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What is Required for Down Payment – Vancouver Mortgage Broker Rowan Smith Explains

Transcript of Video Blog

Hi, everyone. It’s Rowan Smith with the Mortgage Center.

I want to talk about down payment confirmation today. I did a previous post on gifted down payment. This post will be specifically on normal down payment coming from savings. What do the banks want to see?

Well, the general rule of thumb is, they want to see 90 days of bank account history, showing the money in your name. This is just to comply with anti-money laundering rules and proceeds of crime legislation and whatnot. It’s to insure that the funds that you’re using for down payment didn’t come from any illicit source.

Now, what will they accept in those cases for 90 days of proof? Well, 90 days of bank statements is fine. Most banks will accept 90 days online printouts. The important thing is, the online printout needs to have your name on it. It has to show that that’s your account and not mine or somebody else’s.

So, if you print out your statements for 90 days, and you have all the transactions, most institutions, frustratingly, don’t have your name on it. They just have the account number. So, what do you do?

Well, one of two things. You can either give us an older statement so that we can cross-reference the number that’s on the current online ones with your name. Or, you can go into the summary screen.

Now, when you first log in, and it’ll say, “Welcome Rowan Smith. Your account.” And it’ll typically show you a summary of the various accounts that you have. It’ll also usually have the account numbers.

If we have that shot, along with your online statements, that’s generally deemed sufficient to satisfy the lender’s criteria.

Now, if it’s in RSPs, or it’s in term deposits, well, sometimes, those statements only come out annually. We can work with you in those specific circumstances. By and large, rule of thumb, 90 days history on down payment.

If you have any questions on this, give me a call. This is Rowan Smith from the Mortgage Center.

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