Jan

26

Can you really buy a house with zero down?

Filed Under Brampton, Buy, Condos, Homes, Mortgages, Real Estate, The Numbers 

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You’ve heard it before, and you’ve seen the ads. A bank advertisement showing happy couples embracing in front of a new house with a sold sign prominently displayed on the lawn behind them, and a caption that reads “100% Mortgage Program.” But is it really possible to buy a home in Brampton with absolutely no money down?

The short answer is, YES, but…………

Before you even think of walking into the bank to sign up, ask yourself if you have the 3 following things:

  1. Spotless credit that has been well-established.
  2. By well established, I mean you will need to have at least 2 years under the belt with a major credit card company like Visa or Mastercard.
  3. Steady employment with at least 2 years on the job.

Even if you did qualify for 100% mortgage plan, it may not be the best plan for you. If you’re thinking of buying a house in Brampton or anywhere else, speak to your lending institution or mortgage broker about what would best suit your financial needs. ScotiaBank currently offers a zero down mortgage plan, and you can find more information right here.

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Comments

One Response to “Can you really buy a house with zero down?”

  1. Blue Ridge Cabins For Sale on February 12th, 2008 1:09 pm

    Some great advice. If you don’t have the good credit you need to get it fixed and contact the 3 report agencies and get a printout and make those corrections first.

    I think it’s important to get your lender first and find out how much you qualify for then go house hunting that way you don’t look at homes beyond your means and try to make it work and become house poot.

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