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For First Time Home Buyers, Invis Has Your Best Mortgage Strategy

For those wanting to buy a home for the first time, there are a number of programs and types of mortgages to help with this important transition.  An Invis Mortgage Consultant can advise you on what is the best approach for you.  

• The most formidable barrier to home ownership is the need to save up for a large down payment.  With a “high-ratio” mortgage, homebuyers can buy a home with as little as 5% down.  If the down payment is below 25%, insurance fees are added on top of the mortgage amount.

• Some lenders offer mortgages in which the 5% down payment may come from borrowed sources. 

• You can access funds in your RRSP for a down payment, under the federally instituted Home Buyer’s Plan, which allows you to withdraw up to $20,000 from your RRSPs to buy or build a qualifying home.

• Newer mortgage features such as extended amortizations or interest-only periods may offer a way for some first time buyers to enter the market.  If you opt for these strategies, an Invis Mortgage Consultant can advise on ways to reduce the interest costs over the life of the mortgage. 

• With a cash back mortgage the lender will pay a percentage of the amount borrowed “back” to you as a lump sum, which can help with a range of expenses that homebuyers encounter – closing costs, furniture, incidentals arising from moving, and so forth. 

Of course, all of these programs and mortgage types have conditions that have to be met by prospective homebuyers.  With access to a full range of mortgage products and extremely competitive rates, an Invis Mortgage Consultant can help you realize your dream of home ownership. 

Posted on Monday, September 18, 2006 at 07:41PM by Registered CommenterElaine in | CommentsPost a Comment

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