Todays guest post is from mortgage specialist Jas Sahota at RBC.
Need a downpayment to buy your first home in Kitchener Waterloo? Look no further than the age old trusted investment of RRSPs.
You can use your RRSP toward the downpayment of a home if it's the first property purchased by the parties on title. The maximum contribution allowed under the First Time Homebuyers Plan is $25,000 per person. The funds used must have been in the RRSP for at least 90 days. This requires some planning. If you know you are going to be buying in the near future, open up an RRSP account to help with the downpayment.
Note funds withdrawn from your RRSP for the purpose of a downpayment do not have to be repaid for 2 years after withdrawal. At that point, a repayment plan is established.
For info on mortgage financing options available to you, contact Jas at 519-581-7941 or firstname.lastname@example.org.
Century 21 Home Realty Inc. Brokerage
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