No Down Payment Mortgage
Yes there is a new mortgage in Canada that will allow you to finance 100% of your new home purchase. You can also use this mortgage product to refinance up to 100% of your homes value for renovations, debt consolidation etc.
Here is how it works:
- The mortgage is 100% of the properties appraised value
- You must have a clean credit history (No previous bankruptcies and any late payments in the last two years)
- You must have good job stability (two years in the same line of work is preferred)
Thatís it! Rates are currently as low as 7.15% (yes — this is higher than the rates posted elsewhere on our site, but given that you need no down payment, plus you can start building equity, this may be worth your while.)
Home ownership may be closer than you think!
Many young families can afford a mortgage payment, but with the high cost of living it can be very difficult to save for a down payment. So why rent when you can own? Start building your EQUITY today!
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