Down Payment Helper Mortgage

Apr 14, 2014

We all need a little help now and then.  The Beatles said it best …

With the new Down Payment Helper Mortgage now in place, I’d like to share some of the details with you:

  • Lending area: Greater Vancouver and Victoria, B.C.
  • Maximum mortgage size: $475,000
  • Available terms: 5-year fixed only
  • Mortgage features: Standard features (e.g., 20% annual lump-sum prepayment privileges)
  • Current rate: Best member rate (3.29% today) + 55 basis points (assuming 2.5% cash back for the down payment)
  • Offer dates: Must apply by June 30, 2014
  • Qualifications: The standard qualifications for CMHC or Genworth insured mortgages apply
  • Bonus offer: We are giving people up to $1,500 extra cash back to offset closing costs
  • Available through: A specific lender working with the GLM Mortgage Group

With the average home costing $406,372, amassing even 5% down can be a chore for newbie buyers. That’s especially true with only 38% of Canadians having been able to save money in the past year, says Genworth.
It may surprise some, however, that half (50%) are saving a down payment in just 1 to 2 years. We suspect a lot of moms and dads are helping out in that department.
By contrast, almost 3 in 10 (29%) are taking 3 to 4 years to save their down payment. And a sizable minority are taking longer still.
Some just don’t want to wait that long, so they’re borrowing their down payment (sometimes from riskier sources). Some have found that 16% would consider taking cash advances from a credit card or credit line to fund their down payment. (Please, if you have to pay 20% interest to finance a down payment, keep renting.)
Allow me to help you decide if this Down Payment Helper Mortgage is a good fit for you or not.

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