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4 Feb

4 Easy Steps to Create a Down Payment Using a New RRSP Loan

Mortgage Tips

Posted by: Garth Chapman

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The key element of this is that our mortgage lender does not require the loan to be repaid when funds are withdrawn for the down-payment.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.