No Down Payment Mortgages in Calgary

No down payment mortgages have not gone away for home buyers in Calgary. Recent changes in Federal legislation eliminating bank cash back mortgages for no down payment have caused a lot of confusion, while No Down Flex Down Payment mortgage programs still exist they are enhanced by the low mortgage rates. So when bank or branch staff say they are gone - 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's home prices. Prospective home buyers no longer have to sit, wait and watch home prices in Calgary climb higher. We have the affordable solution for owning a home sooner then expected.

No Down Payment - Genworth Flex Down

Genworth is making homeownership easier for home buyers in Calgary with standard term mortgages available for the flex down. As these mortgages are insured by them, the mortgage lender is able to offer the no down payment mortgage at a fully discounted rate. These mortgages are 100% safe and available on existing homes across Calgary.

Benefits of owning today

Renting is fine for the short term, however over the long term one is missing out on home price increases at the same time they are paying off their landlord's mortgage.

It can take the average person in Calgary two to four years to save up the 5% down payment and during that time home values can increase, sometimes substantially. Here's a comparison on the cost of waiting and the cost of the No Down Payment Mortgage in Calgary.

No Down Payment GE Flex

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
Cost of Waiting: $18,000 ($318,000 Actual purchase price less $300,000 of what it cost 2 years prior)

No Down Payment Now

  • - Target Purchase Price: $300,000
  • - Own now with Flex Down
  • - Interest on down payment over 2 years: $1800 approximately* OAC
  • - GE Flex Down Cost: $600
  •  
Cost of No Down Payment: $2400 ($1800 plus $600 GE - these amounts are "not out of pocket at the time of purchase")

Depending on your situation the No Down Payment Mortgage - Genworth Flex Down may make sense for you. Apply today to see if you qualify!

 

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Calgary and No Down Payment Mortgages

Mortgage amounts in Calgary continue to rise steadily in response to higher home values. While home price increases have slowed from recent changes in mortgage legislation, they are expected to clip along at or slightly above inflation

Residential listing activity on the Calgary Multiple Listing Service® (MLS®) increased 3.7% and overall sales increased 10% in 2013. As such the average selling price for a single family dwelling in Calgary jumped 6.23% while condominiums decreased 2.80%.

We are the local experts in No down mortgages for Calgary. Contact us today at 587-400-9699.

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Alberta Mortgage Source

1535 19 St
Calgary, AB T2N2K2
P: 587.400.9699 | Message Us | Contact Edmonton

No Down Payment Mortgage Review

5

"I found a home in the neighborhood I always planned to move too. Had I waited I would have missed out. "

- Jackie and Steven O.

No Down Payment Mortgage Review

4

"Thank you thank you for helping me! I will tell my friend to use you too!"

- Terri H.

No Down Payment Mortgage Review

4.5

"That was great, I really appreciate you guys educating me on my options and approving me with no down"

- Lee S.

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Current Mortgage Rates: Our mortgage interest rates are subject to change without notice at any time. Some rates may be subject to minimum credit score O.A.C. If you have any questions regarding the rates offered please don't hesitate to contact us at 780-504-7024 or 1-866-690-7704.


Mortgage Rates Demystified

Current Mortgage Rates


  • 5 year No Down Mortgage2.59%
  • 5 Year Quick Close Mortgage2.39%
  • 5 Year Variable Closed2.25%
  • 3 Year Closed Mortgage2.39%
  • Home Equity Line of Credit3.35%
1 year fixed Closed Term2.84%
1 year Fixed Open Term4.50%
2 year Fixed Closed Term2.19%
3 year Fixed Closed Term2.39%
3 year Variable Closed Term2.15%
4 year Fixed Closed Term2.49%
5 year Fixed Closed Term2.39%
5 year Variable Closed Term2.25%
5 year Quick Close Fixed Sp2.39%
5 year Fixed Closed Builder2.99%
Open Home Equity Line3.35%
Click for more rates