15 May
There are countless people, whether single, living as a couple, or entire families, that desire to purchase a home but struggle with the initial down payment. The Government of Canada is allowing people from all backgrounds and ethnicities to use their tax-free Registered Retirement Savings Plan, also known as RRSP.
At the Canada’s Mortgage Website, you can find more information and have your mortgage related questions answered by an expert. Applying for assistance within their platform is a tailor-made experience. When utilizing the RRSP home buyer’s plan, it is setup to help Canadian residents come up with up to $25,000 for a down payment towards their future home.
Additionally, if there is a spouse or partner who would like to combine their RRSP as well to start mortgage payments then $25,000 can be used by each individual towards the down payment of a home, as long the funds have been in their personal account for three months. A tax-free savings account is also another option that is available on the Canada’s Mortgage Website, that is well known to be abbreviated as (TFSA).
The website contains information that brings more value than what they ask for in exchange concerning the mortgage payments. Canada’s Mortgage Website explains in detail the pre-approval process for newcomers, first time home buyers, home equity mortgages, self-employed mortgages, and even second mortgages to name a few.
A lot of the residents of Canada want to know what exactly is a mortgage and what are the specifics as it pertains to their unique situation while renting has been their living arrangement for such an extended amount of time. There is the principal of the mortgage which represents the dollar amount that will be owed, after deducting the down payment amount whether it is from a lump sum or a TFSA.
Also what goes along with accepting and starting mortgage payments is the interest that is attached with purchasing the home, with the percentage of how high the interest will be, relying on credit history and the credit score of the individual or spouse/partner for the term of the mortgage. To see what offers are the best bang for your buck, visit their website and determine between the RRSP or the FSA.
To learn more, call Canada’s Mortgage Website at 866-417-8805 or contact us here.