06/18/2024
Mortgage lenders typically require a down payment, usually at least 5% of the purchase price for homes under $500,000. Options for gathering a down payment include personal savings, the Home Buyers’ Plan (HBP), family assistance, rental agreements with purchase options, or borrowing. The HBP allows tax-free withdrawal of up to $35,000 from an RRSP, repayable over 15 years. Family support, rental agreements, or governmental assistance programs like the First-Time Home Buyer Incentive (FTHBI) can also help. 🏠💰👨👩👧👦
Before giving you a mortgage, financial institutions usually require you to have a “down payment.” This is money you contribute toward the purchase. How big should your down payment be? What are your options for gathering a down payment? How much? Your down payment shows financial institutions t...