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.