If you are buying a home What are the possible Sources of Downpayment?
It can come from your
- Savings & Chequing
- 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.