Local Assisted Purchase Program Works to Help Ontario's Downpayment and Credit Challenged Homebuyers.
Ideal Candidates for the Local Assisted Purchase Program, Do you fall in one of the below categories?
- Self Employed
- New to Canada - New Immigrants
- No Job History
- No Credit Cards
- No Credit History
- With consumer proposal
- Coming out of Bankruptcy
- Collection Items
- With Student Loans
- Low Credit Score
If the mortgage professionals cannot approve you for a mortgage today, the Assisted Purchase Program might make sense for your situation. Your Assisted Purchase Program monthly payment may be lower than your monthly high-interest mortgage payments. Plus, the Assisted Purchase Program buys you a bit of time to repair your credit. So the next time you apply for a mortgage, you should qualify for a more favourable interest rate and save money on your monthly payments (provided your credit situation improved and you maintained a stable income). Be sure to ask what these lenders want you to have in place so they can approve you in the near future.
Tired of Paying Down Your Landlord’s Mortgage?
If you have been renting, I am sure you can look back at your rent payments and start adding up how much money you have given to your landlord to pay down their mortgage. For example, if you have been renting for three years at the same location and have been paying $1,400 a month, $54,400 is what you would have spent on rent. What that really means is that you gave your landlord $54,400 to pay down their mortgage. Ouch. While there are merits to renting (especially if you move frequently), it makes less sense if you plan to put down roots in one location. Think about it, owning a home gives you stability and freedom to do things your way. Plus you have the added benefit of building equity as your home goes up in value year over year. If low down payment or poor credit stand in the way of you getting into homeownership, the Assisted Purchase Program can be a good solution. Assisted Purchase Program can help you stop renting and start owning when the banks turn you down.
Look at the Big Picture to Get Ahead
If you choose to buy a house using the path of the Assisted Purchase Program path, look at the bigger picture. Put your investor hat on when you are considering various houses. Choose a house whose value will rise if market conditions are good. In the long run, one of your goals should be to own a home that will be worth more than you paid for it. If you sell, you will make money. If you choose to live in it or rent it out, you will build equity. Either way, you win. If you cannot get into homeownership on your own, the Assisted Purchase Program gives you a sound way to leverage someone’s money (and credit rating) to put you in a better position to build equity or generate a profit from your house. Ultimately an Assisted Purchase Program home arrangement is an opportunity to get ahead financially if you want it to be.
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