If you are a first time homebuyer alberta wondering what where you can get your down payment, and how long the money has to be sitting in your bank account, here's the list I send to my Canadian mortgage customers:
Money can't buy you happiness, but it sure can help you reach some of your life goals. But your money won't manage itself. Reaching your first goal as a first time home buyer takes planning, and sometimes guidance from an outside source, like a mortgage planner. Here are five basic steps for reaching your financial goals.
As a mortgage broker, one of the things I hear over and over again, especially with younger buyers, is that they think they have some credit report items that will prevent them from getting a mortgage. While that may be true, more often than not, it is actually a lack of down payment savings and/or too much personal debt that is the real culprit.
First-time homebuyers who are Canadian residents can withdraw up to $25,000 from their RRSP TAX FREE. Through Canada’s Home Buyers Plan (HBP) you and your spouse can each withdraw up to $25,000 (as of the 2009 federal budget) to build or buy a qualifying home.