90 Days History

When applying for a mortgage it is necessary to provide 90 days history of your down payment. This is to prove that you did not borrow it or it was not obtained through illicit activity. Often clients have more than one bank account as a source for their down payment. This will require that we provide the lender with 90 days history for each account that is associated with the down payment. Also any large deposits much be throughly explained. We will need to show the sources of the large deposits and 90 day history of said deposits if required by the lender.

Once all funds can be accounted for, then and only then will the lender sign off on your down payment. Anti-money laundering rules are in place for a reason and deposits over 10K will be heavily scrutinized. Everything involved in securing your financing this is the most time consuming and is a big relief once completed to the lenders satisfaction.

Today I am thankful for the persistence of clients and the patience of my underwriters, the relaxed pace of the weekend not that the work actually stops and the way my dog looks up at me when we go for a walk and it’s priceless.

“Former US House Majority Leader, Tom DeLay, has been sentenced to three years in prison. One year for money laundering and two more for his performance on Dancing with the Stars.” Jay Leno

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here