Zero-Down Mortgages In Canada – “Better yet, there are programs available from some financial institutions where they will offer a “free down payment” “

“If you’re a first-time homebuyer, you may feel you can’t afford to purchase a home because you haven’t managed to save your down payment. But there are many solutions available today that can help first-time buyers with their down payments.
Many lenders will allow for a gifted or borrowed down payment. And of those lenders that will not provide this alternative, many offer cash-back options that can be used as a down payment.
Better yet, there are programs available from some financial institutions where they will offer a “free down payment” or a “flex down”. Of course, you will end up paying about 1% more in your interest rate, but the program will help you get in the homeownership door and start accumulating equity earlier. You must, however, stay with the original lender for the full initial five-year term or else you’ll have to pay the down payment back.”
“Now is an Ideal Time to Buy”.

– from an e-mail sent to prospective clients, 5 Oct 2011, by David Lund, Realtor, Prudential Realty, North Vancouver [hat-tip ‘D’]

Remarkably, these are still being peddled. – vreaa

13 responses to “Zero-Down Mortgages In Canada – “Better yet, there are programs available from some financial institutions where they will offer a “free down payment” “

  1. The Feds say our Canadian banks are prudent, so obviously zero down mortgages are good, responsible, prudent lending. Unless those cheating Americans. Because it’s different here.

  2. A Venn diagram for “Ethics” and “Real Estate Agents” is impossible since the two circles never intersect at any point…

    • PP, in ‘n’ dimensional geometry it’s theoretically possible to construct an Ethics/Realtor ‘Ven’ ‘overlap’ – in which the elements ‘exist’/occupy the same ‘space’ without, in fact, actually touching/co-existing on the same dimensional plane.


  3. Again, this has been going on for years – “pyramids” have been built with this kind of financing!

  4. Real estate agents are such bullshit artistes…
    They mask their obvious naked self-interest in the cloak of concern for their prospective clients.

    • Anybody armed with appropriate/sufficient info can buy and sell a property without realtors. I did it in USA, and I made offers on several houses/condos here when my husband and I were looking in 1999-2000, despite strong suggestions from realtors (during showings) that I get myself a realtor. I ended up using a realtor’s services to buy my current house after a sibling recommended a colleague who was willing to give my sibling a ‘commission,’ which was a paltry $400. Looking back now, I could have bought the property without the services of the realtor and could have negotiated the price even lower since the seller’s realtor would not have had to split their commission with another (buyer’s) realtor. The market had dipped at that point and realtors were willing to sacrifice a few things to ‘move’ properties. My realtor introduced me to Chinese numerology–he asked us to avoid using the number 4 in of our bids.

  5. And this is what happens after the game is over…

    • This is how you do it nub

    • Stupid… She overpaid and now plays a victim. She really is a “Fucking bloodsucking greedy bastard”.

      • It is true that, if the market had surged, and she had profited, she’d have very, very likely taken all the credit for the purchase, and considered herself a wise RE investor. True.

      • Totally agree.. The point is, her house is worth a lot less now than what she paid for. People in Vancouver should be thinking about what’s happening to our southern neighbour before jumping “greedily” on home ownership…

      • I think the bankers are to blame too, in a world where the majority are financially illeterate the bankers bears a huge responsibility. We do go after drug dealers and throw them in Jail, bankers are no better than drug dealers in this situation.

        This is why #occupywallstreet is getting bigger and more popular, if I was in new work I would have been down there selling signs to these guys!

  6. “Now is an Ideal Time to Buy”.

    It is so not. Don’t we have truth in advertising legislation or something we can shut these asshole realtors up with? It reminds me of the Wall Street CEO’s who were agressively selling their clients stocks saying they were a great investment while laughing amongst themselves about what a shitty deal it was all the while collecting fees… seriously f*cked up world we live in.

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