For many first-time homebuyers, that downpayment is one of the big obstacles to home ownership. Saving up cash – especially if you're paying rent, paying down student loans, and trying to live a life – can be slow and difficult work.
In most cases, you'll need to save up at least 5% of the purchase price of your home. But there are some programs and tips we can offer to give your downpayment a boost – to get you into your home faster:
1.Home Buyers' Plan (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.
2.A financial gift from a parent or blood relative can be used as a downpayment. This cannot be a private debt; you'll need to document in writing that the funds are a gift and you are not required to pay the money back at any time.
3.Start small. If your dream home is out of reach, look for a starter home. Use today's low interest rates to start hammering down your first 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 me today – to ensure that you get off on the right foot in your home buying journey!
_________________
Paul Smith
Mortgage Agent
Mortgage Intelligence
Lic# M09000464
P - 905-691-6796
E -
paul@bemortgagefree.caW -
www.bemortgagefree.caFound On Facebook: Be Mortgage Free