Borrowed Down Mortgages in Toronto, On
 

Why Rent When You Can Own?  You can purchase a home with no saved down payment!

If you have an excellent credit rating and stable income, you may qualify to obtain a mortgage even if you haven't managed to save 5% down payment.
Keep in mind that you will need to show that you have enough money to cover your closing costs (about 1.5% of the purchase price).
 
There are several ways to for you to come up with the min 5% down payment required. It may be the right fit for
you if you:
  • Have no down payment saved yet but want to get into homeownership sooner and stop paying rent
  • Don’t have enough savings for the usual minimum 5% down payment
  • Don’t have enough money in your RRSP to use towards your down payment
  • Are planning on staying in your new home for at least the next 5yr
  • You are 1st time home buyer
  • You are a Young professional/recent graduate
  • You’ve been minimum 2 years on the same job with credit score of min 650
  • You DON'T have maxed out credit cards

 

 

Cash Back Mortgages for Closing Costs


If you have some money for a down payment but may need a smaller amount for cover other expenses, then a smaller cash back mortgage is the perfect fit for you.  You receive anywhere between 1% and 3% cash back on the mortgage to help with the closing costs, furniture and even paying off some other debts.

 

Flex Down or Borrowed Down Payment


This is slightly different from a cash back in that you can borrow your down payment from a line of credit, credit card or personal loan.  You can even use gifted down payment from immediate family members provided that you have good credit and stable income.

We have access to lenders that offer variety of lending solutions. As the experts in this unique area of financing, we can walk you through the each type of cash back mortgage available. We will go over the benefits and drawbacks to ensure you are making the right decision.

Give us a call today at 647-893-2535 to find out more about your mortgage options.  Keep in mind that our services are FREE to you.




Information provided by Snezhana Todorova, Mortgage Agent, Lic #M13000122. Dominion Lending Centres Mortgage Watch Lic#12044.
Snezhana can be reached at 647-893-2535 or mortgages@snezhana.ca