Deposit financing is used during the process of selling your current residence and buying a new one. Once your home is sold firm, you can access equity from that property to use as a deposit on the new purchase.
In today's market most offers must come with a significant deposit and that can present a challenge if your current house sale hasn't closed. A deposit loan is a simple way to access funds for your new purchase.
| Amount | Up to $50,000 |
| Interest rate | 1% per month |
| Lender fee | 5% |
| Time to fund | 1-2 days |
| Legal fee |
No
|
| Appraisal |
No
|
| Monthly payments |
No
|
| Credit check |
No
|
| Registered on title |
No
|
| Penalties |
No
|
No upfront fees. Lender fee and interest is included in the loan, payable once the sale of your property closes. Loan is fully open and can be repaid at any time without penalties. Compare costs with a second mortgage.
Identification
Goverment issued photo ID, such as drivers license or passport. Health card is not accepted.
Purchase and sale agreement
Firm offer on your current property, with all waivers and amendments.
Mortgage statement
For each mortgage registered on title.
Banking information
Direct deposit form or void cheque for funds transfer.