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.
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
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