WHAT IS A GIFT LETTER?
A gift letter is a written document used to show funds deposited for a down payment.
WHY DO LENDERS REQUIRE A GIFT LETTER?
The lender will require a gift letter along with confirmation of the gifted amount being deposited into the purchaser’s account. The gift letter verifies the amount of funds being used for down payment.
HOW DO I GET MY GIFT LETTER?
Most lenders have their own gift letters; therefore, I will provide you with the form needed for submission. Please note, the amount being deposited must match to the amount stated on the gift letter. Additionally, the funds should be deposited into your account a minimum of 2 weeks before the completion date.
The information and services offered on this Site are provided with the understanding that neither Dominion Lending Centres Inc., nor its suppliers or users are engaged in rendering legal or other professional services or advice. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time and the information you obtain at this site is not, nor is it intended to be, legal advice. If you require specific advice regarding your own situation please contact me for consultation.
