Mortgage Financing
For many, buying a home also means getting a mortgage. If you have gone through the process before, you may already have a relationship with a Broker or a Banker and of course they will be a great resource to you. If not, or if you would like more options, your REALTOR® will help you assess your mortgage needs and find a mortgage that is right for you from the network of professionals that they deal with on a regular basis.
What is available today?
100% Financing*: Although it is advisable to have a down payment for a purchase, your situation may not allow you to save up the required 5%. You'll be happy to know that 100% financing is still available through some lending institutions.
Purchase plus Improvement*: Buying a home that requires some fixing up? You can have up to 10% of the purchase price added to your mortgage to pay for renovations.
95% Financing for Cottages and Second Homes*: In Guelph & Surrounding areas, it has become increasingly common for parents to purchase a home for their son or daughter while they are attending school. Lenders have developed programs to allow financing up to 95% of the purchase price.
*OAC. Although these specialized products are available they may have additional criteria to qualify and not all lenders may offer them at the best rates. Default insurance premiums (+PST) may also apply.
