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PENSIO POWER  FOR HOME BUYING

A Pensio Power Deposit Services Guarantee is a certificate that can be used in place of the cash deposit a home buyer needs to pay when signing a property purchase agreement.

How it Works

A Pensio Power Deposit Services Guarantee is a certificate that can be used in place of the cash deposit a home buyer needs to pay when signing a property purchase agreement. It acts as a guarantee of the deposit payment in lieu of cash. At closing, the buyer then simply pays the full purchase price less their small cash deposit.

A Pensio Power Deposit Services Guarantee can be issued to secure most types of residential properties with closing terms to match the needs of the buyer and the seller. Most property purchases close within months, but pre-construction new home construction can take up to 48 months. There is only a one time fee required. There are no ongoing fees or interest charges. The fee varies depending on the term of the Pensio Power Deposit Services Guarantee and the amount required.

What Pensio Power Deposit Services Guarantee can be used for:​

  • Re-Sale Homes

  • Investment Properties

  • Vacation Properties

  • Pre-Construction New build up to 48 months

Pensio Power Homebuyer Eligibility

  • Minimum homebuyer age is 18

  • Minimum 5% cash deposit requirement, non-refundable, based on home purchase price must be paid by the homebuyer to seller

  • Maximum Pensio Power bond coverage amount must be no greater than 20% of home purchase price

Existing Homeowners

Homeowners are required to possess a minimum of substantiated liquid funds in the form of "cash" savings held within a Class A scheduled bank, fixed-term deposits, and other verifiable liquid assets be equivalent to or exceed twice the maximum bond coverage amount, or the homeowner's primary residence must have verifiable market equity be equivalent to or exceed twice the maximum bond coverage amount.

First Time Homebuyers

First time homebuyers are required to possess a minimum of substantiated liquid funds in the form of "cash" savings held within a Class A scheduled bank, fixed-term deposits, and other verifiable liquid assets be equivalent to or exceed twice the maximum bond coverage amount, or the first time homebuyers guarantor (guarantor must be a related in law to family member) who is a homeowner whose primary residence must have verifiable market equity be equivalent to or exceed twice the maximum bond coverage amount.

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Pensio Power Fees

Pensio Power Deposit Services Guarantees can be a low cost alternative compared to other options such as overdrafts, bridge financing or short-term loans. The fee is calculated on the Deposit Services Guarantees amount and the term of guarantee required. The Pensio Power Deposit Services Guarantees fee is non-refundable.

Short-term Purchase Guarantee
Long-term Purchase Guarantee
  • up to 3 months: 4%

  • 3 months to 6 months: 4.5%

  • 7 months to 12 months: 5.5%

  • 13 months to 18 months: 6.5%

  • 19 months to 48 months: 7%

Keep Your Money Working for You!

A Pensio Power Deposit Services Guarantee is an efficient solution and a much better alternative than having to set aside a lump sum of money for up to 48 months when you are buying a pre-construction new build property.

Keep your investments earning interest elsewhere and avoid the expense of bridge financing. No need to liquidate assets while buying a new home. Say goodbye to other time-consuming and expensive options such as home equity lines of credit or the sale of other securities and assets.

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Pre-Construction New Build Homes

We can provide you with unconditional approvals to enable you to delay the payment of the Pensio Power Deposit Services Guarantee fee, so you can make an offer to purchase a pre-construction new build home with the certainty of knowing that the Deposit Services Guarantee is there when you need it.

When you have found your new home to purchase and have agreed on terms and a price, show the real seller or real estate agent your Pensio Power Deposit Services Guarantee approval, and make sure you obtain the seller’s acceptance of this form of deposit services guarantee before you enter into your purchase agreement (the seller or Real Estate Agent can contact Pensio for your Pensio Power Deposit Services Guarantee Certificate).

 

Deposit amounts for pre-construction new build homes are generally 20% of the purchase price. We require you to put down a minimum 5% cash deposit of the purchase price and the Pensio Power Deposit Services Guarantee will cover the remaining 15% of the purchase price for up to 48 months. Once your purchase agreement with acceptance of the Pensio Power Deposit Services Guarantee is accepted by the seller then you will be required to pay the Pensio Power Deposit Services Guarantee fee.

 

Prior to closing, your lawyer will advise you of the amount you need to pay the seller. At this point, you will have to pay the full purchase price, which includes the deposit amount we have guaranteed to the Seller. We advise you to obtain professional real estate or legal advice before entering into any property purchase agreement or Pensio Power Deposit Services Guarantee Agreement. Get pre-approved at no cost!

Home Owners

If you own a home and want to enter into a purchase agreement to buy a new home but do not want to take out an equity line of credit to make a deposit on your new home purchase, you can obtain a Pensio Power Deposit Services Guarantee at a fraction of the cost of borrowing, or cashing in on your investments.

We can provide you with unconditional approvals to enable you to delay the payment of the Pensio Power Deposit Services Guarantee fee, so you can make an offer to purchase a new home with the certainty of knowing that the Deposit Services Guarantee Bond is there when you need it without you having to worry about how to borrow against the equity in your home. When you have found your new home to purchase and have agreed on terms and a price, show the seller or real estate agent your Pensio Power Deposit Services Guarantee approval, and make sure you obtain the seller’s acceptance of this form of Deposit Services Guarantee before you enter into your purchase agreement (the seller or Real Estate Agent can contact Pensio for your Pensio Power Deposit Services Guarantee). Get pre-approved at no cost.

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How to Apply

Contact a Pensio Agent for the application forms to apply for a Pensio Power Deposit Services Guarantee at your convenience.

Here is what to expect:

  • A full package of documents you need to read, complete, execute, if you do not understand contact a Pensio  Power Agent based on your location

  • Approval or contact from a Pensio Power Agent based on your location within 24 hours, Monday - Friday

  • Pre-Approved Pensio Power Deposit Services Guarantee Notice

  • We will take calls from the seller or real estate agent and respond within 24 hours, Monday - Friday

  • When we have received email notice from you, the seller or real estate agent your purchase agreement has been approved you will receive an email with a secure link to a fee payment portal. Once payment is made, the Pensio Power Deposit Services Guarantee will be issued immediately and you will receive an email with copies of all agreements to view and keep for your records.

There are two ways to qualify for a Pensio Power Deposit Services Guarantee

Option 1 — Review Option

To obtain approval for a Pensio Power Deposit Services Guarantee we will review your application, you will need to demonstrate that you will have the funds to pay the full purchase price for the property when it comes time to close.

You may have a home-buying mortgage pre-approval from a lender, or have money tied up in a fixed-term deposit or in other investments. You will need to show the evidence or you can use a parent or sibling as a co-guarantor who can demonstrate they own a home with sufficient equity, or the co-guarantor has sufficent investments to support their guarantee for you.

Option 2 — Home Equity Option

To obtain approval if you or your co-guarantor are a homeowner you or your co-guarantor will need to have sufficient equity in your residential property.

 

For Pensio Power Deposit Services Guarantees of up to $100,000, you and your co-guarantor need to have a minimum of 1.5 times the Pensio Power Deposit Services Guarantee amount in home equity.

 

For Pensio Power Deposit Services Guarantees above $100,000 you and your co-guarantor need to have a minimum of 2 times the Pensio Power Deposit Services Guarantee amount in home equity.

Pensio Power Deposit Services Guarantee Certificate Sample

Contact Pensio at info@pensiopower.com Monday through Friday to obtain a Pensio Power Deposit Services Guarantee Sample Certificate we will provide to the guaranteed party pursuant to your Purchase Agreement.

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