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Canadian bank launches ‘zero-down’ home loans

Qualifying borrowers need only pay closing costs

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In a bid for business that sounds more like a late-night TV pitch than the biggest bank in Canada, the RBC Royal Bank is now offering no-money-down mortgage financing. It is the latest move in a Canadian mortgage environment that makes it easier to borrow money, lots of money, than at any time in history. Mortgage rates were pegged in early February at 5.25 percent for five-year terms – about the rate that Elvis Presley would have paid. The federal government will already provide mortgage insurance for 95 percent of a home's value with no price ceiling. And now Canadians with the right credit rating can buy a house with no down payment at all. By eliminating the down-payment barrier and offering a no-down-payment mortgage to qualifying clients, RBC Royal Bank is making it much easier for would-be homeowners to get into the current hot housing market. RBC's newest home-buying solution, the RBC No Down Payment Mortgage, allows home buyers with steady cash flow and good cred...