Edmonton Mortgage Blog
Your Edmonton Mortgage Broker: Natalie Wellings
Down Payment Documentation Tip
May 14, 2021 | Posted by: Natalie Wellings
If you are planning on buying a home and you’re reading this, please do yourself a favour and leave your down payment money in one account for at least 90 days! The more you transfer it around, the more chaos and stress you’ll create during the mortgage approval process. I am required to prove the source of your down payment funds within the last 90 days. The more money moves around, the more bank statements you’ll have to provide. Obtaining down payment paperwork can be equally frustrating for the broker and the borrower. The simplest, cleanest, and, easiest way to prove a down payment is to leave your money in one account for 90 days. When buying a home, there are a million things you’ll be trying to focus on. Having me call you every day asking for more paperwork sucks. Keep your documents clean and your approval will go much smoother!