rbc lending policy required client to provide 90 day history of the funds (where the money was in the previous 90 days) + source of the funds (where the money comes from)........
if the funds were wired in from offshore (ie, china) for <90 days, client can simply provide bank stmts in china to proof that they had the funds before it arrived in canada,,,,,,, a wire transfer confirmation helps too........
it is not an issue for someone who knows how to use online banking, some client actually login in our branch and print it onsite, ---- only takes 5min.
it also could be a challenge for some clients when,
1. they don't know how to print out the stmt in china;
unfortunately, the general banking practice in china is a little different.... many client still uses the "bank book".....
in canada, we went from bank book to paper statements to e/statement.....
2. money deposited at family member's account;
3. money wired via business partner in hk (3rd party);
every deal is different................ and exception can be given case-by-case.
the reason for asking is that we, all banks, must satisfy government's anti-money laundry requirements. if someone says they don't need to do that, or it is not required, chances are they are just trying to hide it from their credit center for you --- afraid of losing your business.
so, how to deal w/ this?
wire in your down payment asap - before you come to a bank for mortgage approval;
if you prefer wire in the funds few days before closing, that's ok too, as long as you can provide proof that the money is in your account for 90 days --- could be an account in china....... we don't have any problem w/ that.......... as long as you can provide statement......
just a print out...... you don't have to translate it in english, you don't need to notarize it.... preparation is the key.
these requirements are essential for new immigrant mortgages (who doesn't have a job here)......the downpayment should come from client's own source.
for people who has regular income in canada and the income is high enough to make the mortgage payment, the full downpayment can be gifted.
主要是银行想证明首付的钱不是借来的，
yes. for new immigrant deals (no income in canada)
down payment must come from client's own source;
银行信贷紧缩造成的
no. this is not about tightening lending policy,
this is about
1. aml: anti money laundry, government requirement;
2. to proof client's ability to accumulate assets; ---- it is important for bank to appv mtgs for new-imm-no-income deals; for someone has regular income in canada (verifiable), 100% of the downpayment can be gifted.
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