(NC)-For many couples the wedding is often the key focus not only from a planning but from a financial perspective for many months leading up to the big day. Likely the next important milestone that a couple will embark on post honeymoon will be buying a new home. With the average wedding cost creeping upwards of $25,000 this will likely cut into any savings newlyweds may have put towards their downpayment.
Many lenders understand the predicament of many first time homebuyers and are offering solutions that enable them to buy a home with little to no downpayment. A zero downpayment type of product could be the ideal for those consumers who have an excellent credit history, but have not yet saved up the required minimum downpayment. For instance CIBC offers homeowners 5% for the downpayment as cash back, which can only be applied towards the downpayment. In this situation, the consumer is virtually obtaining their mortgage without using any of their own resources. However, if you choose this flexible downpayment option there is a higher mortgage insurance premium associated with it.
For more information regarding lending options that are available to you visit your local CIBC branch, call 1 800 465- CIBC (2422) or visit www.cibc.com
Credit: www.newscanada.com