The No Money Down Mortgage Does Exist !

I love showing people how to own a home sooner ! 

The No Money Down Mortgage = Own a Home Faster Program

Property Value $225,000

                                                                5% Down                      $0 Down                                             

Downpayment                                  $11,250                                 $0

Monthly Payment                           $1,015                                    $1295     Difference = $280/month

Down Payment / Savings per month              $11,250 / 280 = 40 months

THIS MEANS IT WOULD TAKE THE BUYER APPROX 3.5 YEARS TO SAVE THE DOWNPAYMENT THEMSELVES AT A SAVINGS OF $280/MONTH

Interest Rate                                     3.99%                                      5.69%

Balance in 3.5yrs                               $200,000                             $214,000

Value of Property 3.5 yrs                   $260,000                             $260,000

(using  approx 5% for 3 yrs)

EQUITY POSITION                            23%                                  18%

5% cash back is paid back in full ONLY at the end of 5 yrs, and others pro-rate the repayment each year the mortgage term is fulfilled. Early re-payment of a cash back mortgage can be costly if it is not placed with the right lender based on the buyers’ short term goals.

Down Payment helpers also available at lower interest rates for 1%, 2% , 3% and 4% - these are very helpful if client is running over budget on their purchase price.

This is intended for illustration only and each situation may vary slightly . All No money down mortgages are on approved credit !

CALL ME TODAY IF YOU SOMEONE YOU KNOW NEEDS TO OWN A HOME FASTER !

THANKS FOR CHECKING MY BLOG 

DENISE BENNINGER

519-954-8392

dbenninger@mortgagewellness.ca