Humber/Ontario Real Estate Course 4 Exam Practice

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Who must provide mortgage lenders evidence of the source of the downpayment?

The buyer's financial advisor.
The buyer's real estate agent.
The buyer themselves.
The seller's attorney.
The mortgage broker.
The home inspector.

The correct answer is: The buyer themselves.

The correct answer is the buyer themselves. Mortgage lenders require buyers to provide evidence of the source of the downpayment to ensure that the funds used for the purchase are legitimate and do not involve any illegal activities like money laundering. It is the buyer's responsibility to provide this documentation to the mortgage lender for review and approval. The other options - the buyer's financial advisor, the buyer's real estate agent, the seller's attorney, the mortgage broker, and the home inspector - do not typically play a role in providing evidence of the downpayment to the lender.