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DoMinion LEnDing CEntRES OUR HOUSE SUMMER 2017 >> 43 Lenders require a 90-day bank account history for the bank account holding the down payment funds. the statements must include your name, account number and statement dates. A common hesitation that we often hear from clients is that their bank statements include a lot of personal details. As professionals, we completely understand our clients' concerns pertaining to their personal information and we always ensure that information is protected. Statements provided with blacked-out names, account numbers or any other details are not acceptable. Unaltered documents are a requirement of confirming the down payment funds. All large or unusual deposits need to be verified to ensure the source of those large deposits can be confirmed and can be used towards the down payment. » Received a gift from an immediate family member? Easy, gift Letter signed. » Sold a vehicle? Easy, provide receipt of sale. » CRA tax Return? Easy, notice of Assess- ment confirming the return amount. » transfer of funds from your tFSA? Easy, provide the 90-day history for the tFSA, showing the withdrawal. » Friend lent you money for the house purchase? Deal breaker. » A large deposit into your account that you cannot provide confirmation for? Deal breaker! You were told that your minimum down payment was 5%. You have that. However, did you know that you are also required to show that you have an additional 1.5% of the purchase price saved to cover closing costs such as legal fees? Ensure that the funds for the down payment and closing costs stay in your bank account once you've provided confirmation. those funds should only leave your account when they are provided to your lawyer to complete the purchase. Lenders have the right to request updated statements closer to closing to ensure that the down payment is still there. if money is moved around, or spent, or if there are more large deposits into your account, those will all have to be confirmed. the last thing that anyone wants when purchasing a property is added stress or for something to go wrong late in the process. Be open with your Mortgage Broker; we are here to help and to guide you through the process. not sure about something pertaining to your down payment funds? Ask us. We are here to make sure you know exactly what you need to do. ■ Thinking about buying a home, rental or vacation property? Talk to a dedicated Dominion Lending Centres Mortgage Professional in your area at dominionlending.ca to find out about what your down payment requirements will be. NathaN LawreNce is part of DLC Lakehead Financial, based in thunder Bay, ont.

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