Tamara & Mike buy in Abbotsford with 0 Down Payment

Today I want to tell you about a young couple we recently helped to purchase a home in Abbotsford, BC with no money down.  Tamara and Mike had been long time renters.  While both have had great jobs and income since graduating from university a few years back, they also have the student loans and some other debt they have accumulated while putting themselves through school so that they could obtain these great jobs.  We all know how hard it is to meet our monthly obligations, put money towards our retirement/investment strategies and to still enjoy some of the finer things in life.  Throwing in the added pressure of saving for a down payment just isn’t that easy.  Mike & Tamara thought they were going to be stuck throwing away their money on rent for at least the next five years.  They were diligently putting some money away but thought they were going to miss the boat on the low interest rate environment we have been enjoying these past few years.  Because they had heard about some zero down mortgage financing programs that were around in the past, they figured there must be something out there for them.  So they kept the discussions going with their friends and family….and I’m so glad they did!  Tamara & Mike ended up discussing mortgages with their friends over dinner one evening.  Rob & Michelle, who happen to be clients of mine and, while not zero down purchasers themselves, they told Mike and Tamara if there were mortgage options available for them that I would be the one to be able to help them out.  I am so grateful for my awesome clients! Mike and Tamara called me the next day.  I asked them some questions about their situation, figured out what their short and long term goals were and where their comfort level was in terms of a mortgage payment amount.  I took the application right over the phone and found that they had excellent credit (which is a HUGE factor in obtaining a 0 down mortgage).  I presented them with their options as well as my Inflation Hedge Mortgage Strategy (which will alleviate any future payment shock and pay off the mortgage years sooner).  I gave them the name of an excellent Real Estate Agent and they were house hunting by the end of the weekend.  In the end, Mike & Tamara were able to purchase their new home using a zero down payment mortgage provided by me, Abbotsford Mortgage Broker Matt Robinson. I love my job!