Medicine Hat Mortgage Broker
Medicine Hat Mortgage Broker

100% Financing Options Medicine Hat Mortgages


Medicine Hat 100 Financing


Most home purchases require at least five percent down on your new Medicine Hat home or condo. The purchase plus improvements loan requires five percent down based on the projected value of the improved home, while existing habitable homes require at least five percent of its current appraised value or the value of the accepted offer to purchase. If you buy land, expect to put 25 to 50 percent down on the land. The construction loan to build your dream home will pay off the land and roll that property’s value into the final property’s value – and lenders want that to be at least five percent if not more of the completed home’s value. Put ten to fifteen percent down, and you may be eligible for a lower interest rate or larger loan balance. With twenty percent down, mortgage insurance disappears. But very few Medicine Hat home buyers have that cash on hand. And some can’t afford even a five percent down payment.

Yet it is possible to buy a home with 100% mortgage financing. A Medicine Hat mortgage broker like Whalen Mortgages Medicine Hat can piece together a series of mortgages that may allow you to buy your dream home. After all, you’re probably paying as much in rent now as you’d pay in monthly house payments, but you’re building equity instead of sending money to the landlord. That is right you can buy a home with zero down payment call Whalen Mortgages Medicine Hat today to get started!

How can this be done? You could take advantage of an unsecured line of credit to get the money to put 5% down on a property. Then you can take out a conventional mortgage to pay for the property. This is aside from options like receiving a personal loan or cash gift from a relative to help pay for a home. Furthermore, you could take out a loan against the equity in a current home or condo to put money down on a dream home, though you otherwise lack the cash to do so. Or you could borrow against your credit cards. It may be a better idea to take cash out of your retirement plan. You can take a large chunk out of your RRSP to put down on a new home without a tax penalty.

Talk to Whalen Mortgages Medicine Hat, the premier Medicine Hat mortgage broker. We believe in transparency and honesty. We’re happy to provide free consultations with our clients so that they can understand all of their options. We work with a large network of lenders, both bank and non-bank lenders. We can help you find a mortgage that has a competitive interest rate and acceptable loan terms. For example, some people prioritize low closing costs or having an open mortgage over the lowest interest rate. Unlike the big banks, we won’t push you into the most profitable mortgage products but what is right for you and your family.

Whalen Mortgages Medicine Hat should be your first choice for a Medicine Hat mortgage broker. We work with everyone. If you have no credit or bad credit, we can help you qualify for a mortgage. We’ll explain how you can qualify for a mortgage and walk you through the application process. You’ll understand the fees and risks involved in any mortgage product that’s on the table.

 Call us today 587-430-1555 to get started on your new home in Medicine Hat and your mortgage approval.

Apply now to see which option will best suit your needs.