5% Cash Back Mortgage in Canada (Zero Down Mortgage)

When the Zero Down Mortgage in Canada was eliminated, it meant that many prospective home owners would have to come up with 5% down payment to get into the housing market. So although there is no 'true' zero down mortgage in Canada today, the good news is we still have an innovative mortgage product to get you into the market with none of your own money down; our 5% Cash Back Mortgage. (See other no down payment options)

To the client, the 5% cash back mortgage in Canada is really not much different than a traditional zero down mortgage, the major difference is how the product is insured by CMHC. The 5% the client requires for down payment is basically given to the client by the lender and the client then pays back the 5% over the term of the mortgage through marginally higher interest payments; just like a loan. If you have been unable to save the down payment you need to buy a home, the 5% cash back mortgage is a great option to get you into your new home sooner.

This may sound a bit overwhelming and confusing especially to the first time buyer, so call us today and let a professional mortgage broker work with you to explain how the mortgage works and determine if the 5% Cash Back Mortgage in Canada may be right for you. If you have good credit and steady full time employment, stop throwing away money on rent and apply today!