FAQ - Home Deposit Loans
- What documents do you require?
- How much will I be charged in interest?
- Are there additional fees?
- Do I pay these fees out of my own pocket?
- When is my loan due in full?
- What is the process?
- Will a charge be registered against my property?
- Which lawyer/notary will I use?
- Can I access the equity in my existing property for anything other than a deposit on the new property?
- Can I access Alternate Financing through Home Deposit Loans?
- When do I receive the funds in my account?
- Firm and binding contract of purchase and sale on the existing property
- Subject removal on the existing property
- Current mortgage statement of the existing property
- Proof of property taxes on existing property are paid and up to date
- Proof of personal taxes are paid and up to date
- Firm and binding contract of purchase and sale on the new property
- Subject removal on the new property
You will be charged an interest rate of 12.95% with a minimum of 60 days.
Yes. There is a processing fee of based on the deposit amount. A minimum fee of $795.00 and a maximum fee of up to 5%. Legal fees up to $599.95
No. All costs will be paid back from the proceeds of the sale of your existing property.
The loan will always be paid in full on the closing date of your existing property.
- You will receive a quote
- You will sign required documents
- Documents are sent to Home Deposit Loans Solicitor
- Funds are transferred to Designated Bank/Trust Account
A charge is not registered against your property unless the sale on your existing property does not complete as scheduled. In the event that the sale does not complete as scheduled a charge will be placed against your existing property.
Home Deposit Loans has an approved solicitor to facilitate the legal work. We only require you to use our solicitor for the Deposit Loan. You are free to use your own solicitor to complete the sale of the non-subject (existing) property as well as the subject (new property).
Yes. Although Home Deposit Loans primary focus is for financing the deposit on the new property we will provide funds for a variety of purposes. Some of these may include
- moving expenses
- purchasing of furniture for the new property
- taxes
- closing costs
- investments
- unexpected costs
Yes! We partner with GLM Mortgage Group, a division of Dominion Lending Centres – who can work to secure alternate financing solutions. This could involve 1st, 2nd or 3rd mortgages through a Private Lender.
Click here to be redirected to GLM Mortgage Group – Private Lending Form Submission
Funds are wired directly into account provided. Please refer to the chart below for when the funds will be available to you.
Funding times
Fund by 10AM Receive by 1PM
Fund by 12PM Receive by 3PM
Some conditions may apply. Funding times may vary from Province to Province. Funding times subject to change without notice.
Working Partners
