Cash-back Down Payments Dead - This Week
The door is closing on one of the last remaining forms of 100% financing. On June 30, 2015 insurers are banning cash-back down payment mortgages. Only a handful of lenders still market these products, and they’re all provincially-regulated credit unions. OSFI has effectively barred cash-back down payment mortgages at the federal level (e.g., at banks ...