More on How 100% Financing is Still Available

Last week I posted something from my associate Michael Ledingham regarding how despite common belief, it is still possible to obtain 100% financing on a property.  (That is, 0% down payment.) Here is a little more on that topic for your information and interest. (No pun intended.)

Ryan Coffey

Hi Ryan,

Last week we went over the cash back mortgage as a means of achieving 100% financing.  Here is another way of achieving 100% financing.  If you have a good job and good credit, it is not difficult to get an unsecured loan or line of credit.  The interest rates are usually a bit higher than a mortgage because they are unsecured.  You can use this as a down payment and to cover your closing costs once it is in place, but you will need to debt service that loan, as well as the mortgage loan you are applying for.  The good thing is that the higher interest rate applies to the relatively small portion of your major financing transaction.  As well, since you are not doing a cash back mortgage, your rate will be discounted, not the higher posted rate. This requires a bit of planning, but it can payoff in the future.  Again, it requires a good job and good credit.

Hope this helps,

Michael

( tag on logo for website )

Michael Ledingham – Licensed Mortgage Broker

Tel # 250-755-3014 Ext:224

TF # 1-877-750-3014

Fax # 250-755-1608

Email: m.ledingham@vericoselect.com # 101- 1801 Bowen Road,  Nanaimo B.C.  V9S 1H1

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