First time home buyers often have many questions about the process of getting a mortgage. They are also usually unaware that there are options outside of traditional banks for obtaining a mortgage. They may have never even heard of a mortgage broker and therefore be unaware that we have access to many lenders, while traditional banks deal only with their own product.
You will need at least 5% of the purchase price?
Yes, you can receive a gift donation that must come from a blood relative. It must be a gift, meaning the donor does not expect to be paid back.
You must be able to show 3 months history of the funds being in an account owned by you. This can be a savings, chequing, TFSA or RRSP account.
Yes, depending on the type of investment held in the TFSA. Typically, funds can be withdrawn from a TFSA at any time.
First time home buyers may be eligible for a rebate on the land transfer tax of up to $4,000.00.
The limit for home buying purposes is $35,000 per person. When using the RRSP funds to buy a house or condo, your spouse can also withdraw up to the $35,000 limit, if they qualify.
You may be eligible for a rebate of up to $24,000 of the provincial portion ( 8% ) of the HST. If you have questions about the HST rebate, it is best if you contact the Canada Revenue Agency.
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