FREE DOWN MORTGAGE

No Downpayment? No Problem with
the "Free Down Payment Mortgage"

Coming up with a 5% down payment isn’t always easy, especially when you still have to cover closing costs, moving expenses, renovations, and all the other costs that come with buying a home. MyMortgage.ca will direct you to the lender that will pay the 5% minimum down payment on your behalf when you take out an affordable insured 5 or greater term.

The Free Down Payment Mortgage has been developed to assist homebuyers who have established an excellent credit history but have not accumulated the required down payment, or have chosen to use their savings for other asset enhancing purposes. The bank will advance the funds for the mortgage and the required 5% down to the solicitor on the closing date of the mortgage.

The banks Provides the 5% down payment for the Borrower.

Eligible Properties:

  • Purchase of owner occupied principal residence
  • Single advance only
  • Owner occupied single family unit and duplexes

Amortization Options:

  • Up to 35 year amortization available.
  • Insurance for all of our extended amortization products will include a 0.20% premium surcharge for every 5 years of amortization beyond the traditional 25-year mortgage amortization period

Borrower qualification:

  • Strong credit and credit score (Credit score of 650 or greater)
  • Liquid assets of 1.5% of purchase price to cover closing costs available from their own resources.
  • Maximum number of borrowers is two
  • Applicants must meet the Banks and Canada Mortgage and Housing Corporation (CMHC)/Genworth Financial Canada (Genworth) lending and credit criteria

Prepayment Privileges:

  • 15% + 15% prepayment
  • Match-a-Payment option
  • Payout Penalties

Maximum Loan to Value Ratio:

  • 95%, plus mortgage default insurance premium
  • Standard payout terms apply
  • Free down payment clawback applies if paid out before expiration of term or if mortgage is assumed, paid out or reduced, by an amount in excess allowable each year under the Bank’s standard prepayment options, transferred, rate-blended, or renewed prior to the expiry of the original term

Equity Requirements:

  • Borrowers must have, from their own resources, liquid assets of 1.5% of purchase price to cover closing costs (1% for Genworth insured in Alberta only). These funds should be in place at time of application approval, and cannot be from employer relocation/benefit programs, provincial grants, gifts, etc.

 

 

 

 

 

 

 


www.mymortgage.ca

PHONE: 1.866.509.1090
FAX: 1.866.392.3672

Head Office
Unit 207, 4603 Varsity Drive NW

Calgary, AB. T3A 2V7

Today's BEST Rate:
1.85%

Canadian
Mortgage Rates

Term Rate (%)
as of Mar 11, 2010

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