0 Down Mortgages
in Ontario

If you have 0 down payment saved you can still get a mortgage in Ontario

Yes, it’s true! There is a flexible down payment mortgage program provided by Canada Guranty that gives homebuyers the option to supply their mortgage down payment by borrowing it. You don’t have to wait years to own your own home when you have a mortgage that it:

  • Affordable, flexible, and better than ever
  • The costs are low while the benfits are high.
  • Find out in minutes if you are eligible
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0 Down Mortgage Reviews from Ontario

"We're so thankful for having learned about Canada Mortgage Source during our journey of buying our first home. Kudos to Terry for the efficient, prompt, courteous, warm, & professional service. He was able to find the mortgage program that perfectly suits our needs & gladly carried us through from start to finish. Come March and we're moving in to the place we can call our own. Such an impeccable & highly recommendable service, keep up the good work."

"Everything was great with you guys. I felt you did an amazing job and got everything done as fast and accurately as you could. I would recommend you guys in a heartbeat if I knew anyone buying a house."

"You guys were great to work with. You were always available to be contacted even outside of what are usually most peoples regular business hours. You made the process easy and helped me get into the home I now love and has been there for me since with looking at purchasing a second home."

for a 0 Down Mortgage in Ontario

The process for a mortgage pre-approval in Ontario is actually quite simple, despite several common misconceptions. Learn the details of this process here, from necessary documents to the steps that should be taken in order to be pre-approved for a 0 down payment mortgage in Ontario.

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Rates for 0 Down Mortgages in Ontario

Ontario�s 0 down payment mortgage rates are surprisingly low � they tend to be higher than the mortgage rates available if the down payment is saved but lower than the local bank�s regular rates. Several benefits are included in 0 down payment mortgages: you can make lump sum payments, adjust payment frequency, and pay your mortgage off faster with increased payments. Talk to us to learn more!

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Fixed Rate
OAC. Rates subject to change without notice

The insurer for this mortgage rate is Canada Mortgage and Housing corp. and as such the mortgage lender is able to offer excellent discounted rates in Ontario.

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Fixed Rate
OAC. Rates subject to change without notice

The insurer for this mortgage rate is Genworth Canada, as Canada’s largest private provider the No Down Payment saved mortgage rates in Ontario are heavily discounted.

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%
Fixed Rate
OAC. Rates subject to change without notice

Canada Guaranty is the insurer for this Flex down, no down payment saved mortgage rate. Contact us and speak to a dedicated Ontario mortgage specialist.

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Why use a 0 down mortgage in Ontario

Many homebuyers have been completely priced out of the home buying market recently, as the last 10 years have seen a significant jump in home prices. The Canadian Real Estate Association provides these numbers: the average price of a home in Ontario increased from $472,333 in 2015 to $561,896, with down payments growing from about $23,000 to $28,000 as a result. Keeping up with the cost of a mortgage payment is one thing, but saving up for a down payment of that size might be completely out of the question. The solution? A 0 down payment mortgage program where homebuyers can borrow all or a part of the down payment.

Who’s Eligible?

The 0 down payment mortgage program in Ontario requires homebuyers to have a very good credit score and an established income. Our mortgage specialists would be happy to talk to you about improving your credit if you believe your score is too low.

What are the costs

If you choose to go with a 0 down mortgage, you will have two additional costs but also enjoy two notable benefits. The CMHC premium is slightly higher, working out to be a one time charge of $250 for every $100,000 borrowed. It will be simply added to your mortgage principal, so you don’t have to pay for it up front. The more significant cost is the extra interest charge for the borrowed down payment. You can figure out what numbers you’re working with by using our No Down Payment Mortgage Cost Calculator.





Use our 0 Down Mortgage Cost Calculator and see what your numbers are!

What are the benefits

A 0 down payment mortgage means two major benefits: time saved and equity earned. You could potentially purchase your own home years sooner than you expected, a subjective but very important factor for many families, depending on the situation. The more tangible benefit is the money you will earn through home appreciation and equity paid on your mortgage, as opposed to rent, with nothing to show for it in the end. This amount might be more than you think, once home appreciation and the time it would have taken to save a down payment are taken into account. Our cost calculator is conservative at a 3% home appreciation rate.

Additional Information

Our little video about 0 down payment mortgages will get you up to speed without all the reading. This link goes to our main page, scroll down to enjoy this two minute video..

Click here for more information on Canada Guranty’s program for home buyers in Ontario looking for a mortgage with 0 down payment.

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