Everything You Need To Know About The Down Payments Process When Buying Real EstateBy Scott WestlakeMay 19, 20210 comments#downpayment #mortgagebroker #SW #TWT #DLC For more information or to apply for your next mortgage, purchase, refinance, renewal or switch, contact scott@thewestlaketeam.com or 416-436-1135. Getting the Down Payment Down. A down payment is one of the most essential aspects of every mortgage application ...Read more...
Down Payment VerificationBy Scott WestlakeJune 3, 20200 comments#downpaymentverification #downpayment #twt When working towards a clients real estate closing an area we often are helping clients clean up is their down payment verification. Lenders are required to trace all sources of down payment. We reviewed some past files to come up with the most common sources of down payment ...Read more...
Source of Funds - Organizing your Down PaymentBy Scott WestlakeApril 5, 20190 comments#sourceofdownpayment #downpayment #mortgageadvise #twt #thewestlaketeam #scottwestlake A great explanation on what and why our lenders require when it comes to verifying sources of funds for a down payment. The good news is, working with a mortgage broker and more specifically a team like ours with infrastructure helps with this process, along with everything else! ...Read more...
Minimum Down Payment RequirementsBy Scott WestlakeFebruary 22, 20190 comments#preapproval #downpayment #downpaymentoptions #minimumdownpaymentoptions #twt #thewestlaketeam #scottwestlake #oakvillemortgagebroker #torontomortgage #luxuryrealestate Explanation of minimum down payment requirements: Purchase price between $1 - $500,000 = 5% minimum down payment Example - a purchase price of $400,000 is a minimum down payment of $20,000 Purchase price between $500,000 - $999,999 = Blended down payment The ...Read more...