How to Get a Mortgage Without a Down Payment in Ontario
- 1). Get your credit score to a desirable level. A good credit rating is a must. Eliminate all debt and cancel credit cards you are no longer using. Banks will not want to see any late payments over at least the previous 12 months.
- 2). Stay employed for at least two consecutive years. Lenders will want to see a stable employment history, so it is not a good idea to change jobs before trying to get a mortgage without a down payment.
- 3). Get approved for an insured mortgage. This means you are able to finance 95 per cent of the home, which shows the bank you are able to provide a down payment.
- 4). Demonstrate you have the income to make mortgage payments and a history of doing so reliably.
- 5). Finance the agent's commission through the mortgage. This means including the real estate agent's commission in the mortgage. The Canada Mortgage and Housing Corporation will finance the commission if it is included in the house's sale price.
