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Buying a house – A realistic approach
This article is not about the secret to buying a rental property with no down payment and half the market price of the house. I’m not Tom Vu or Don Lapre and I’m not in jail.
In Canada, cashless advances used to exist, but not anymore. Some banks and/or lenders are willing to give you a 5% down payment so you don’t have to spend a dime to buy a house. However, given the current financial situation with stricter lending restrictions, no bank or lender can do so in Canada.
Buy a house at half price first. At one point, foreclosures in Canada would allow foreclosed homes to be sold at rock-bottom prices. The new law, which has been in effect for years now requires homes to be sold at the highest possible price for repossessed homes or lenders can be sued.
Therefore, … Read More