If you are in the process of selling your home and buying another one, one of the obstacles that you may face is that you are ready to purchase a home but don’t have the 5% deposit required to put down on the new property that you are looking to buy. Most buyers would go to their bank to apply for a line of credit which can take weeks if not months, by this time the home you may have dreamt of buying will probably be sold. A deposit for purchasing your new home acts as a token of good faith and provides security for the seller that you will close on the purchase so it is highly important and common to have a 5% deposit available within 24 hours of an accepted offer to purchase by bank draft or certified cheque.
This can be a problem whether you are upsizing, downsizing, or moving for work or some other reason. The unfortunate reality is that in real estate, the timing of when you sell your existing property and when you buy your new one doesn’t always synch the way that you would like it to. And in today’s competitive market, if you find the property of your dreams, you can’t afford to wait for your existing property to sell. If you do, there is a very good chance that you will miss out.
So how can you get the 5% deposit that you need to put down on a new purchase? If you have equity in your property, the answer may be easier than you think. That’s because we can use your home’s equity as security and provide you with a loan to make your deposit.
Get a loan for your 5% deposit to buy your new home today!
For clients who are in the situation we described – ready to purchase a new home but still have their current home on the market – our firm can offer them the loan they need to ensure they are able to make their deposit for purchase.
The process to receive your funds is quick (can be completed in only a few hours) and requires only minimal paperwork.
Once you have finally sold your current home, paying back the loan is usually a simple matter.
Why get a loan for your down payment?
There are many advantages to this type of loan including:
• Less financial stress. Even if you have enough for a down payment in your savings or investments, having to deplete them by such a large amount can cause undue financial stress.
• Get the home you want. In today’s market, you don’t have time to wait. Some homes are snapped up in days or even hours. If you have found the home you love, you can’t afford to wait until your current home sells and hope that the home you love is still on the market when it does.
• It’s fast and easy. Our firm makes getting a loan for your 5% deposit fast and easy. Get the money deposited into your account within a few hours with minimal paperwork to fill out.
Contact me today!
Finding a home that you would like to buy while your current home is still on the market can be a frustrating situation, but it doesn’t have to be. Let me help you get the down payment that you need. Contact me to find out more. I can be reached at (416) 877-1307.