No Money Down Mortgage
Is it possible? Can you really obtain a no money down mortgage with reasonable interest rates? The answer is yes! There is a company in Canada that delivers great financing options with no hidden catches and no money down needed! All a homeowner needs to pay are appraisal and legal fees. There are a few kinds of appraisals you could have done with varying costs. Some of the more concise appraisals, which are less timely and costly, are not accepted by many banks in Canada. It may be worth your effort to invest the time and money into a full-scale appraisal to prepare for your no money down mortgage.As with other financing programs and options, there are certain criteria you must meet to qualify to take out a no money down mortgage. There is no avoiding the need for excellent credit to be approved. You can have nothing on your record that is worse than a one month late credit card payment during the previous two years. You cannot have any late loan or mortgage payments to your name and no orderly debt payments. If you have filed for bankruptcy in the past seven years you are automatically disqualified as well. To benefit from such an excellent option, is it any surprise that the company wants to work only with people who have proved themselves to be wise with their credit?
There are also qualifications in your area of work. You can be employed anywhere, but a no money down mortgage requires you to have worked for two years in the same line and at least six months with your current employer. This helps prove your income stability and suggests that making payments will not be an issue for you.
If you have a strong credit record and a steady line of work, but find yourself struggling to save up for a down-payment, then a no money down mortgage could be perfect for you! This kind of mortgage is open to the option of debt consolidation as well, giving it yet another advantage. Picture the possibilities of refinancing your home up to its full value after obtaining a mortgage with no money down. You can use the money you will save to fund additional investments, put into savings, and even give yourself a much-needed vacation from your everyday life! For more details about how to transform your rent payments into homeownership, speak to a Syndicate Mortgage advisor today!