Quick! Loans! Is there any online places that are real and you got a loan with good interest rates??

Every lender I've had has run a second credit check before closing. It's very common in the states after the last mortgage meltdown.

Thank you all for the information. We need 3000 more to have it all. My parents were saying they would like to help and gift it to us. I think I will talk to dh about finding a second opinion because they didn't help us or tell us what you ladies have informed me about. Thank you so much!

@someone another way to get approved is if the down payment is gifted. Person would have to sign a letter saying that it's not expected to be paid back.

In Canada, you can't take out a loan for the down payment. You must have it. It's minimum 5% if the home is under 500k (believe that's the amount with the recent change of law), and a higher down payment for homes above 500k.

@kms, I have never had that issue. I have a home in Edmonton, and a revenue property with two apartments in Montreal. Once the approval was granted, they do not run another credit check.

Perhaps it's as Bebe said, takes 30 days to show.

ETA I would not recommend borrowing before your mortgage application. That will definitely run the risk of being refused.

Unfortunately you cannot take out a loan as part of a down payment. You have to show the banks a certain amount of months of bank statements to show that that money is truly yours. The only way that would work is to take out a loan. Deposit the money. Then you would have to let it sit for months and hope that the bank wouldn't ask for statements back farther than that. PP is right though, by taking out a loan you increase your debt ratio which could result in you no longer qualifying for the mortgage or the interest-rate's.

Here in canada, it takes 30 days for any new lending products to show up on your credit.

@jenvali we have excellent credit (hugest tier for both of us) and have purchased three homes. Our credit was always run a few days before closing. Our realtor always advised us not to make any large purchases or so anything that would change our credit score until after we signed. We were even asked about small deposits that didn't come from our employers. They scrutinize everything.

Your loan broker should be able to educate you about the down payment. There are many down payment assistance programs out there. If he/she isn't aware of these programs, you may consider finding another loan broker.

If you have already received your approval, they will unlikely run another credit check between now and your signing.

Be careful with taking out any kind of loan when you are in the process of buying a home. I was advised (actually told) not to by my mortgage company. We had to explain every single loan, debt, bank account, every penny we had or didn't have. They also required signed letters about where our down payment was coming from (half from each of our savings account).

Ask your mortgage company about this. They may no longer approve you for the home loan. It gets very tricky. I would hate to see you make a huge move that ruins your chance of getting a home.

How much more do you need for a down payment?

I believe you aren't allowed to take out a loan to use as a down payment on a mortgage. You should probably wait a year or two and save money for the down payment.

For down payment on a home. Dh got approved for the loan itself with modest rates but we can't get any help on the down payment because his credit is still too low

Loans for what?