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OUR HOUSE SUMMER 2017 DoMinion LEnDing CEntRES
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Getting the
Down Payment
DOWN
Five things you need to know
about your cash up front
By NathaN LawreNce
O
ne of the essential aspects of
every mortgage application is
the discussion around your down
payment. Home purchases in Canada
require a minimum cash payment of
your own funds to be put towards the
deal—your stake in the purchase. it is
important that during the discussions with
your Mortgage Broker that all the cards
are on the table pertaining to your down
payment. Be up front about your down
payment and where it is coming from.
Doing so can save you time and stress later
on in the process.
Most home buyers are aware that they
will require a certain amount of money
for a down payment. What many do not
realize is that lenders are required to verify
the source of the funds to ensure that they
are coming from an acceptable source.
Here are a few facts to keep in mind:
iStoCK
