First time home buyers can obtain a new RRSP loan and 90 days later use the First Time Home Buyers Plan and withdraw up to $25,000 for a home down payment.
Pro Tip- you are considered a First Time Home Buyer if you have not owned a home in the previous 4 years.
Four Easy Steps
1. Call your favourite Jencor Mortgage Broker.
2. We will arrange an RRSP loan and a mortgage pre-approval as per your financial qualifications. Couples can both do this.
3. 90 days later, you withdraw up to $25,000 (per person) from your RRSP plan(s) for down payment.
4. Work with your favourite Realtor to buy a home.
The key element of this is that our mortgage lender does not require the loan to be repaid when funds are withdrawn for the down-payment. Most lenders do.