0 Down Payment Saved Mortgage
0 down payment mortgages are still available and better then ever for home buyers in Alberta. There is confusion in the market due to recent changes in Federal legislation eliminating bank cash back mortgages for 0 down payment, but enhanced 0 Down Flex Down Payment mortgage programs still exist. Bank and branch staff may say they don't - but they are incorrect!
These existing programs allow a first or multiple time home buyer to purchase a home and own it outright with a standard mortgage at today prices. Prospective home buyers no longer have to sit, wait and watch home prices in Alberta climb higher. We have the affordable solution for owning a home sooner then expected.
0 Down Payment - Canada Guaranty Flex Advantage
Incredibly affordable, under this program you receive a fully discounted rate by the largest private, Canadian-owned insurer. In 2012 the Ontario Teachers Pension Plan and National Mortgage Holdings aquired CG, adding a competitor to the mortgage landscape. These mortgages are 100% safe and available on existing homes across Alberta.
Benefits of owning today
While owning your own home today and not paying rent (and your landlords mortgage) is the most obvious benefit. The not so obvious benefit is not having to wait and watch home prices increase.
It can take the average person in Alberta two to four years to save up the 5% down payment. During that time home values can increase, sometimes substantially. Here's a comparison on the cost of waiting and the cost of the 0 Down Payment Mortgage in Alberta.
Wait and Save
- - Target Purchase Price: $300,000
- - 5% Down Payment: $15,000
- - Save $625 per month for 2 years
- - Home Price increase 3% per year
- - Value of home at end of the two year savings: $318,000
0 Down Payment Now
- - Target Purchase Price: $300,000
- - Own now with Flex Down
- - Interest on down payment over 2 years: $1800 approximately* OAC
- - CG Flex Cost: $600