You can’t let one bad apple ruin the whole batch.

All be it one HUGE apple i.e. US Sub Prime Lending

Here in Canada, we don’t lend to Ninja’s.

No Income, No Job, No Assets, tell me that’s not a formula for a housing collapse?

Oh wait, it was.

In Canada, the zero down mortgage program has VERY strict guidelines.

1) Your credit has to be STELLAR
2) Your Job & Income must meet a very strict criteria
3) Payment Shock’s built into the mortgage with new BofC’s posted rate. (currently 5.34%)
4) Deal must pass through multiple eyes. Not only the bank, but also the Insurer

http://www.bankofcanada.ca/en/rates/interest-look.html This page is the Bank of Canada’s site that refects the BoC’s new posted rate changes. When you’re on the page, go down to the row that states: “Conventional Mortgage – 5 year” check the box for series V121764 (updated weekly).  Then scroll up to the top and in the row that states “2 – quick date” hit the light blue box “get rates”.

I’m happy to say that ZERO DOWN is very much alive and kicking in Canada.

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For all your mortgage questions,

Mark Fidgett
Vancouver Mortgage Broker
Owner www.NotaPennyDown.com
604-273-2002