DEPOSIT LOANS

WHAT ARE DEPOSIT LOANS?

When purchasing a home, all purchase contacts require a deposit upon subject removal.
Deposit loans are short-term loans between a lender and a borrower that provides the necessary “deposit” needed.

A Purchaser’s Deposit is required by your MLS contract and represents a commitment to purchase the property once you remove all your subjects to purchase. The deposit put up by the purchaser is held in trust by the Selling Realtors agency and forms part of your down payment.

WHO SHOULD CONSIDER A DEPOSIT LOAN?

Sometimes when purchasing a home, a buyer may be well-qualified for the purchase and mortgage, but for some reason, does not have the necessary cash on hand that is required for the deposit. The deposit typically ranges from $10,000-$50,000.

SITUATIONS WHERE A DEPOSIT LOAN SHOULD BE CONSIDERED:

  • Equity in the selling property, not enough cash on hand
  • Cash is tied up in investments and cannot be easily liquidated for deposit
  • Don’t have access to line of credit
  • Can’t borrow from Family

HOW TO SECURE A DEPOSIT LOAN?

The application process for a Deposit Loan is very quick and easy and requires very little documentation. Typically deposit loans are funded within 1-3 business days of receipt of application and documentation.

The process is simple, send an email to mike@mbmm.ca or call 778.240.6641 so we can get some details of your request. We will get back to you with the required documentation and our rates and fees.

Approvals are quick and the money is electronically transferred or we provide a certified cheque.

Have questions? Click here. We'd love to try and help.
Mortgages by Mike Morisset
Mortgages by Mike Morisset
5.0
Based on 88 reviews
powered by Google
Steph Pollard
Steph Pollard
23:01 16 Jan 20
Mike and his assistant, Diana, have been an incredible team to work with throughout the process of buying my first… place. I had originally met with a bank but didn’t feel right about it so I decided to reach out to Mike as my good friends had used him for their previous home purchase(s). From the start, both Mike and Diana were extremely helpful. They walked me though every step, kept me up to date as to what was needed, what was completed, and were such an efficient duo. I couldn’t believe how quickly things were moving! They continued to keep in touch throughout the two months between my accepted offer and completion date. Honestly, couldn’t recommend Mike more highly. I will definitely be using them for all home transactions in the future.read more
Zach Leverington
Zach Leverington
00:42 16 Jan 20
My Wife and I have really enjoyed working with Mike to purchase our first home. Mike responds quickly, provides… information in an easy to digest format (especially if you’re new to the mortgage world) and gives great insight (mortgage, housing market, economy, and beyond) to help you make the best decision for your family and future. Mike and Diana have made the experience much lighter and far less stressful. I would highly recommend his services and appreciate all the work he put in!read more
Rachel Harrington
Rachel Harrington
20:04 13 Nov 19
I highly recommend Mike as a mortgage broker and look forward to working with him again in the future. Him and his team… were able to negotiate a fantastic rate on our behalf and worked diligently through various details of our non-standard situation with the lender.Mike is very professional, always answers his phone and clearly explains all the available options in plain English. We enjoyed working with Mike and his team and will be recommending him to all our family and friends.read more
Chris Janzen
Chris Janzen
18:42 24 Oct 19
I can’t recommend Mike more! He is someone who truly cares about you and your future. His ability to be creative in… developing a financial plan was a welcome change from the standard answers I would get from other mortgage brokers or the banks. Thanks Mike for listening to our concerns and finding the best fit – I will definitely be seeking you out again!read more
Arianna Gubert
Arianna Gubert
18:59 19 Oct 19
Mike and his team always go above and beyond to ensure that clients are well taken care of. I always recommend my… clients to him, and they continually have amazing things to say. Mike and his team are personable, professional, and excellent at what they do. They care about their customers and it really shows. Thank you for everything Mike!read more
Mike Jenkins
Mike Jenkins
02:20 18 Oct 19
Mike has been nothing but excellent in our dealings with him and his team. He is always available to answer questions… and queries related to the market, and is always honest and articulate in his responses. We feel very comfortable with Mike, and we also feel our mortgage dealings are in safe hands. Mike has definitely kept our best interests in mind, offering impartial advice when needed. I would not hesitate to recommend him as he is a genuinely good professional and nice, personable guy.read more
Next Reviews

DEPOSIT
LOANS

WHAT ARE DEPOSIT LOANS?

