Region served
A family gift can serve as a down payment in Bas-Saint-Laurent, with a letter from the donor saying it does not have to be repaid. What blocks a file is a deposit nobody can trace.
Where the money came from counts as much as how much there is. The lender has to trace the funds over about three months, and one large unexplained deposit stalls a file more surely than a small down payment. A gift has to be a real gift, with a letter saying it is not repayable.
Three months of statements for every account the money leaves, and the trail for any unusual deposit. For a gift, the donor’s letter. For funds from abroad, proof of the transfer and of their origin. For the HBP or FHSA, the plan statements.
The source of the money decides which proof you need. Savings, a family gift, an RRSP withdrawal and an FHSA are each documented differently. Funds that have sat in a Canadian account for 90 days raise the fewest questions on a purchase in Bas-Saint-Laurent.
Have the statements the lender asks for in hand, and be ready to explain any large transfer or deposit before you make an offer.
Put less than 20% down and you pay for mortgage default insurance, with amortization limited to 25 years. At 20% both go away. If you’re a few months from that number, waiting can pay off.
Notary fees, transfer duty and the inspection come out of your own cash, not the mortgage. Many lenders also want some reserve left after closing. Emptying every account for a purchase in Bas-Saint-Laurent can hurt the file instead of helping it.
To prepare
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
Yes, with a letter from the donor confirming the money does not have to be repaid. The gift itself blocks nothing. A large deposit you cannot trace over three months does.
Pick the situation closest to yours.
Contact
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.