Our Mortgages |
Compare Mortgage Rates |
Our Mortgage Rates |
 |
 |
 |
Zero Down Mortgage (5% Cash Back Mortgage)
When the Government of Canada changed the policy to stop insuring Zero Down Mortgages, 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 5% 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 the mortgage works for the client, this is really not much different than the traditional zero down mortgage, however 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. The benefit to the client in this case is they immediately have equity in the property versus the zero down mortgage which would leave the clients 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 buyer, so let one of our professional mortgage brokers work with you to explain how the 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 is a great alternative. Home ownership is just a click away so contact Verico Mortgage Options Ltd. and let us get started working for you!
Non-Conforming Zero Down Mortgage - 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 products and policies that the banks cannot offer. With our non-conforming lenders, true zero down mortgages are still available and may be right for you and your situation if the cash back 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.
Product Options
Fixed Term Products
Fixed term mortgages are those which have interest rates that are locked in for the full term of the mortgage. When you shop for a fixed term product, the biggest differences will come in the interest rate and pre-payment privileges. We offer the best wholesale rates available in Canada today. We have terms as short as 6 months and as long as 25 years, and we can work with you to find the right term based on your specific situation, one size does not fit all! We also think ahead to the end of your term and try to put you with lenders that will offer you their best rates on renewal as well (seeLender for Life Option).
Mortgage Brokers
 |
