Home Buying

Down Payment Savings Strategies

by Bev Moir on August 7, 2006

Q. I’ve saved $50,000 in my RRSP and now would like to buy my first home. Can I withdraw $40,000 tax-free from my RRSP to use as a down payment? How long do I have to repay these funds? – Nelly A. A. The government offers all Canadians the Home Buyers’ Plan where first-time homebuyers [...]

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Spring House Buying…What Can You Afford?

by Bev Moir on April 24, 2006

Spring House Buying…What Can You Afford? Q. Our combined household annual income is $120,000. With overtime work, I earn an additional $40,000 each year. My wife and I would like to buy a larger house worth about $350,000 and we will have a down payment of $85,000 with the sale of our condo. Housing prices [...]

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Spring Home Buying: RRSP Mortgage and Home Buyers’ Plan

by Bev Moir on April 10, 2006

Q. Can I use my RRSP to finance either my mortgage or someone else’s mortgage (family or not)? I would therefore treat my RRSP as a mortgage lender and my RRSP would receive the principal and interest, allowing me to earn a market-based rate on my RRSP. – Philippe T. A. Your self-directed RRSP can [...]

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‘Bad Credit’ may lead to homeownership difficulty

by Bev Moir on August 22, 2005

Q. My husband and I have saved $12,000 towards the down payment of a new home. We are concerned about qualifying for a mortgage from the bank because we both have a bad credit rating. Any advice? – Jannes C. A. Your question raises two points – the significance of a $12,000 down payment and [...]

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Can You Afford Your Own Home?

by Bev Moir on April 25, 2005

Q. I’ve been renting a small apartment for years, but now want to consider purchasing a condominium. I don’t know exactly how much I can afford, but I understand there is a formula to figure it out, is this true? – Carol L. You’re correct! There is a formula that most lenders use to determine [...]

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