Maria Dominelli - Mortgage Broker

There are various mortgages on the market that require no down payment.

1. The lender comes up with the 5% down (cashback) and the mortgage is insured by GE or CMHC or the 5% can be from a qualified gift or borrowed funds:
   • Qualification for some lenders is dependent on your credit rating.
   • Minimum term of 5 years may apply.
   • Posted rates may apply (some discount on terms over 5 years).
   • You must have 1.5% of the purchase price available for closing costs.
   • Property must be your principal residence.
   • High ratio premium is 2.90% which may be added to the mortgage.
   • If mortgage is paid off early or assumed, a pro-rated portion of the original cashback will be clawed back.
   • Income confirmation required. GDS/TDS 32/40.
2. 100% financing, insured for owner occupied residences
   • High ratio insurance premiums depend on amortization (3.10% for 25 year amortization).
   • You need good credit, stable employment income, and closing costs.
3. Other “self insuring” lenders have more flexible programs offering 100% financing which are less restrictive with the GDS and credit rating. These involve a lender admin fee (in lieu of default insurance). Call Maria for details.