Man and woman moving into their first home.

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Use the Home Buyers’ Plan

If you have an RRSP, the Home Buyers’ Plan is an important option to keep in mind. It lets you withdraw up to $60,000 from your RRSP to put toward your down payment without having it considered as taxable income. The money you withdraw is considered a “loan” from your RRSP – you have to replace it within 15 years (with a 5-year extended grace period depending on when you took out the funds).

Confirm if your parents are going to help out

Since you’d need to have saved $100,000 to have a 20% down payment on a $500,000 condo, that’s a lofty, and hard to achieve, goal. The vast majority of first-time buyers in Metro Vancouver are getting some help from parents – normally anywhere between 25%-50% of the down payment. If you do expect to have help from your parents, have them complete a gift letter for you and the lender’s records.

Safeguard your credit score

When you apply for a mortgage, your credit score is a key factor in determining whether you are approved. It will also help determine your interest rate and loan terms. If you need to, correct any weak spots such as late or unpaid bills, and getting too close to your credit limits. Also, avoid opening any new credit accounts such as a credit card or car loan. Check your score before you look to get pre-approved.

BlueShore Financial, Financial Advisor, Jatinder Tehara

Jatinder Tehara

Financial Advisor

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The information contained in this article/video was written by BlueShore Financial or one of our expert financial writers and was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. It is provided as a general source of information and should not be considered personal financial advice.