New rules enhance the Home Buyer’s Plan program
If you’re a first-time homebuyer, with the federal Home Buyer’s Plan you may be eligible to withdraw funds from your registered retirement savings plan (RRSP) for a down payment when buying or building a qualifying home. Under the program you can now withdraw up to $25,000 without tax penalties, according to measures announced recently in the 2009 Federal Budget.
Here is a basic overview of some of the rules:
No RRSPs? Call Romana, a mortgage professional, can show you how to establish an RRSP with borrowed funds, and use the resultant tax refund for a down payment.
Ensure you are pre-approved, it will save you time and them money! Rate holds up to 120 days. Please have your client’s call me, I would be happy to provide expert, unbiased mortgage advice to first time homebuyers as well as those looking to renew or refinance their mortgage, purchase investment properties or consolidate debts.
They can call, email me or go to my website to do an on-line application, http://www.410lend.com The following are the current rates:
6 months – 6.20%
1 Year – 3.70%
2 Year – 4.75%
3 Year – 3.75%
4 Year – 4.29%
5 Year – 4.29%*
7 Year – 6.25%
10 Year – 6.45%
Variable Interest Rate at Prime plus .80% (currently prime is at 3.00% making the rate 3.80%)
* Specific criteria may apply
RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. E&OE.
Accredited Mortgage Professional
Tel: 416-410-LEND (5363)