Zero Down and Free Down PaymentMortgage Qualification Programs
Are you ready for a home that you can call your own? You've worked hard to position yourself, but just find it too difficult to save the 5% down?
No problem!
If your bank, trust company, or credit union has told you NO simply because you lack the required down payment, then BillieBroker.com is the right place for you! We have access to over 90 lenders, and many of them have specialized programs just for you! Let us help you navigate the endless red tape and get you and your family the mortgage that you deserve!
Programs:
Gifted Down Payment
We can assist you with organizing the correct paperwork and the bank deposit history that lenders are specifically looking for when you are considering a down payment that is gifted from a blood relative (requirement). Many clients make mistakes that cost them 3-4 months of re-organizing and they lose the home and the interest rate that they were hoping for! Call us first: 250.575.5478
RRSP Down Payment
Navigating the Federal Government's regulations on RRSPs can be confusing for many prospective home owners, which is why we offer free advice when considering using your RRSPs to purchase your first home. Call us today to discuss how you can use up to $25,000 of your RRSPs for a down payment that is both interest and tax free to purchase a home.
Zero Down / Free Down Payment Mortgage
Under a relatively new program, select banks offer strong applicants that qualify the 5% down payment they need to purchase a home in Canada. This happens through an exclusive program where you qualify for 95% financing, and upon the closing of your mortgage and purchase of your house, the Bank advances you the 5% down payment! Yes truly - a Bank giving you money at the lawyer's office - who would have thought?! Call for details: 250.575.5478
You can also use this mortgage for debt consolidation; imagine having the ability to refinance your property up to 100% ?!? You can use the extra funds for investments, revenue property purchases, a new car, and even a well-deserved vacation!
CALL: 250.575.5478 or Email
Down Payments - How much is enough?
The size of a down payment can vary. Depending on the type of mortgage, down payments generally range from 5% to 20% of the purchase price.
To obtain a conventional mortgage, home buyers are required to put down at least 20% of the purchase price or appraised value (whichever is less) as a down payment. If you don't have the necessary time or resources to save a full 20% down payment, you can choose a high-ratio mortgage and buy a home with as little as a 5% down payment. This option is called a high-ratio mortgage and it requires you to purchase default insurance.
Whether you choose a conventional or a high-ratio mortgage, one thing is almost always certain: the larger your down payment, the more you save in the long run. A larger down payment --
- Reduces the amount of your monthly principal and interest payment
- Reduces the total amount of interest you pay over the life of your mortgage
Your BillieBroker.com mortgage expert / broker can show you how much you could save, and show you many more interest saving strategies!
Ask about the RSP Home Buyers' Plan
The RSP Home Buyers' Plan (HBP) lets a first-time buyer withdraw up to $25,000 from RSPs for a home purchase. The withdrawn amount must be repaid within 15 years, subject to a minimum annual repayment that is 1/15 of the amount withdrawn. If the full $25,000 is withdrawn, the minimum annual repayment is $1,333. If less than the minimum is repaid in any particular year, the balance is added to the taxpayer's income.
Want more information? Check the Canada Customs and Revenue Agency Publication.
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