Borrow Money to Deposit for a Home Purchase 

Buying a home is a major accomplishment. Whether the purchaser is a first-time homebuyer or a previous homeowner, a deposit may be quickly needed to secure a sales contract. Unique programs exist for a buyer who needs to borrow money to make a deposit toward a home purchase.

Making an Earnest Money Deposit Toward a House for Sale

When shopping for a home, a prospective buyer might find an adorable property ahead of schedule. Some buyers might expect to tour dozens of properties to locate the ideal home. 

A proficient real estate professional who has found several properties that contain the majority of the items on a buyer’s checklist could generate some interest for a specific home, after a handful of showings.

Before accepting an offer that changes an active property listing from available to pending, a seller will want to confirm that a buyer has received a mortgage pre-approval and has some skin-in-the-game via an earnest money deposit.

Generally, a deposit of $1,000 or more is viewed as a valuable form of consideration that a homebuyer would not easily walk away from. 

Money that is placed on deposit toward a sales contract is typically non-refundable unless certain contingencies are not met.

A seller might accept an offer that has a stronger earnest money deposit than competing offers include.   

In a scenario where an offer is accepted and the prospective buyer does not have all of the cash, an inquiry to borrow money to deposit for a home might be a viable option.  

Get a Loan for the Deposit Toward a Purchase Agreement

A loan that facilitates a buyer’s deposit for purchase could maintain a deal that might otherwise fall apart, if the accepted terms are not fulfilled.

Unlike the money that a homebuyer might seek from down payment assistance programs, a deposit for purchase is generally used toward a sales offer versus a portion of the property’s sales price.

If a sales offer is accepted and a homebuyer needs money right away, an alternative lending source may be able to provide a portion of the funds that are required.

Second-Mortgage.Ca offers financial support for homebuyers who need additional money to deposit toward a sales contract and for first-time home buyers who plan to borrow against a Registered Retirement Savings Plan for a deposit to purchase.   

Speak with a representative at Second-Mortgage.Ca today for more details about our loan programs by calling 877-896-6727.