Malhotra Mortgages

10/23/2024

07/23/2024

Free Mortgage Check Up…..
Contact me at (613) 252-4506 or [email protected]

06/13/2024

A mortgage gift letter is a document that validates the source of down payment money that comes free of charge from a family member or friend.
Essentially, it confirms that the funds provided for your down payment are a gift rather than a loan that needs to be repaid.

Here are the key points about mortgage gift letters:

Purpose: A mortgage gift letter demonstrates to the lender that the down payment funds have been given to you as a gift. It assures the lender that you are not obligated to return the money, which is crucial for the mortgage underwriting process.

Donor Relationship: The donor must be an immediate family member, such as a parent or a close relative. Lenders typically require proof that the money has been transferred into your bank account.

Gift Amount: The letter should specify how much money is being gifted.

No Repayment Obligation: The gift letter explicitly states that the funds are not to be paid back. If there’s any expectation of repayment, it would no longer qualify as a gift.

For any mortgage related questions contact me

Parampreet Malhotra- Mortgage Agent
☎️ 613-252-4506
📧 [email protected]

02/19/2024

Happy Family Day to Everyone… #2024

02/05/2024

Bank of Canada’s 2024 Outlook: a year of consideration… For your mortgage needs contact me at (613)252-4506..

12/11/2023

Getting your home in 5 easy steps… For any mortgage related inquiries reach out to me at (613)252-4506. Happy to help!!!