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In an article dated November 11, 2008 in the Vancouver Sun they point out 3 ways that you can avoid having to meet the Federal Governments minimum requirement of a 5% down payment on a property purchase.
The 3 basic ways in the Vancouver Sun article in which you can avoid the 5% down payment are in the are as follows;
- Wells Fargo offers 100% financing still because they self insure their mortgages. Wells Fargo mortgages are available through mortgage brokers such as myself.
- Borrow the 5% from credit cards or lines of credits. There is more to it than simply borrowing from a line of credit or existing credit card. You need to make sure you get proper advice before and are aware of the specific rules set out by mortgage insurers before considering this mortgage option.
- Borrow the 5% from a friend or family member and then take a cashback mortgage and pay them back. There can be significant costs to a cashback mortgage that you should be fully aware of before being tempted by this type of mortgage arrangement.
Below is the link to the Vancouver Sun article:
I think it's important to point out that all 3 options carry a cost to the borrower with the second option most likely being the cheapest.
Don't hesitate to contact me if you have any questions on the Vancouver Sun mortgage article. |
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