FIRST TIME HOME BUYER | MUST READ
Many people hesitate to purchase a home because they don't know they can.
Do you know you can purchase a home with as low as 5% down payment?
Take for example of a $300,000, 1 bedroom condo in downtown, you only need $15,000 downpayment. With a CMHC mortgage insurance, you can even qualify for a lower mortgage rate than which of a conventional mortgage.
Do you know you can withdraw up to $25,000 from RRSP to contribute to your first home downpayment?
Do you know as a first time home buyer, you can refund your land transfer tax up to $5,725?
Do you know you can also receive 15% credit on maximum of $5,000 of home purchase costs including legal fee., meaning a maximum tax relief of $750.
Do you know the current variable rate is less than 3% and 5 year fixed rate is hovering about $3%. At 3% over 25 years of amortization, every $200,000 will cost you only $950/month.
Do you know a weekly mortgage payment can speed up your mortgage by 10 per cent?