Vancouver Mortgage Broker

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Vancouver Lender Offers Cash Back for Downpayment Assistance

on 25 April 2014

One of our partners, a local Vancouver lender, is offering a limited time mortgage promotion aimed at First-Time Homebuyers.

This is an excellent opportunity for potential homebuyers to get into the market, even if they haven’t finished saving for a downpayment and are intending to put down 5%.

Borrowers must already have 2.5% saved for their portion of the downpayment, plus 1.5% of the purchase price for closing costs. The lender then provides the incentive to a max of 2.5% to complete the 5% downpayment requirement.

Details:

$12,500 maximum incentive

$500,000 maximum purchase price

25 yr amortization

Mortgage rates are higher to reflect the cash incentive.

Breakdown of incentive:

Lender Contribution of downpayment

based on a $500,000 Purchase Price

Dollar Amount

1.0%

$5000

2.0%

$10,000

2.5%

$12,500

 

Lender Contribution to downpayment

Base rate

1.0%

Best rate + .25

2.0%

Best rate + .45

2.5%

Best rate + .55

 

Certain conditions apply:

  • Available only on 5-year fixed term mortgages
  • Must be insured by CMHC/Genworth
  • Borrowers must use an approved solicitor or a notary public from a pre-approved list for their mortgage transaction.
  • It is available for purchase applications until Jun 30, 2014 (must fund by Sept 30, 2014).

***Based on O.A.C. Addtional conditions may apply, subject to chnge without notice***

 

To find out more about this amazing opportunity, please contact our team. We are here to help!

Vancouver Mortgage Brokers 988 Beach Ave, Vancouver BC
604-669-6006

Surrey and Fraser Valley Mortgage Brokers
604-536-3802

Canada Mortgage Broker
1-800-687-9020