I have access to lenders who do not use sliding scales. Here are some highlight of the programs available:
No sliding scales 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 mortgage?
Whenever dealing with a large mortgage amount for an expensive property, banks use something called "sliding scale". Here is an example:
Lets 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.