View Single Post
  #4  
Old 11-28-2008, 10:13 AM
MortgageOpolis MortgageOpolis is offline
Junior Member
 
Join Date: Nov 2008
Posts: 4
Default Plenty of Mortgage funds available

Hello,

Great topic!
With all the negative econonmic news recently... several individuals are asking the same questions.
A recent survey of 12,000 world economists, ranked Canada's banking institutions number one overall. Our banks are conservative when lending money which is a big reason why we shouldn't experience the same turmoil the US is. Last I checked the number of mortgage defaults in Canada is still under 3%.
That being said... there are several mortgage options available to Canadians. Individuals are able to purchase homes with a 5% down payment, and in some cases with Zero down payment using a 5% Cash Back mortgage. Sunshine is correct in saying that good credit and steady employment is a requirement, but, can sometimes be overcome with a strong co-signor.
I've been receiving several rate reduction alerts from lenders the past few days.. with some of the fixed rates moving down by .25%.

Take Care,


Last edited by BankAdmin; 11-28-2008 at 03:11 PM. Reason: Put link to your site in your signature
Reply With Quote