Help for First Time Home Buyers

 

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!

Patricia McCallum

Patricia McCallum

Sales Representative
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*
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