Say Hello To The Easiest Way To Mortgage
Get A Mortgage Without A Traditional Down Payment? All About Flex Down Mortgages In Edmonton!
February 21, 2021 | Posted by: Matt Broom-Hall
With Mortgage Rates Being So Low - Now's The Time To Buy! But What If You Don't Have a Down Payment?
While no financial institution will lend 100% of the value of your home, there is the option where you can borrow your down payment.
Known as a Flex-Down Payment, this option is a great way to get into a primary residence without having the down payment saved. Therefore you get to own a property, have asset appreciation, and pay down your mortgage instead of somebody else's.
For most individuals, the most difficult part of purchasing a home, especially for first time home buyers, is the ability to save the required down payment. Flex Down allows for individuals to borrow the necessary funds to use as their down payment. The down payment can come from a loan (different from the mortgage provider), line of credit, friends, family, etc.
What Are The Requirements?
When a borrower applies for a mortgage the lender will have specific requirements for debt to income ratios. As you would be borrowing the down payment you will be adding debt to your already existing credit obligations. Because Flex Down Payments are a riskier product from a lending point of view, it is imperative to have excellent credit and little to no debt. Lenders require assurance that the buyer won’t default before they have paid their loan in its entirety. The ideal candidate would be someone who:
• Has established (and proven excellent) credit history.
- • Has a consistent income.
- When interest rates are low this could be a great option for renters or first time home buyers to get their foot in the door of home ownership.
- If you would like more information on Flex Down mortgages or would like to apply for a Flex Down mortgage - connect with me today!
- I can help you decide whether this is right for you and potentially get you in a new home sooner than you thought!
Creating happy homeowners by providing personal bespoke mortgages solutions with uncompromising service.
Mortgage Broker & Happiness Creator
Flare Mortgage Group
Serving Clients In: Edmonton, Sherwood Park, Fort Saskatchewan, Leduc, Nisku, Stony Plain, Spruce Grove, Beaumont and St. Albert.
Also Serving: All areas of Alberta including: Calgary, Lethbridge, Red Deer, Medicine Hat, Wood Buffalo / Fort McMurray, Grande Prairie, Airdrie, Lloydminster AB, Okotoks, Cochrane, Camrose, Chestermere, Sylvan Lake, Brooks, Strathmore, High River, Wetaskiwin, Lacombe, Canmore, Morinville, Whitecourt, Hinton, Olds, Blackfalds, Taber, Coaldale, Edson, Banff, Grand Centre, Innisfail, Ponoka, Drayton Valley, Cold Lake, Devon, Drumheller, Rocky Mountain House, Slave Lake, Wainwright, Stettler, St. Paul, Vegreville, Didsbury, Bonnyville, Westlock, Barrhead.