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Zero Down Mortgage Options In Canada
When the federal government changed the policy to stop insuring the Zero Down Mortgage in Canada, it once again meant purchasers had to come up with the 5% down payment to get into the housing market. One way that we can help you get that down payment is through our 5% Cash Back Mortgage. The idea behind this mortgage is for the lender to give (lend) the client the 5% they need for down payment.
As far as how the zero down mortgage here in Canada works for the client, it is really not much different than the traditional zero down mortgage options. The interest rates charged on the product are slightly higher, as the 5% has to be paid back to the bank over the next 5 years however the benefit to the client in this case is they immediately have equity in the property versus the traditional zero down mortgage option which would leave the client in a negative equity situation (upside down) for the first couple of years if there was no appreciation in the property.
This all sounds somewhat confusing especially to the first time home buyer, so let one of our Canadian mortgage brokers work with you to explain how this no money down mortgage product works and if the product might be right for you. If you are not able to borrow the 5%, or have it given to you as a gift, the 5% cash back mortgage here in Canada is a great alternative. Home ownership is just a click away so contact Verico Mortgage Options Ltd. and let one of our Canadian mortgage brokers get started working for you!
Non-Conforming Zero Down Mortgage Options- CURRENTLY NOT AVAILABLE
Some of our mortgage lenders do not insure their loans through the insurers (and thus the Government of Canada), they self insure their mortgages. This allows them to have mortgage products and policies that the banks cannot offer. With our non-conforming lenders, they do have true no money down mortgages in Canada available and may be right for you and your situation if the 5% cash back mortgage is not an option. Although the mortgage rates are a bit higher under these lenders, they are often the answer for those not qualifying through the banks.
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