1) Three months of account history of the funds
2) For those using RRSP funds please also include:
3) For those using TFSA funds please also include:
Down payment verification is one of the largest, most detailed and time consuming parts of the mortgage process.
This is because your down payment verification needs to not only meet the lender's requirements but also Canada's anti-money laundering and anti-terrorist financing regime.
The earlier you can begin the process of collecting your down payment documents, the better.
For the verification, the lender needs to see a paper trail of all the funds that are being used for the downpayment. They will need to see the transactional history of the account and not just a summary of the account. In this transactional history they will be looking for what funds have gone into the account during the 90 days.
If funds have entered the account during the last 90 days, excluding employment income, the lender will require a history on the funds. When looking at your account history, if you see funds that entered the account, please also provide a 90 day history of the deposited funds as well.
Lenders will require this verification for any funds, that were not from employment income, over $1000 that have entered your account during the 90 day history.
In the time leading up to a real estate purchase, it's best to limit the movement of funds between accounts as it will create more account documents that you will need to provide.
If you have questions about the down payment or would like more information please contact me and we can review.
Does the document have the financial institution's name on it?
Does the document have my name on it?
Does the documents have my account number on it?
Can I see 90 days of account history (For example, from April 15 to July 15)?
Is the documents unaltered (For example, no information been blacked out or the document has not been written on)?
If you answered YES to all of the above, please send the document
If you answered NO to any of the above, the document will not be accepted by the lender
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Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.
Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.