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You guys are great and thank you for understanding my credit problems and helping me finance my home, most other companies I’ve seen do not offer the level of service as you guys do. I had an excellent home buying experience, and will definitely recommend you to my friends and family.

    -Jeffrey Grove, Hamilton

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Home Purchasing Tips Print E-mail

It is every homebuyer’s worst nightmare. Finding the home of your dreams and shortly after, discovering that you are unable to arrange for financing quickly enough. Avoid disappointment and apply for a pre-approved mortgage with us now! A pre-approved mortgage allows you to be approved by a lender for a specific amount before you make a firm offer on the home of your choice. Any qualified borrower is eligible for a pre-approved mortgage. Apply with us now and take advantage of the convenience and negotiation leverage provided by us. All information that you provide us with is completely secure and strictly confidential.

Once you have received your pre-qualification from us, we will help you find a lender, with competitive rates, who will issue your pre-qualification certificate. After discussing options and sending proof of employment and income to the mortgage lender, you can become "pre-qualified” – it’s that easy! After purchasing your home, simply contact us to provide property and offer details and your actual mortgage can be approved within hours! It’s really as easy as it sounds! If you don’t have the 25% down payment – no problem! 

First time home buyer? Consider the RRSP (registered retirement savings plan) Home Buyer’s Plan. The HBP is a federally instituted government program that allows you to withdraw up to $20,000 from your RRSP’s to buy or build your home.

You can withdraw a single amount or make a few withdrawals throughout the same year, as long as you do not exceed $20, 000. If you purchase your home with home with your spouse, common-law partner, or other individuals, each of you can withdraw up to $20,000. All withdrawals to your RRSP’s must be repaid within a period of no more than 15 years. You are eligible to participate in the HBP if:

  • Your HBP balance for your previous participation is fully repaid.
  • You met all the other HBP guidelines specific to your situation.

If you are disabled you may be able to participate in the Home Buyers' Plan to buy or build a more accessible home. You may also be able to participate in the HBP for someone else if:

  • You acquire a home under the HBP for a related disabled person.
  • You withdraw funds from your RRSP under the HBP and provide those funds to a related disabled person.

There are no negative effects from removing funds from your RRSP. No taxes are owed for withdrawing money and no interest is paid. But even with no penalties for withdrawing funds, there are certain guidelines and restrictions that should be followed. A maximum of $20,000 that can be withdrawn from one individual's RRSP. There can be a maximum of two first-time home buyers, and each individual can withdraw up to $20,000, for a total of $40,000. The purchased home must be occupied by the owner and the RRSP must be repaid within 15 years. The government does not monitor the funds that are withdrawn from RRSP's for the purposes of the HBP. Therefore, the individual may do whatever he/she desires with the money. The income tax refund can be used to clear the balance on credit cards, make lump sum payments on mortgages, pay for legal fees, purchase household items such as appliance and furniture, etc.

 



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