If you have a firm sale on your current home, our service allows you to access the equity before the completion of your sale. Typically this is used for a deposit on a new home, but it can be spent on any taxes, moving expenses, closing costs, or personal expenses.

PROCESS

Before the process begins, please confirm the services of a Lawyer or Notary have been retained and their office has received the necessary documents pertaining to the sale.

• Required information is sent to admin@depositfinancing.ca

• Documents are issued for signing via Zoho sign

• The signed documents are sent to the Lawyer or Notary for execution

• Funds are transferred electronically into the account provided

• Upon completion of the sale, all funds and fees are repaid to Deposit Financing by your legal representative

REQUIRED INFORMATION

• Government photo ID

• Void cheque

• Title search of your current home

• Sale agreement with subject removal

• Statement of your current mortgage/charges

• Purchase agreement (if available)

• Name, firm and email address of the Lawyer or Notary who will be handling your sale

• Applicants email address(es)

REQUIRED BORROWER DISCLOSURE

Under the Mortgage Services Act (MSA), borrowers must receive the applicable BCFSA disclosure based on whether they are represented by a mortgage broker or unrepresented.

Represented Borrower  (represented by a Mortgage Broker) Under the MSA (Mortgage Services Act) BCFSA (British Columbia Financial Services Authority) is requiring the borrower to fill in

Form Package #1 Disclosure to Represented Borrower before the loan can be funded.

OR

Unrepresented Borrower (not represented by a Mortgage Broker) Under the MSA (Mortgage Services Act) BCFSA (British Columbia Financial Services Authority) is requiring the borrower to fill in

Form 2A Disclosures of Risks to Unrepresented Borrower before we can start the loan process.

Form 5 — Lender Disclosure Waiver

Deposit Financing Inc. (DFI) has issued a standing waiver of receipt of Form 5 — Disclosure of Information Statement to Lender for mortgage transactions arranged with DFI as lender, subject to the conditions in its signed waiver and the lender disclosure relief described in BCFSA Advisory 26-038.

Before relying on the waiver, please download a copy of the signed DFI Form 5 waiver, retain it, and document reliance in each affected transaction file. This waiver does not waive other disclosure requirements or obligations.

PRICING AND PARAMETERS

$100,000 - $200,000 loan amounts will be looked at and reviewed on a case-by-case basis.

1% of the 5% processing fee will be paid to the Mortgage Broker facilitating the file.

British Columbia properties only

FEATURES AND ADVANTAGES

No mortgage registration

No appraisal 

No monthly payments

No credit check

Separation loans accepted

Quick funding

No income verification

Electronic signings

Open term

Additional funds can be added to the financing
for any purpose