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Buy with Interest Free Mortgage

All you need to do is get in touch with us and tell us about yourself. With our help, you will be able to connect with the home you always wanted.

Take the First Step

Interest free Mortgage

Stop Renting, Buy Your Dream Homes From Us With Interest free Mortgage.

Explore how NPLS Homes can connect you with lenders who provide Rent-to-own financing models. If you decide to sell the property at gain, you keep 100 % of the equity (after your remaining balance and dues are clear)!

Rent-to-Own

If you are a homebuyer not able to qualify for Interest free   Mortgage for any reason, you can still choose the home you want to purchase. You can begin your journey in your dream home by becoming a tenant first! With a Rent-to-Own program, a percentage of the rent goes towards partial payment of your home.

At the end of the agreed-upon term, you will have the right to purchase the house!

FAQs

Simply put, Interest free Mortgage is a kind of financing model where your lender will purchase your property on your behalf. Afterwards, they will either lease it back to you or levy a profit on top of the purchase price, allowing you to pay back the sum total in monthly installments (Rent/Profit + Principle Amount).

A down payment is the amount of money that you put towards the purchase of a house. The minimum amount you will need for your down payment depends on the purchase price of the home you are interested in.

Example: For $500,000 or less, you have to pay about 5 % of purchase price, i.e. $ 25,000 or less. For homes ranging from $500,000 to $999,999, it will be 5 % of the first $500,000 purchase price  and 10% of the portion of the purchase price above $ 500,000 will be charged, i.e. approximately $50,000 or less.

Generally speaking, you will want to set aside between 3% and 4% of the purchase price of a resale house to cover closing costs. This means that on a home that costs $500,000, your closing cost could run anywhere from $15,000 to $20,000

If your down payment is less than 20%, your mortgage provider will arrange a mortgage default insurance. The amount is usually added to the mortgage but may also be paid in full upon closing. The estimated cost ranges from 0.6% to 6.6% of the loan amount. Particulars will be explained by your mortgage provider.

Yes, there are Provincial, State, and Federal Tax credits available for first-time home buyers in Canada & USA. These incentives can reduce the closing cost upon receiving a refund.

  1. In the Province of Ontario, no land-transfer tax would be payable by qualifying first time buyers on the first $368,000 of the value of the consideration. First-time buyers of homes valuing more than $368,000 would receive a maximum refund of $4,000.

 

  1. If you are having trouble coming up with a down payment, you may be eligible for the Canadian Home Buyers Plan (HBP). HBP allows you to withdraw up to $35,000 tax free from your RRSP to buy or build a qualifying home. You have 15 years to repay the amounts you withdrew.

 

  1. Through the First-Time Home Buyer incentive, the Government of Canada offers 5-10% of the home’s purchase price to put towards a down payment.

You need to repay the incentive after 25 years, or when you sell the property forward. You can also repay it at any time without a pre-payment penalty.

Check out with your mortgage agent for further information available in your province or state. In the USA, there are numerous Federal and State level incentive and programs available. Visit Our Home Buyers Incentive-USA Section For More Information!

The “Down Payment with Gold” option provides buyers with the option to cash out their unused gold jewelry and put this cash towards a down payment.  Head over to our Down payment with Gold  page for further information.

Your home purchase price and an affordable mortgage depends on two factors: The first  factor is household income, your personal and family expenses every monthly, car installments and maintenance, credit card payment and loans, etc. The second   factor need to consider are the expenses associated with owning a home, such as mortgage payment, property taxes, home insurance and heating expense, (P.I.T.H)etc.  For condominiums, P.I.T.H. also includes half of your monthly condominium fees.

The first rule of affordability is that expenses associated with owning a home should not exceed 28% and 32%of your gross household monthly income in USA and Canada respectively. The second rule: your total monthly debt load should not be more than 40% and 36 % of your gross monthly income in Canada and USA respectively.

If you would like to learn more, check out our affordability calculator.

Pre-qualification for interest-free mortgage is a fast and simple process. You provide lenders with your basic financial information; including your income, debt, and assets. It is an initial assessment by a lender that states how much mortgage you may qualify for in your home purchase.

You are not obligated to work with the particular lender and you can shop around for different deals until you are satisfied. However, we connect you with approved lenders who specifically offer interest free mortgages in Canada and USA. Once you have been pre-approved, we’ll connect you with our licensed real-estate partners who will guide you to your dream home.

The exact amount of initial deposit varies from lender to lender who purchases a property on your behalf. The initial minimum deposit could be $10,000 or 4% of the purchase price of home you have selected under the rent-to-own scheme as a tenant.

Your minimum deposit is secured and will be credited back as down payment when you qualify to own the house at the end of your leasing term.

No, you will not. You will only be connected with one licensed mortgage broker or agent who will call and work with you.

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