Get Paid to Purchase a Calgary Home

Our zero down program is a great option for home buyers, but we want to make it even better. Find out how you can get a $1,000 prepaid MasterCard at closing.

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Today I wanted to follow up on our last video about our zero down payment mortgage program.

Our zero down program is a great option for home buyers. Most people didn’t know that this option existed, and that’s because most lenders don’t offer it. However, we have two that we can help you out with.

We want to take that program and make it even better. That’s why we are offering a prepaid MasterCard to buyers who work with our real estate and mortgage brokerages. That’s right, if you work with our mortgage team and our real estate sales team, we will give you a prepaid MasterCard worth $1,000 at the closing table.

You can get a $1,000 prepaid MasterCard at closing.

Not only can you purchase a home with zero money down, but we will pay you $1,000 to buy your next home.

If you have a great credit score and a great income but haven’t saved up for your down payment, come chat with us. Now is a great time to take advantage of the lower home prices out there in the Calgary market. We will put money in your pocket to purchase a home.

If you have any questions about this program or about the home buying process, give me a call or send me an email. My team and I would be happy to help you!

Important Mortgage Rule Changes That Just Went into Effect

October 17th marked the beginning of some important changes to the mortgage process in Canada. If you are putting less than 20% down, you'll have to qualify at the Bank of Canada interest rate.

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Want to buy a home? Search all homes for sale

There are some new mortgage rules that just went into effect here in Canada that we wanted to discuss with you today. We have known about these changes for a while, but they just went into effect on October 17th.

Before these changes happened, you could qualify for a lender’s best rate when applying for a mortgage, which in some cases was down near the 2.3% range. However, this rule has changed and now you will have to qualify at the Bank of Canada rate of 4.65%.

Of course, this change only affects buyers that have less than 20% to put down. As we understand it, anyone who can put down 20% or more on their mortgage is not subject to these rule changes.

These changes will affect many buyers.

The previous government had brought in a similar rule change, but it only affected a certain segment of the market, such as those with a three-year term or variable interest rate mortgage. Those people had to qualify at the Bank of Canada rate of 4.65%. With this change, all those who put less than 20% down will have to qualify at that same rate.

It makes sense that the government is doing this, because they don’t want a repeat of what happened in 2007 and 2009 in the United States with the subprime mortgage crash. At the end of the day, it’s going to have a direct impact on a lot of people, taking them out of certain price points or forcing them to buy a condo instead of a single-family home, or an apartment condo instead of a townhome. This could also lead to a lot of buyers sitting on the fence until they have more money to put down.

How will these changes affect sellers? Well, if you have planned on selling and buying a new home or want to pull out some equity in your home for renovations, you are going to have to qualify at that 4.65% rate too if you don’t have 20% to put down.

This is a pretty brief overview of the changes. If you have any questions about them or questions about real estate in general, give me a call or send me an email. I would love to hear from you.

Is it Possible to Get a Home with 0% Down?

Many people seem to think that 100% financed mortgages are just a myth. We’re here to let you know that paying 0% down is not a fairytale; it’s reality.

We have a program within our reach at MortgageLine to help you do this. It’s called a “flex down program.” It allows you to borrow the funds for a down payment and purchase a home without having to go through the time and trouble of saving up.

This product is not one big mortgage, however. With this product, you get your mortgage for 90% to 95% of the purchase price, then add on an unsecured line of credit to make up the difference. You will get all the money to buy the home up front, and then pay it back in monthly installments.

This could be a fantastic product for you.

One thing to note, however, is that this program is not just for everybody. It’s for those with good debt-to-income ratios and credit scores above 680.

One other thing you should know about this product is that if you do move forward with 100% financing, your application will be very thoroughly reviewed and scrutinized. If you bring a little bit of skin into the game, even just $1,000 to $2,000, it can help make the process easier. This could be a fantastic product for you.

If you have any questions for us or you’re interested in this program, give us a call or send us an email. We look forward to hearing from you!