October 31st is the deadline for getting a cash back mortgage that you can use the proceeds for your down payment. After October 31st, cash backs will be available but you will receive them after possession and can use them for buying drapes , new appliances etc.
What do you need to qualify for this type of mortgage? You need a good steady job, very good credit, and you have to be buying a nice property.
What are the terms of this type of a mortgage? They are the same as a regular mortgage, the difference is that you pay the bank posted rate of 5.24% for the first five years and then get 5.5% back that you can use for a down payment or for other expenses you may have.
There is only one lender offering this and they do not deal directly with the public in western Canada. You can only get this deal through a mortgage broker.
Contact me if you want more information on this and to see if this is a product that would be good for you.
David Cooke
Dominion Lending Centres Westcor
Calgary, AB
WEBSITE
What do you need to qualify for this type of mortgage? You need a good steady job, very good credit, and you have to be buying a nice property.
What are the terms of this type of a mortgage? They are the same as a regular mortgage, the difference is that you pay the bank posted rate of 5.24% for the first five years and then get 5.5% back that you can use for a down payment or for other expenses you may have.
There is only one lender offering this and they do not deal directly with the public in western Canada. You can only get this deal through a mortgage broker.
Contact me if you want more information on this and to see if this is a product that would be good for you.
David Cooke
Dominion Lending Centres Westcor
Calgary, AB
WEBSITE