When purchasing a home, all purchase contacts require a deposit upon subject removal.
Deposit loans are short-term loans between a lender and a borrower that provides the necessary “deposit” needed.

A Purchaser’s Deposit is required by your MLS contract and represents a commitment to purchase the property once you remove all your subjects to purchase. The deposit put up by the purchaser is held in trust by the Selling Realtors agency and forms part of your down payment.

Who should consider a Deposit Loan?

Sometimes when purchasing a home, a buyer may be well-qualified for the purchase and mortgage, but for some reason, does not have the necessary cash on hand that is required for the deposit. 

The deposit typically ranges from $10,000-$50,000. 

SITUATIONS WHERE A DEPOSIT LOAN SHOULD BE CONSIDERED:

  • Equity in the selling property, not enough cash on hand
  • Cash is tied up in investments and cannot be easily liquidated for deposit
  • Don’t have access to line of credit
  • Can’t borrow from Family

HOW TO SECURE A DEPOSIT LOAN?

The application process for a Deposit Loan is very quick and easy and requires very little documentation. Typically deposit loans are funded within1-3 business days of receipt of application and documentation.

The process is simple, send an email to mike@mbmm.ca or call 778.240.6641 so we can get some details of your request. We will get back to you with the required documentation and our rates and fees.

Approvals are quick and the money is electronically transferred or we provide a certified cheque.

Have questions? Click here. We'd love to try and help.
Mortgages by Mike Morisset
Mortgages by Mike Morisset
5.0
Based on 88 reviews
powered by Google
Steph Pollard
Steph Pollard
23:01 16 Jan 20
Mike and his assistant, Diana, have been an incredible team to work with throughout the process of buying my first… place. I had originally met with a bank but didn’t feel right about it so I decided to reach out to Mike as my good friends had used him for their previous home purchase(s). From the start, both Mike and Diana were extremely helpful. They walked me though every step, kept me up to date as to what was needed, what was completed, and were such an efficient duo. I couldn’t believe how quickly things were moving! They continued to keep in touch throughout the two months between my accepted offer and completion date. Honestly, couldn’t recommend Mike more highly. I will definitely be using them for all home transactions in the future.read more
Zach Leverington
Zach Leverington
00:42 16 Jan 20
My Wife and I have really enjoyed working with Mike to purchase our first home. Mike responds quickly, provides… information in an easy to digest format (especially if you’re new to the mortgage world) and gives great insight (mortgage, housing market, economy, and beyond) to help you make the best decision for your family and future. Mike and Diana have made the experience much lighter and far less stressful. I would highly recommend his services and appreciate all the work he put in!read more
Rachel Harrington
Rachel Harrington
20:04 13 Nov 19
I highly recommend Mike as a mortgage broker and look forward to working with him again in the future. Him and his team… were able to negotiate a fantastic rate on our behalf and worked diligently through various details of our non-standard situation with the lender.Mike is very professional, always answers his phone and clearly explains all the available options in plain English. We enjoyed working with Mike and his team and will be recommending him to all our family and friends.read more
Chris Janzen
Chris Janzen
18:42 24 Oct 19
I can’t recommend Mike more! He is someone who truly cares about you and your future. His ability to be creative in… developing a financial plan was a welcome change from the standard answers I would get from other mortgage brokers or the banks. Thanks Mike for listening to our concerns and finding the best fit – I will definitely be seeking you out again!read more
Arianna Gubert
Arianna Gubert
18:59 19 Oct 19
Mike and his team always go above and beyond to ensure that clients are well taken care of. I always recommend my… clients to him, and they continually have amazing things to say. Mike and his team are personable, professional, and excellent at what they do. They care about their customers and it really shows. Thank you for everything Mike!read more
Mike Jenkins
Mike Jenkins
02:20 18 Oct 19
Mike has been nothing but excellent in our dealings with him and his team. He is always available to answer questions… and queries related to the market, and is always honest and articulate in his responses. We feel very comfortable with Mike, and we also feel our mortgage dealings are in safe hands. Mike has definitely kept our best interests in mind, offering impartial advice when needed. I would not hesitate to recommend him as he is a genuinely good professional and nice, personable guy.read more
Next Reviews