Down Payment Options

What if...you're short on a mortgage down payment for your Toronto Condo

Some ideas to help you come up with the money you need

. Use your RRSP savings as a down payment under the Federal Government Home Buyer's Plan

. As a qualified first time real estate buyer, you may withdraw up to $20,000 from your plan, tax free. Your spouse may also do the same for a combined total of $40,000

. No taxes are payable provided you repay the total withdrawal amount to your RRSP within 15 years

. The first repayment is due no later than 60 days after the end of second year following the year of withdrawal Other sources

. Short term investments

. Savings accounts

. Gift from family

. Lender cashback loans

. Zero Down MortgagesMay is a mortgage broker and the District Manager of Mortgage Alliance Primal Financial and can help you with any mortgage loan and answer all your questions. She is also a realtor and owner of Realty Executives Dyson Inc. You can call May at 416-410-1080 or .

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