With Marcy Berg Mortgages4Women.ca A mortgage Broker in Toronto, Can People Still get a Nothing Down Mortgage in Toronto?
Yes David, They Can! A no money down mortgage now, is actually a five percent down mortgage. What the lenders will do they will calculate your mortgage based on a five percent down payment and at the end of the day will give you five percent of the total mortgage back as a cash back at the time of closing.
So I actually need to come to the table with some money to do this...
Yes! You will need a little bit of money to cover the short fall, and your closing costs, and of course you will need to consider your deposits when making the offer on your purchase.
Is a variable or fixed rate option available to me?
No, No. Its Not. You have to take a five year closed or a seven year closed mortgage.
And there is a little bit of a catch there, that if you do leave the mortgage before the end of that term you will have to pay back a portion of that mortgage that the lender gave you at closing.