 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
|
 |
| First-Time Home Buyers Why pay rent while you could afford to have your own dream house? If you are paying more than $1,200 a month on rent, you should seriously considering buying. Why pay for someone else mortgage? Illustration: Property Price $ 200,000 Monthly Mortgage Payment $ 1,000 Existing monthly rent $ 1,200 Difference $ 100 As you will notice, for only an additional $100 per month, you can own your property. First Time Home Buyers Programs There are many First Time Home Buyers mortgage programs available. I could show you what they are and choose one that fits your criteria. 1. Zero Down Payment Program If you have a good income and good credit record, you do not need any down payment and the banks are willing to give you a mortgage. This, however, must be a fixed rate mortgage with minimum term of 5 years and over. 2. Borrowing Down Payment from Line of Credit If you have 10% down payment from own saving and could access another 5% from your personal line of credit, as long as your income is sufficient you could borrow 85% of the value of your property. This will save you CMHC/GE insurance premium. 3. Self-Employed No Income Verification Program If you have been self-employed (or operating your own business) for more than 3 years but does not show your income in a traditional way, that is okay. As long as you have good credit history, you could borrow up to 95% without the need to prove your income. This has now become a very popular way for Canadians to borrow. 4. Credit Challenged and No Income Proof If you are credit challenged (or formerly bankruptcy) and no income proof, as long as you could come up with 25% down payment I could get you a very competitive mortgage. 5. New Immigrant with No Income Proof Being a new immigrant and no income proof, I can obtain a mortgage for
as little as 15% down payment. 255 Duncan Mill Road,
Suite 902, Toronto, Ontario, Canada, M3B H9.
|