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Coming up with a 5% down payment isn’t always easy, especially when you still have to cover closing costs, moving expenses, renovations, and all the other costs that come with buying a home. With a Free Down Payment mortgage the lender provides up to the 5% minimum down payment on your behalf when you take out a 5 or 7 year fixed rate mortgage. OAC

The 5% is given to the lawyer on your behalf when the mortgage closes so it can be used as your down payment. If you have your own down payment saved but would like some extra cash on hand after your purchase, the cash back could be used any way you like. Keep in mind, even with a Free Down Payment, you will still need some money of your own to cover the closing costs such as legal fees, property purchase tax (if you are not a first time buyer) and property taxes etc.

We would be happy to see if a cash back or Free Down Payment mortgage would work for you. We can also help you get a realistic idea of the total closing costs for a new purchase. Of course, as with most personal mortgages, you pay no broker fees to use our services. We are paid by the lender!

Contact us for more information or to start the process to buy your first, or next home.