Home Purchase Mortgage Edmonton, AB
Purchase home even if you don't have a down payment saved
Are you wanting to purchase a home but are having a hard time saving the down payment? If you have room in your ratios (income vs. debts) you may be able to borrow all or part of the minimum 5% down payment from a credit card, personal line of credit or a personal loan. This is called a Flex Down Mortgage. One thing to keep in mind with this option is that, along with your new mortgage payment, you`ll also have another additional monthly payment to pay off the total borrowed funds.
- Talk to an experienced Mortgage Broker.
- Get the requested paperwork to the Broker so that they can get you preapproved, then you will know the amount you can spend on a new home.
- Find an experienced Realtor to work with or get recommendations from family, friends, or your Broker.
- Be aware that if you find a house you like but certain things like flooring or kitchen may be able to add into the mortgage. Unsure what this is, talk to your Broker about an Improvement Plus Mortgage.
- Happy house hunting