I don't mean to sound like an infomercial...but with the upcoming mortgage rule changes on April 19th...I feel this is important to get the word out before this program possibly gets pulled too.
If you have clients without the typical 5% downpayment saved (they must still have a little something to cover closing costs ie. Lawyer and PPT if applicable) they can still buy a home and get a mortgage for 95%, the bank will put down the 5% for the Buyer!! The rate they will pay is 4.94% (and not the typical 3.69ish offers available for those with 5% down) on a 5 year closed term.
When you subtract the FREE 5% down from the overall cost of borrowing, it works out to a rate of about 3.90%. BUT...this is a small price to pay to start building equity and solid net worth.
Imagine being able to get your foot in the door in this real estate market! Rates are at historical lows...prices are balanced. There's no better opportunity today!
Who do you know who is still renting? It works out to just under 3.90!) when you consider the FREE MONEY! There's no tricks!
Who knows when the Finance Minister will change the rules again! Not every lender offers this promo, it's currently available through FirstLine mortgages (mortgage broker channel...that's my polite way of saying, please call me to take advantage of this!)
Thanks for reading Vancouver.
Ralna Burridge 604-790-7253