Every day, we receive valuable information on the mortgage industry, and thought we'd share it with you!
We'll keep you abreast of the best mortgage rates available, along with current rate specials (the "hot" deals!). We'll also keep you informed of any mortgage trends, stats, and any new general information. We trust you will find your visit here informative!
So here goes . . .
Today, most lenders have since reduced their amortizations to 35 years and no longer provide 100% financing. Well, it just so happens that we do have a few lenders still accepting applications for the Zero Down Mortgage and willing to approve a 40 year amortization up until October 13, 2008.
This product is great for those now ready to buy, but just haven't saved for the downpayment yet. The longer amortization is also helpful if debt servicing is a bit tight for what you wish to buy. You can always increase your mortgage payment later, as most lenders allow a payment increase of up to 15% to 20% without penalty each year, which will ultimately reduce your amortization.
Stay tuned for more to come! Have a great day!
About Us
The Mortgage Centre - BC Direct Mortgages is owned by Ed Kolisnyk and Shannon Brolund, a father-daughter team working together since 2000. Our Mortgage Centre Kelowna brokers work for you, not the lenders, and are committed to providing you with the best available package of rates and features for your particular situation.
BC Direct Mortgages Inc. is an independent member of the Mortgage Centre Network. Please note that the information in this blog is for general information purposes only, and the rates and/or terms are subject to change without notice. The views or opinions expressed are the author's own and may not reflect the views or opinions of any of our lenders or any other source.