In a significant move to make homeownership more affordable for first-time buyers, CBC Mortgage Agency has decided to cut interest rates on repayable second mortgages utilized for its flagship down payment assistance program. This unprecedented decision comes as part of the company’s initiative to ease the financial burden on homebuyers and promote sustainable homeownership. The new, lower interest rates stand to benefit thousands of potential homebuyers who may find saving for a down payment challenging.
The mortgage lending industry has hailed this move as a significant milestone, demonstrating CBC Mortgage Agency’s commitment to making homeownership accessible to a broader demographic. This initiative will not only improve the financial feasibility for first-time buyers but also potentially stimulate the housing market through increased demand. This strategic decision underscores the agency’s dedication to helping potential homebuyers overcome the key obstacle of a down payment that often restricts many from aspiring to homeownership.
• CBC Mortgage Agency reduces interest rates on recoverable second mortgages leveraged for its down payment assistance program. This move aimed at first-time homebuyers intends to make homeownership more affordable.
• The mortgage industry acknowledges this as a remarkable step as it makes homeownership attainable for more people and encourages growth in the housing market.
• This initiative highlights CBC Mortgage Agency’s commitment to assist potential buyers, easing the most significant obstacle of down payment, often barring many from home ownership dreams.
You can read this full article at: https://www.housingwire.com/articles/cbc-mortgage-agency-cuts-rates-on-down-payment-assistance-second-mortgages/(subscription required)
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