19 minutes ago
The Federal Budget fell short of meeting our wish list BUT if you are a first time home buyer there two updates to know about!
1. Home Buyer’s Plan: RRSP withdrawals increase to $35,000 from $25,000, whether married or common-law, even if separated or divorced, as long as the money is used for a first home.
2. First-time homebuyers Incentive: First-time homebuyers whose household income is under $120,000 may qualify for an interest- free loan from Canada Mortgage and Housing Corporation of 10% for new homes and 5% for existing homes. This allows you to put more money down and borrow less for your mortgage. This will go into effect in September of 2019. Borrowers must have a down payment of at least 5% -- but less than 20% -- and a household income under $120,000. The loan will be repaid when the house is sold, how much will be repaid is still TBD.
Questions? 📲 📩 #mackenziemortgage