Buy with 5% down payment

What is all this talk about so many Mortgage changes????  Why are people under the perception that you need more than 5% down on buying a house?  The new mortgage rules had little to do with down payments in fact for the average home buyer the down payment rules have not changed at all.

When March 2012 ushered in a pile of new mortgage rules many people freaked out about qualifying.  Yes there were changes that affected the ability to qualify for a mortgage, like the change from a 30 year max amortization to 25 years amortization, resulting in a higher mortgage payment. 

As mortgage brokers we are always looking for ways to better educate and advise our clients.  One of the things we noticed in talking with our clients was the lack of education about down payments.  Many of our clients have been lead to believe that they will no longer qualify with the new rules in place.  Reality is we help many clients who have been told they will not qualify or have helped them qualify for a higher mortgage.  We take into consideration all of the vairables and options out there and because we work independantly we are able to negotiate the rates with over 40 different lenders.

Now to talk down payments, since that is what this blog is supposed to be about.....  The truth is you CAN STILL BUY WITH 5% DOWN!!  Yes this is true, and NO YOU DO NOT NEED TO BE A FIRST TIME HOME BUYER.  This can be the 5th home you have purchased as an owner occupied unit and you can still put as little as 5% down.  Yes, it is true, you will be paying a premium to a mortgage insurerer like CMHC, Genworth or Canada Guarantee however with rates as low as they are currently, it doesn't affect the payment substancially.  What the mortgage insurers do for you is allow you to put less than the lender requirement of 20% down by insuring the extra down payment funds, they do this by charging you a premium over the life of the mortgage...

So basically don't count yourself out of the market, rates are the best they have ever been, which also helps with qualifying.

Harmony Mortgage Group is dedicated to keeping up with the latest regulations, policies and programs offered by the different lenders.  Because of this we are able to offer our clients the best service and options that are out there on an ongoing basis.  We do the negotiations and leg work for you.

1-888-755-1126
HarmonyMortgage.ca
HarmonyMortgage@gmail.com

  

Mortgage Broker Chilliwack

Not you everyday average Mortgage Brokers 

There are generally two ways to get a mortgage in Canada: From a bank, or from a licensed mortgage professional.

While a bank only offers the products from their particular institution, licensed mortgage professionals send millions of dollars in mortgage business each year to Canada’s largest banks, credit unions, and trust companies … offering their clients more choice, and access to hundreds of mortgage products!

As a result, clients benefit from the trust, confidence, and security of knowing they are getting the best mortgage for their needs.

Mortgage professionals work for you, and not the banks; therefore, they work in your best interest. From the first consultation to the signing of your mortgage, their services are free. A fee is charged only for the most challenging credit solutions, and it’s especially under those circumstances that a mortgage professional can do for you what your bank cannot.

Whether you’re purchasing a home for the first time, taking out equity from your home for investment or pleasure, or your current mortgage is simply up for renewal, it’s important that you are making an educated buying decision with professional unbiased advice.

Whether you are buying a home for the first time or are a seasoned home buyer, seeking the advice of a Mortgage Broker should be top priority.  As Chilliwack's leader in customer service Harmony Mortgage Group is top notch when it comes to experience and service.  We work with some of the most professional Realtors in the business and are located in a professional working environment at Chilliwack's Sutton downtown Business center.  

Please feel free to drop in 9240 Young rd, or give us a call 604-703-8748 email at HarmonyMortgage@gmail.com

We look forward to serving you 

 

Find your Balance!