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faq

What documents do you require?
  • Contract of sale for existing property, including subject removal
  • Current mortgage and line of credit statement/s on the existing property
  • Title Search on the existing property
  • Confirmation that property taxes are up to date on existing property
  • Confirmation that personal taxes are up to date and paid in full
  • Banking details of where the Home Deposit Loan will be deposited
  • 2 pieces of ID
  • Realtor info (name and contact information)
  • Solicitor info (name and contact information)
How much will I be charged in interest?
You will be charged the interest rate of the day with a minimum of 60 days.
Are there additional fees?

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. If funds are required within 3 business days there is a rush fee of $395.00

*Please note that the Rush Fee is applied if funds are needed within 3 business days from the receipt of all satisfying documents AND the return of the fully executed contract, not from the date of initial contact.

Do I pay these fees out of my own pocket?
No. All costs will be paid back from the proceeds of the sale of your existing property.
When is my loan due in full?
The loan will always be paid in full on the closing date of your existing property.
What is the process?
  • You will receive a quote
  • Solicitor signs, Real Estate Agent/Broker signs
  • You will sign required documents
  • Documents are sent to Home Deposit Loans Solicitor
  • Funds are transferred to Designated Bank/Trust Account
Will a charge be registered against my property?
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.
Which lawyer/notary will I use?
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).
Can I access the equity in my existing property for anything other than a deposit on the 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
Can I access Alternate Financing through Home Deposit Loans?

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

When do I receive the funds in my account?

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.

What are possible delays with my funding?

Possible funding delays can stem from various sources, even though we aim for a smooth process. Here are some potential reasons:

  1. Solicitor’s Delay: If the solicitor takes longer to sign HDL documents due to their work backlog and/or unexpected issues it will delay fund release.
  2. Real Estate Agent/Brokerage Delay: Like the solicitor, if the real estate agent or brokerage doesn’t promptly sign required HDL documents, it will affect funding timing.
  3. Financial Institution Processing Times: Your bank’s processing speed matters. Their internal procedures, transaction volumes, technical problems, and/or manual checks might slow down fund transfers to your account.
  4. Time Zone Differences: If involved parties are in different time zones funding may take longer, especially during business hours.