Potential Sources Of Funds

The type of fund raising one uses is a function of judging risk and one’s individual credit rating. There are several options available.

  1. Using Existing Cash Reserves
  2. Using Existing Liquid Reserves (ie. Bonds and GICs)
  3. Utilizing any of the above as collateral for a loan
  4. Using other types of assets such as stocks as collateral
  5. Using the equity in an existing home/property
  6. Using existing Line of Credit
  7. Establishing a Line of Credit to draw from
  8. Using Credit Cards
  9. Using the Help of Family and/or Friends

A mortgage debt vehicle only applies if one intends to take title of the property; otherwise the structure will be that of a loan.

Most banks/lenders will honour the mortgage credit approval and rate for 4 months from application approval. If this time expires, the application must be re-submitted.

Some lenders even offer a “cash back” program for help with the down payment, or closing costs. This only applies when a formal mortgage is entered into with specific lenders.

There are other terms and conditions for qualification, please seek professional advise from a mortgage specialist. Or  for more information.