Home Ownership is not as unattainable as some may think.

There are still financing options and tricks that with the right real estate professional and mortgage broker you may qualify for. Some lenders offer qualified buyers the entire down payment on the day of closing, if the buyer has good credit, stable employment and qualifies for the lender’s closed-mortgage rate over 5 years. First time home buyers have even more advantage for No Money Down incentives along with perks such as no land transfer tax. 


 To the buyer, the 5% cash back mortgage in Canada is really not much different than a traditional zero down mortgage; the major difference is how the product is insured by CMHC. The 5% the buyer requires for down payment is basically given to the buyer by the lender and the buyer then pays back the 5% over the term of the mortgage through marginally higher interest payments; just like a loan. If you have been unable to save the down payment you need to buy a home, the 5% cash back mortgage is a great option to get you into your new home sooner.