RESOURCES
Greater Montreal’s Housing costs and the recent interest rate hike has made it harder to own a property.
Financial Institutions are looking for new financial products to maintan first-time property buyers’ accessibility.
Clients having no available cash can benefit from a 0% cash down mortgage loan on top of a cash remittance by the lender.
New loans are offered by lending institutions that can go up to 30, 35 years having immediate impact on lowering monthly payments. These loans are insured by the Canada Housing and Mortgage Corporation (CMHC) or by Genworth Financial Canada (Private Company). But be aware that if monthly payments are lower due to their being extended in time you’ll be paying much more overall interest. To minimize this trade-off, the owner could hike his future monthly payments or reimburse up to 20% of his mortgage loan.
The Canada Housing and Mortgage Corporation (CMHC) « Multisource Cash Down » program can allow loans without any personal equity. The future owner can use the lender’s cash remittance as a cash deposit. But, the buyer must have 1.5% of the property’s value on hand.
Buying a Montreal property is, as far as I am concerned, an excellent investment.
