Down Payment OptionsWhat 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 .
|
