Absolute Mortgage Team offers a Standard Purchase mortgage designed to make homeownership accessible to a wide range of buyers. Whether you are a first-time buyer stepping into the property market or a seasoned homeowner seeking a straightforward financing option, this product provides an effective solution. With the ability to purchase a home with as little as a 5% down payment, it helps bridge the gap between aspiration and affordability.
The Standard Purchase mortgage is ideal for individuals who have saved the required 5% minimum down payment. The product allows for financing up to 95% of the property’s value, giving buyers the flexibility to access homes that meet their needs and budget. This high Loan-to-Value (LTV) ratio ensures that buyers can invest in their dream home without needing extensive upfront funds.
Down payments can come from various sources, including personal savings, gifts, or borrowed funds such as equity from an existing property. It is essential that the funds are verified in your account and have been accumulated over the past 90 days, meeting standard lending requirements. This ensures transparency and confidence in your financial readiness for the purchase.
Eligibility for this mortgage requires a minimum credit score of 600, alongside a reasonable credit repayment history. Absolute Mortgage Team works with buyers across most Canadian locations, ensuring access to this product with minimal location-based restrictions. By providing tailored solutions and competitive terms, Absolute Mortgage aims to simplify the path to homeownership for all clients.