Is there such a thing as a No Down Payment Mortgage when buying Homes?

There is now a product available from major lenders that allow you to purchase a house with no down payment. In most cases they advance you the down-payment and it is added to the mortgage. Mortgage rates for these types of services are generally higher than a normal mortgage. There are also lenders that will give you up to 5.2% cash-back on the closing. This however is not free money and is either given as a loan or simply added to the mortgage. The Canadian Housing and Mortgage Corporation also now allows buyers to finance 100% of the purchase price for those who qualify.

If you would like more information regarding this topic or you have any real estate related questions please do not hesitate to contact Lu and Stefan Hyross. Our advice is absolutely free and there is no obligation.

Lu and Stefan Hyross
Office: 416-489-3434
E-mail: Stefan@torontohomescanada.com