It is RRSP Season!
RRSP season is upon us. We have an opportunity for First Time Homebuyers to obtain a down payment of up to $25,000 to help with a home purchase this Spring.
How does it work?
We can assist clients in setting up a loan for the purchase of an RRSP at the time we begin the pre-approval process. The borrowed funds are placed into an RRSP account and can then be withdrawn after 90 days to be used for a down payment under the Canadian First Time Homebuyer’s Plan. The rate, term, and repayment of the loan are determined by the issuing lender on a case-by-case basis.
This can be a fantastic opportunity for someone to get into the market this spring, even if they don’t have their down payment set up yet.
What is the catch?
Clients MUST have great credit to qualify for this program and they must be able to afford the monthly loan repayment, along with the usual mortgage qualifying criteria.
Many clients who take advantage of this program also end up with a healthy tax rebate when they file their taxes.
The RRSP deadline is February 28th. Please contact me for more details about this program or with any other questions you might have.