Mortgage Oakville

You have several options in the type of loan product you receive when you are shopping around for an affordable mortgage. Oakville mortgage lenders offer their customers the following types of mortgages for residential and commercial properties:

• 100% of the purchase price
• first and second mortgages
• cash back mortgages
• mortgages for those with poor or no credit
• no income mortgages

You do have to meet certain eligibility requirements for each of these. Many first time home buyers in Oakville will qualify for a 100% no money down mortgage if they have a minimum score of 600 with one of the credit bureaus and have not missed any of their monthly payments for the last twelve months. This is a great saving for a young couple just starting out because you do not need to have any money saved to use as a down payment. You do need to have a stable source of income and have at least 45% of that income free so that you are able to make your monthly mortgage payments. This type of mortgage, though, does not apply to a fixer upper and the purchase price must be at least $100,000.

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In a cash back mortgage, Oakville lenders require you to pay the full amount of the downpayment, for first time home buyers, this is 5% of the purchase price. Again, this type of mortgage is for those buying a home for the first time, mainly to help them get started. Once the loan documents have been signed and the mortgage has gone through, the lender will give you back 4% of the downpayment. In essence, it means you only pay 1% down, but you do need to have this money to start with. You can take it from savings or borrow it from a lender or a family member as a short term loan.