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macbcomm
 Post subject: Deposit
PostPosted: Mon Jul 30, 2007 7:36 am 
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Joined: Fri Mar 10, 2006 8:55 pm
Posts: 69
Does the initial deposit have to be "cash" you have saved or can the deposit be made using a line of credit?
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gcpeart
 Post subject:
PostPosted: Mon Jul 30, 2007 7:41 am 
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Joined: Wed Mar 09, 2005 9:55 am
Posts: 1356
Location: 14C - Lot 82 - Upland B
Mattamy doesn't care where it comes from. From the bank's perspective, what ever you pay to Mattamy as part a deposit counts towards your down payment %.

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hockeymortgagemom
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PostPosted: Mon Jul 30, 2007 7:46 am 
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Joined: Thu Jul 21, 2005 10:22 am
Posts: 2228
Location: Heathwood- Playfair Terrace
be careful that you have a chat with your bank, as if in the end, your deposit remains from a line of credit, it is not from your own resources, as well, the liability has to be used in your credit application for qualifying. However, if you are using it as a temporary facility for example until you list and sell your existing house, ultimately your deposit/downpayment is from the sale.

Hope this helps, if you wanted further info, I'd be happy to help.
Jessica :)
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kf095
 Post subject:
PostPosted: Mon Jul 30, 2007 11:39 am 
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Joined: Tue Dec 13, 2005 4:23 pm
Posts: 2894
Location: New Milton
We were using our line of credit to buy Mattamy home.
At our bank they told us it was not possible before. But they changed it about two years ago.
We closed it right after closing day. But if something is left, no reason, it is better to refinance it under mortgage.
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