First time buyers - Make the most of the Home Buyers Plan!

Make the most of the Home Buyers Plan

If you're a first time homebuyer, you can use the federal Home Buyers Plan (HBP) to take out funds from your registered retirement savings plan (RRSP) to use towards a down payment on a qualifying home.

The Plan allows first time buyers to withdraw up to $25,000 from their RRSP (or, up to a maximum of $50,000 per couple) tax free, and have 15 years over which to pay the funds back into their RRSP.
 

While 44 percent of first-time homebuyers are using the HBP to make a down payment, 46 percent of recent first-time buyers had no RRSP savings at all to use toward a down payment, according to mortgage insurer Genworth Financial Canada.

If you or someone you know would like to learn more about the HBP or about saving for a down payment, talk to your Mortgage Intelligence mortgage professional.  Also, Moneytools.ca from the Financial Consumer Agency of Canada has useful information on making a budget and sticking to it.

With over 50 Lenders and hundreds of low rate mortgage options, shouldn’t you talk to an Agent at “Your Durham Mortgage Solutions Team” and Mortgage Intelligence Today?