Deposit Financing in BC – Get Cash Before Completion
Deposit Financing In B.C.
If you have a Firm Sale on your existing property and need cash for any reason, we can help you access your equity before the completion of your sale with deposit financing!
Most of our clients use this to put a deposit on their new homes, but you can use it for taxes, debt consolidation, moving expenses, cash flow, or personal expenses! There are a lot of uses for deposit financing, contact us to learn more about it.
Why Use Deposit Financing
When you are buying a house, the people selling will most likely require a deposit between 5% and 20% of the value of the home. Having access to that amount can be a problem for a lot of people since it is usually a large amount. It can be even harder if your equity is still sitting in your house that you are trying to sell. At Equity Avenue Mortgages, we are here to help you to figure out a way to get access to that deposit financing.
About The Process
Requirements:
- You are required to have a firm sale agreement on your existing property (with subjects removed) to obtain deposit financing.
- You are not required to have a full Appraisal; Your credit score (good or bad) doesn’t affect the approval of your deposit financing!
- Can fund without any title registration too**
Documents Required:
- Valid Govt. IDs (drivers license or health card)
- Your Solicitor/Notary’s Contact Info
- Firm Sale agreement/Contract of Purchase & Sale
- Statement of Current Mortgage
- Your contact details
- Title Search (we can get this done for you)
- We get loan documents signed with your notary/lawyer and can fund fast
Pricing:
- Your Interest Rate is 1% per month and it will be compounded monthly
- Processing/Lender Fees are 3-5% of borrowed amount
- Lower legal costs, most loans below $100,000 cost only $500 in legal fees
Get Deposit Financing In Canada
There are a lot of ways to obtain financing. You could borrow the money from a family member or a friend, from your financial institution, you could use your credit card, or even use an open mortgage on the property you already own. If you are looking for an option that does not leave you in debt with your family or an option with low-interest rates, deposit financing is the solution for you!
Equity Avenue Mortgages is always here to help and guide you to have a good idea of how you can access deposit financing. Whether you have a question, you want to book an appointment or you simply want to discuss your option, you should contact us directly. Don’t miss out on an amazing opportunity, call us now!
Contact Us
We Are Here For You
Work With Equity Avenue Mortgages For Your Deposit Financing
We have extensive experience with everything related to home financing, loans, and deposit financing. If you have any questions or if you need the help of a professional, you should contact us today. Our team will take the time to sit down with you to figure out the best option for you and your family. To book an appointment or to get more information, please fill out the form below or give us a call at +1-604-260-6900.
Notes About Deposit Financing
* Pricing is subject to change without notice, E & O. If the sale does not complete as scheduled, the loan does get registered as a charge against the property.
** Lender may choose to register the loan as a mortgage if the loan amount is over $100,000