Buying a home with zero-down payment is ending soon!!

New mortgage rules will soon eliminate "cash-back" mortgages, which provide upfront cash to help cover your down payment. Securing a down payment through a loan or unsecured line of credit is also becoming more difficult to get.

Qualified homebuyers who are deciding whether to buy now or keep saving should take a look at these opportunities now while they are still available. Why? Buying today means you can take advantage of today's historically low fixed mortgage rates. And zero-down helps you get into your home now so you can save potentially thousands in rent, and get a jump start on building wealth. In a recent survey of first-time buyers commissioned by TD Canada Trust, 55% wished they had bought sooner!

A zero-down mortgage is not for everyone but if you have a stable income, good credit and the ability to comfortably handle your monthly mortgage payment and ongoing housing expenses, you may want to consider this time-limited opportunity.

 

If you want to consider this option, you need to act now, before October 31, 2012!

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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.

 

The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.

 

The next rate-setting day is October 22nd.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.