GETTING THAT DOWNPAYMENT: It might be easier than you think!
For many first-time homebuyers, saving the 5 per cent downpayment is one of the big obstacles to home ownership, especially if you're paying rent, paying down student loans, and trying to live a life. Here are some programs and tips that can give your downpayment a boost – to get you into your home faster:
- The federal Home
Buyers' Program (HBP) lets first-time homebuyers withdraw up to $25,000
each (or $50,000 for a couple) tax-free from their RRSPs. You'll
need to pay those funds back, of course, on a repayment plan.
- A financial
gift from a parent or blood relative can be used as a downpayment. You'll
need to document in writing that the funds are a gift and that you are not
required to pay the money back at any time.
- A parent or
grandparent could also provide a loan with a modest interest rate and
reasonable expectations for loan repayment. Or you could look at borrowing the downpayment
through a loan or unsecured line of credit.
- If your dream
home is out of reach, look for a starter home. Use today's low interest
rates to start hammering down your mortgage, then watch for the
opportunity to get the home of your dreams – using the equity and credit
rating you've been building!
Talk to us today – to ensure that you get
off on the right foot in your home buying journey!
Michelle Natareno\
Mortgage Agent
michelle@4dfinancial.com
519-675-8798
http://mortgageintelligence.ca/brokers/Michelle-Natareno
No comments:
Post a Comment