Times are tough right now. Nest eggs are not quite as full!
So coming up with a 20% down payment is hard.
But here's the deal ....
While 20% is a common down payment, there are options with as little as 5% down. This is possible with a couple of different products.
The first is mortgage insurance.
If this is something you need to consider, first understand the implications.
Your lender would put in place a mortgage loan insurance if your down payment is less than 20%. This insurance helps keep things safe for your lender.
Typically, it's rolled into the total cost of the mortgage. This means that a smaller down payment may mean higher monthly mortgage payments. And of course those insurance costs.
Secondly, there are options for "co-buying".
This is a relatively NEW service to the industry. A company called Ourboro has pioneered this with wide appeal in Ontario.
As long as you have the first 5% down, Ourboro will give you the other 15%. This means you can avoid mortgage insurance.
It costs you NOTHING....up front!
If you're curious and want more info, shoot me a text or call me at (905) 407-9837.
This is an incredible option.
- Justin
