Solving the Deposit Dilemma: Introducing Deposit Lending with James Loewen
Hey there, welcome back! Today, I want to address a common issue that many homebuyers face: deposit lending. My name is James Loewen, and together, we'll make this process a breeze. Let's dive into the world of deposit lending on this edition of Smarter, Not Harder.
Understanding Deposit Lending:
Picture this scenario: you've found your dream home, and your offer has been accepted. The clock is ticking, and you have 24 hours to come up with the required deposit, which can be a substantial sum ranging from $50,000 to even more than $100,000. But what if you don't have that kind of cash sitting in your bank account?
Don't worry; we've got your back!
Deposit lending differs from bridge lending, which involves buying a new home before the sale of your existing one is finalized. In deposit lending, you're purchasing a new home but haven't sold your current one yet, leaving you without access to your down payment at the crucial moment when you need it most.
Say Goodbye to Stressful Options
Common options for securing the deposit can be less than ideal. Cashing in your RSPs incurs significant taxation, while using all your TFSAs means you can't reinvest until the following year. Borrowing from friends or family can be awkward, and searching for loose change in your couch cushions is hardly a reliable solution. Thankfully, if none of these options work for you, we have the perfect alternative.
Introducing Deposit Lending with Loewen Group
We've designed a seamless deposit lending process that can be your saving grace. Here's how it works: we'll send you a document via DocuSign, and upon confirmation of receipt from your lawyer, the money will be wired into either your account or the seller's trust account within 24 hours or less. When the time comes for the sale of your house to close, your lawyer will simply repay us the borrowed amount, and this deposit will be counted towards your total down payment.
Why Choose Deposit Lending?
The beauty of deposit lending is that it offers a hassle-free and timely solution to your deposit needs. We incorporate deposit lending into every pre-approval process with our clients, ensuring that you have a safety net during your home-buying journey.
Get in Touch!
If you're wondering what's trending in the real estate market, it's deposit lending! Don't hesitate to reach out if you need guidance or want to explore this option further. I'm James Loewen, and together, let's make your home-buying experience Smarter, Not Harder.
James Loewen
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INDI Head Office: 223 14 Street NW, Calgary AB T2N1Z6
Compliance Officer: Gord Appel (403) 714-4663 | [email protected]
Broker of Record: Gord Ross 800-517-8670 ext 301 | [email protected]