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HOME BUYERS GUIDE
A comprehensive guide
to home ownership presented by the "The House Team"
DOWN PAYMENT
Down payment from
the sale of an existing property:
You will be required to provide
a copy of the unconditional Agreement of Purchase and Sale on your existing
property. This needs to be accompanied by
a copy of a recent mortgage statement, showing the balance owing, on any mortgages
presently registered against the property. The difference between
the sale price and the mortgages owing will substantiate the funds available
for your down payment.
0% down payment mortgages
If you can afford mortgage
payments but can’t seem to save for a downpayment, there are numerous
no down payment mortgage options, including the borrowed down payment program
No down payment mortgages
can be ideal for:
Professionals and other high
income earners just starting out who may have large student loans.
Also consider renters who
often worry they won’t be able to find an affordable home by the time
they’ve saved enough for a down payment.
Mortgage Intelligence offers
the unique i 107TM mortgage that can get you the home you want and 3% cash
back if you have good credit. The 3%
cash back can be used for expenses related to the move such as legal fees,
land transfer costs, moving expenses, furniture, appliances, or to pay off
other more expensive debt such as credit cards.
To be sure, 0% down payment
mortgages are not for everyone. The objective is not to take on a higher debt
load than can be comfortably handled. But for Canadians with good credit and
steady incomes, these mortgages can definitely help to make the dream of home
ownership a reality.
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