AGENT LICENSE ID
M10000094
BROKERAGE LICENSE ID
11995
Cecilia Ragragio
Mortgage Agent
Office:
Phone:
Email:
Address:
1024 Kennedy Road, Toronto, Ontario
BROWSE
PARTNERSSAVING FOR A DOWN PAYMENT
2/6/2013
How will you save enough money for a down payment?
Saving enough money to buy a home can seem over-whelming. But with a sensible savings or investment plan, you may get your down payment faster than youthink.
1. Personal Bank Accounts - open a personal bank account and set aside money specifically for your new home. Make a habit of paying into this account regularly, just as you pay your monthly bills.
3. Using RRSP's towards your down payment - Registered Retirement Savings Plans are a good way to secure your financial future while enjoying tax benefits today. You may also be able to use your RRSP saving towards the purchase of a home. The current Home Buyers Plan lets first-time home buyers withdraw up to$25,000 from their RRSP to buy or build a home. The amount withdrawn is treated as a loan and must be repaid within a 15 year period, starting in the third year after the withdrawal.