(March 23 – 09:45 ET) – Buoyed by a strong housing market, Scotiabank has unveiled a “No Down Payment Mortgage” for first time home buyers. It is also expanding its mortgage menu of homeownership solutions by launching special cash-back offers — including up to 5 per cent cashback, as well as a Home Bonus Savings Plan, a Home Protection Program and new online mortgage tools.

“Our exclusive No Down Payment Mortgage and Home Bonus Savings Plan are innovative programs to help first time home buyers realize their dream of owning a home,” says Alberta Cefis, President and CEO, Scotia Mortgage Corporation.

The “No Down Payment Mortgage” program offers 100 per cent financing on a new mortgage with zero down. It is designed for people who don’t have a down payment for a home and have excellent credit ratings and repayment capacity. It is insured by GE Capital Mortgage Insurance Company (Canada).

This limited time offer will enable customers to finance the total cost of their home. Customers will have the option to make weekly and bi-weekly payments in order to pay down their mortgage faster.
-IE Staff