinar recording. To get your hands on this valuable resource, we invite you to book a Quick Call with one of our Mortgage Strategy Managers. They will be delighted to assist you. Simply click here to schedule your call.