Despite the "gloom and doom" predictions about our economy, there are still several worthwhile incentives to help people buy their first home. Consider the following:
- Interest rates remain low with the prime rate just be reduced again today to 2.5%.
- If you are a first time home buyer you can now borrow up to $25,000.00 from your rrsp's (up from$20,000.00).
- Keep in mind that this money you are "borrowing from yourself" must be paid back over the next 15 years.
- The land transfer tax rebate: essentially your land transfer tax is reduced by up to $2000.00 on the purchase of your first home.
- An additional tax rebate of up to $750.00 is available for closing costs.
- If you earn less than $62,600.00 and have less than $20,000.00 in assets, you may qualify for the Simcoe county Home Owner Assistance plan.
Call today to find out more about these incentives, and stop paying your landlords mortgage!