Latest Offers
Dec 9, 2022
Buy a home with 5% down
Not a first time home buyer? Have less than 20% down?
For ALL home buyers, regardless if it's your first or second or even fifth home. If you have less than 20% downpayment on your ideal home, consider co-ownership. This is not a 2nd mortgage, it actually LOWERS your monthly mortgage payments.
You can save on the cost of mortgage insurance, have a lower monthly payment because you're borrowing less money, and still enjoy the benefits of home ownership and having a stake in the GTA realty market.
How it works - you can put any amount under 20% down, for this example, we'll use a 10% downpayment. The co-owner puts the remaining 10% downpayment, bringing you to 20%. You would own 50% of the equity in the home, and the co-owner the remaining 50%. They are a silent partner, you live in your home, renovate it however you like, and keep it in good condition. When it comes time to sell the home, you and the co-owner share the profit of the sale - ie, if your home value increased $120,000 in the 5 years you owned it, you would receive $60,000 and the co-owner would receive $60,000. The co-owner would also refund you any amounts you've made in mortgage principal payments as well as repairs and maintenance.
Contact me to find out more
