First-time homebuyers who are Canadian residents can now withdraw (as of March 2019 budget) up to $35,000 from their RRSP TAX FREE. If you have a partner, that means that you can each withdraw up to $35,000 for a total of $70,000 to build or buy a qualifying home.
My spouse and I have been Tangerine Bank (formally ING Direct) customers since early 2001 when they first came out in Canada and often recommend one of their automatic savings tools without any hesitation as a truly great financial management tool. This is especially true now that I am a mortgage broker helping people get into homes. It helps you save your money and earn interest considerably higher than the average of the major banks.
Perhaps you have just finished university, and are now starting your medical doctor internship at the University of Calgary Foothills. Perhaps you have finished your medical residency at University of Alberta in Edmonton and starting your practice.
It doesn't matter where you are in Canada, as a new doctor you are likely burdened with heavy student loan debt, a barrier in most cases to qualifying for a mortgage hence homeownership. Yet at the same time, after years of hard work, many young doctors are tired of renting and eager to buy their first home.
Good news for you is that there are a handful of mortgage lenders eager to extend credit to debt-burdened graduates coming out of medical school. Whether you call it a pre-practice mortgage, new doctor mortgage, a medical resident mortgage, or a resident doctor mortgage, these are special mortgages specifically designed to meet the needs of physicians just starting out.
As it relates to mortgages, credit can often take the longest time to fix if there are problems, so accessing your report to make sure all is in order is a definite first step if you are thinking about a mortgage any time soon. Here's how...
My phone rings, chat bubble bubbles, or my email dings ... "what's your best interest rate?" asks the caller. I scratch my head, as at this point I know nothing about my caller, the property or their needs. This article's aim is to shine a light on this question from the mortgage-lending side of the fence and delve into what it takes for a mortgage professional to be able to accurately answer your question.
About this blog
Our Richards Mortgage Group blog is a wealth of information for anyone looking to apply for a mortgage to purchase or refinance their home. Browse through the articles and find the topics that are most useful to you in your home mortgage information search.
