Are you making good money, but don't have a down payment?
Are you a First Time Home Buyer?
You are in luck.
What you can do is go to the bank and get a loan for your RRSP contribution. If you do not know your limit then you can look on your last year's notice of assessment, it will give you the maximum RRSP limit that you can buy.
Once you have the loan for the RRSP, you can buy a house under the First Time Home Buyer program.
You use the RRSP as a downpayment up to $25,000.00 per person. You do have to pay this back to your RRSP account with in 15 years paying a portion each year.
You pay on the RRSP loan monthly just like a regular loan. When you do your Income Taxes you should get a rebate for buying the RRSP's. What you can do with this rebate is to pay part of the loan off thus decreasing the amount of interest of the loan.
Any questions, let me know.
Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
http://www.KROEMERmortgages.com
TMG The Mortgage Group Canada Inc.
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