No Down Payment Mortgages
No down payment mortgages is big in demand, everyone talks about it, lots of first time home buyers want it but no one actually gets to buy their home with no down payment.
NO Down Payment Not Exist
You may be disappointed but will you agree that it’s still better than you being in the situation where you start looking for a house with your real estate agent, get an accepted offer & at the time of mortgage application find out that No down payment mortgages do not exist in Canada anymore!
Ideally it is in your best interest to meet with a mortgage broker and know your options before even engaging a real estate agent for viewing real estate.
Today in March 2021, the minimum down payment to qualify for a mortgage is 5%. Historically speaking 25% down was minimum requirement.
Irrespective of rationale & reasons why the banks stopped no down payment mortgages read more about the potential solution to not enough down payment when buying your first home in Mississauga, Brampton, Toronto GTA Ontario.
What Are The ?
- Use Your RRSP Savings – Home buying is the one and only one time when government allows you to take your RRSP money without charging taxes & allows you to pay back within next 15 years without charging any interest on it. Why won’t you leverage your RRSP money?
- Gifted Down payment – Banks don’t have no down payment mortgage any more but they allow gift as part of your down payment from your first degree relatives. The best person to ask is your parents, brothers & sisters. It’s worth a try- trust me.
Flex Down Mortgages – This product allows you to borrow money for the required down payment from your Line of credit, credit cards or personal loans. It sounds good but be aware that your income has to serve the borrowed debt plus your new mortgage amount. - Cash Partner – This is where mortgage delivery guy’s unique skills come into play. This strategy is worked wonders for many. Find a friend or a family member who is willing to buy a house on your behalf, where you occupy the property & take care of all the expenses and so on… This strategy is used by sophisticated real estate investors & work wonders when executed correctly. Something to seriously think about!
Wanna know more about the down payment amount for your purchase price? Go ahead and click the link ahead to learn more on our very own, accurate and social smart phone app called Mortgage Calculator App. We are certain you will love it. It’s absolutely free. Realtors has downloaded it, so can you!
To know your real options which will help you overcome this no down mortgages fiasco you are encouraged to click here & schedule your free mortgage strategy session today.