No Sliding Scale Mortgage

I have access to lenders who do not use sliding scale. Here are some highlight of the programs available:

  • No sliding scale up to $5,000,000
  • 20% minimum downpayment
  • Anywhere in Ontario
  • 30 year amortization
  • No mortgage insurance premiums

  • Give me a call at 647-870-7004 to discuss the details.

    Note to realtors: This is not a low doc or an equity program.

    What is a sliding scale?

    Whenever dealing with a large mortgage amount for an expensive property, banks use something called "sliding scale". Here is an example:

    Let's say you are buying a house for $2 million dollars and want to put a downpayment of 20%.

    The bank might ask for a 20% downpayment on the first million and 50% downpayment on the amount above that.

    So for a $2 million home you would have to put a total downpayment of $700,000 ($200k on the first million and $500k on second).

    Because of that, it becomes very difficult to secure financing for expensive homes without huge downpayments.