Zero Down Mortgage in London (5% Cash Back Mortgage)

With the high cost of living throughout much of Ontario, most young families cannot put away enough money for the down payment of a house. At Verico Mortgage, we want to help you with that with our Zero Down Mortgage in London! This mortgage, also known as the 5% Cash Back Mortgage, allows you to purchase a home in London with no money down and gets you started toward building equity in your own home.

When the government stopped insuring the true zero down mortgages in London, many first time buyers thought they had missed their golden opportunity to get into the housing market. Although the law is still in place and you still technically need 5% for down payment, the 5% cash back mortgage in London accomplishes this by giving the client the 5% they need. This down payment is then paid back to the mortgage lender over the 5 year term of the mortgage through higher interest payments, just like a loan.

This mortgage product is perfect for those first time buyers who want to get into the market but haven't been able to save the down payment or are not lucky enough to have family gift them the money. If you would like to start building equity in your own home call us or try our online free pre approval to see if the zero down mortgage in London may be an option for you.

Non-Conforming Zero Down Mortgage - Currently Unavailable

Some of our mortgage lenders do not insure their loans through the insurers, they self insure their mortgages. This allows them to have products and policies that the banks cannot offer. With our non-conforming lenders, true zero down mortgages in London are still available and may be right for you and your situation if the cash back is not an option. Although the mortgage rates are a bit higher under these lenders, they are often the answer for those not qualifying through the banks.

London Mortgage Brokers