What are possible sources of Down Payment?

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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.

Bernadette Laxamana

DISCLAIMER:The information in this video and 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.

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