Zero Down Mortgage

When the federal government changed the policy to stop insuring the Zero Down Mortgage, 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 our zero down mortgage (the 5% cash back mortgage) works for the client, it is really not much different than the traditional zero down mortgage. The interest rates charged on the product are slightly higher, as the 5% has to be paid back to the bank over the 5 year term however the benefit to the client in this case is they immediately have equity in the property versus the traditional zero down mortgage.

This all sounds somewhat confusing especially to the first time home buyer, so let one of our mortgage brokers work with you to explain how this zero 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 zero down mortgage is a great alternative. Home ownership is just a click away so contact one of our mortgage brokers and let us get started working for you!