“Are you tired of paying someone else’s mortgage? No money to buy a place of your own? We have the solution, a $0 down mortgage. Almost anyone can own their own home.”

Alex Kotai (pictured), ‘President and Senior Mortgage Advisor’ of YMS (Your Mortgage Source) is still offering Zero-down mortgages locally. As per their blurb:
$0 Down Mortgages on Owner Occupied Properties
Are you tired of paying someone else’s mortgage? You don’t want to deal with landlords any more however, you have no money to buy a place of your own. We have the solution for you in the form of a $0 down mortgage. This means that almost anyone can own their own home. We have lenders who will finance 95% of the purchase price and give you 5% cash back for your down payment so you can own your own home. Also, you have the option to have your 5% down payment gifted from family or borrowed in the form of a loan.

[Hat-tip to metalhead at VCI for the link.]

6 responses to ““Are you tired of paying someone else’s mortgage? No money to buy a place of your own? We have the solution, a $0 down mortgage. Almost anyone can own their own home.”

  1. “Are you tired of paying someone else’s mortgage?”

    Yeah, this is exactly what many responsible homeowners will be asking themselves when CMHC gets another tax payer funded bailout and buyers like this wind up defaulting on their mortgages and sticking everyone else with the tab.

  2. This behaviour will wipe out a lot of idiots.
    Leverage. That is great on the way up – and death on the way down.

    The Home values in Vancouver and area will wither and die – when we see the kazillion of new listings come this Spring.

    Condo owners? Incredible that anyone would buy a condo with the fees, councils and dropping values.

    RENT.

    Let the Landlord worry about the huge tax increases that have to come – and the maintenance, etc.
    Then when things get back to normal – and they will – you can throw away less money buying a piece of garbage that passes for a home in this snotty burg.

    Vancouver has the most egotistic outlook in the world.

    World Class?

    B**L.

  3. “But in Canada, the lending has been much more prudent. We don’t have a subprime problem.”
    Har har.

    • “But in Canada, the lending has been much more prudent. We didn’t have a subprime problem.”

      There, fixed that for you.

  4. Ah yes, I was surprised to see this guy on the front page of my local RE flyer.
    I then decided to search out his web site and submit the link to VCI for all to see.
    I thought people should know that zero down is alive and well in the lower mainland.

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