No Down Payment Mortgages Alberta

If you have no down payment saved you can still get a mortgage in Alberta

It’s true! There is a flexible down payment mortgage program with Canada Mortgage and Housing Corporation that allows homebuyers with no down in Alberta to use a borrowed source for their mortgage down payment. You don’t have to save for years with a mortgage that is:

Affordable, flexible, and better than ever

The costs are low while the benfits are high.

Find out in minutes if you are eligible

No Down Payment Mortgage Reviews from Alberta

Chris S.

"To start you guys are so great to deal with! Terry was fantastic! One of my coworkers is just in the process of getting a mortgage through you as well; so far Terry has been great for them. We are not first time home buyers; but come renewal time you may just hear from us again! Thanks for the fantastic service."

Jadon P.

"Now that were in the house and unpacked and have painted some walls it really feels like home and looking back I am glad we made the decision to go about it this way. I feel that if I would have waited to save I would have thrown more money out the window and it could have been another 3 years before we bought."

S.G.

"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."

Rates for No Down Payment Mortgages in Alberta

You might be pleasantly surprised by the rates available for no down payment mortgages in Alberta. They’re not quite as low as what you might find if you had a full down payment saved, but they are likely better than what the local banks are offering. You’ll also get all the benefits, including the ability to make lump sum payments, adjust payment frequency, and increase payments in order to pay off your mortgage faster. Contact us to learn more about these rates!

Why use a no down payment mortgage in Alberta

For many potential homebuyers in Alberta, affording a house has become far more difficult, as the last 10 years have seen a spike in the average home price. Even if you have an income that works with the mortgage rate, you still have to come up with a down payment. According to the Canadian Real Estate Association, the average home price in Alberta grew from $472,333 in 2015 to $561,896, making down payments increase from around $23,000 to $28,000. With these numbers, it’s easy to see why saving up a down payment can be so difficult. Our solution is a no down payment mortgage program that lets homebuyers borrow all or some of the down payment. The solution: a no down payment mortgage program where you borrow all or a portion of the down payment.

Who’s Eligible?

Whether or not you are eligible comes down to two factors: you must have excellent credit and a steady income. Don’t hesitate to talk to us if your credit is low, however; a mortgage specialist will gladly give you some tips to improve it.

What are the costs

There are two extra costs involved in a no down mortgage, as well as two substantial benefits. A slightly higher CMHC premium is the first cost; a one time charge of $250 for every $100,000 borrowed that is added to your mortgage so you don’t have to pay it up front.

The second cost is the additional interest on the borrowed down portion, which is more significant. Use our No Down Payment Mortgage Cost Calculator and see what your numbers are!

What are the benefits

With the no down payment mortgage, you can enjoy two significant benefits. The first is the time you will save trying to produce a down payment. This could mean living in your own home years sooner than expected; for some families, this might be a very valuable factor. The second benefit is more tangible: the equity earned through home appreciation and paying down your own mortgage instead of your landlord’s. The amount might be more than you think, depending on how long it would have taken to save up a down payment. You can find out by using the cost calculator, which estimates using a conservative home appreciation rate of 3%.

Additional Information

Why read when you can watch a video about no down payment mortgages. This link will take you to our main page, but if you scroll down you’ll find our quick two minute video.

Click here for more information on Canada Mortgage and Housing Corporation’s program for home buyers in Ontario looking for a mortgage with no down payment.

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