Planning for a down payment? Keep these things in mind

When it comes to securing a mortgage, understanding the specifics about a down payment is crucial.

This isn't just about knowing how much you need, but also about preparing for the process.

Reach Out

Seeking advice from an experienced mortgage broker to calculate the exact amount needed for your desired purchase is key.

You don't want to underestimate how much money you'll need and come up short in the application process.

90 Days

Remember this: lenders typically require 90 days of documentation for a down payment.

"That is something that a lot of clients find a bit tricky," mortgage expert Grace Pontes said.

This can be a stumbling block for many, so ensure your funds are in one account and ready for three months' worth of statements.

Closing Costs

"These include legal fees, appraisal fees, and moving costs that must be set aside to complete the purchase," Pontes explained.

But don't panic if you're unable to accommodate these costs after your down payment.

"There are lenders who specialize in assisting with closing costs, ensuring your purchase goes ahead smoothly," Pontes said. "And a mortgage broker is well equipped to help you there."

If you're looking to explore new mortgage solutions and secure a truly competitive rate, see how someone like Grace Pontes can help you here.