Purchase your second home with zero down

Did you know that it is now possible to purchase your second or vacation home without a down payment? That’s right! With Genworth mortgage insurance you can now purchase without a down payment. The home could be a second home for yourself, a vacation property, a home for your son or daughter who is away at university. Applicants have to qualify under standard guidelines (that is, income confirmation is required). The property should be accessible, comply with minimum floor area requirements and have potable water.

Since the mortgage is insured under Genworth’s second home programme, interest rates on this product are the best rates available.

Please contact me or visit BCMortgage.ca for more information.

John

Mortgages for New Immigrants

If you are new to Canada, you’re probably thinking that you don’t qualify for a mortgage. You may be thinking that you should wait a year or two before you can purchase a home. The risk of waiting is that with rising home prices, it will become more difficult to afford a home if you keep on waiting.

There’s good news. With the increasingly competitive mortgage market, more options are available new immigrants. One recent innovation is AIG’s Maple Leaf Advantage programme. Under the programme, new immigrants can purchase with 5% down. Applicants will need at least 3 months of full time employment in Canada, a satisfactory Canadian Credit bureau or an International credit bureau. The Canadian credit bureau must have at least 2 trade lines.

Another innovation is Scotia Bank’s Welcome to Canada programme. With 25% percent down and a good Canadian credit history, it may be possible to purchase without income confirmation. This is ideal for someone who has not yet found employment (or the employment income is not high enough to qualify). Note that Scotia bank defines a new immigrant as someone who has arrived in Canada during the past 10 years.

If you’re thinking of coming to Canada, my best advice is to obtain a copy of your credit bureau or a bank reference letter before leaving your country of origin. My second best advice is to consult a mortgage broker. Only a mortgage broker can provide you with the advice you need to get the right mortgage.

John