All Forum Posts by: Jatinder A.

Wow - these forums are great. I am enjoying my first week here.

@Roy N. or @Julie Toh , I would be curios to know if you've ever heard of any Canadians achieving no money down using "creative" financing? It is unfortunate that our opportunities are a bit limited compared to our friends south of the border but I still am hopeful that this can be achieved! 

Have any of you heard the following type of seller financing deal:

Example:
Seller's price is 100k.
Bank will give you 80% downpayment, and let's say you're eligible for up to 125k.
You get the seller to up the price to 125k instead, and get him to lend you 25k. So he first lends you (the buyer) 25k, then gets 125k back which helps him earn the 100k he originally wanted.

You get it financed 100% and the seller gets his price. 

I'm sorry to not explain this the best, but has anyone heard of this sort of deal?

Hey Guys,

This may be off topic - but do any of you have experience fund-raising for a 20% down payment?
I'm looking to buy a 2 bed, 2 bath condo in Victoria (only if I feel that it's a decent deal) and would really appreciate some advice! 
I have equity in my first condo but my partner does not want to touch it. Cheers 

@Tommy Adeoye wow. That last part. Pay the insurance short term and refinance - I did not think of that! I am new creative finance, this is another tool to put in the toolbox! Cheers

I have good credit and can obtain a mortgage for the first 80%, for the remaining 20% I'm a bit perplexed. 

I own a leasehold one bedroom, one den condo that's harder to finance than a typical freehold. Once I finally found financing (HELOC) for it, my partner backed out and did not wish to proceed. And so, I decided that I will obtain my own mortgage for the first 80%. I say 80% so I can avoid paying the mandatory mortgage insurance once you exceed 80%.

I have life insurance but I found out I can't borrow against it (as I've heard others do) for my downpayment.

Sorry if I've left details out, I am new to this. Any help that catered to the Vancouver, BC, Canada market would be helpful - thanks!