Wanting to buy, but just don't have 5% for the downpayment, just ask your bank for a Cashback!
Since the banks have got rid of 100% financing, there are now other alternatives to anyone who does not have a full cash downpayment. For a slightly higher interest rate (still extremely low), your bank is willing to top up your downpayment so you can reach the minimum 5% amount.
Here are a few examples of 5 year terms with cashbacks:
1) Scotiabank is offering a 5% cashback with a rate of 5.45%
2) TD is offering a 4% cashback with a rate of 5.55%
This is an alternative to home purchasing for all buyers who have yet to reach the full 5%. If you have only saved a portion of the minimum downpayment, the banks can provide you the rest!
For example: on a $300,000 mortgage, you would need a minimum downpayment of $15,000. If you have only saved $9,000 then we could get the additional $6,000 in the form of a Cashback.
I can get you this deal done for a rate of only 4.35% as well as getting you the additional funds necessary to make up the rest of the downpayment!
You will be hard pressed to find a deal better than this! If you have the minimum downpayment and are just searching for the best rates available, I have two products to recommend.
1) 5 year fixed - 1st year @ 3.45% and the remaining 4 years at 3.95%
2) 5 year fixed @ 3.85%
For the cheapest rates around, give me a call at 905-220-9198 or follow my interest rate updates at www.seansells.ca