Saturday, November 12, 2011
Maria Mak - Burnaby Realtor - buying a home as little as 5% of the purchase price
In addition, you must have enough cash to cover . For a high-ratio mortgage, you must have at least 1.5% of the purchase price from your own resources to cover or contribute to the closing costs in order to qualify for mortgage default insurance.
There are many sources you may be able to tap into, including:
Personal savings. Review your chequing and savings accounts and Tax-Free Savings Accounts.
Retirement Savings Plans (RSPs). Under the Canada Revenue Agency (CRA) Home Buyers’ Plan (HBP), you and your spouse or common-law partner may be allowed to withdraw up to $25,000 each from your RSP as a tax-free loan that you pay back in equal installments over 15 years. .
Gifts from family. This could be a one-time gift or accumulated cash gifts from special occasions.
Assets. Check for insurance dividends, Canada Savings Bonds (CSBs), Guaranteed Investment Certificates (GICs), term deposits, non-registered equities.
Unexpected income. An income tax refund, work bonus or the extra income from a raise are all potential sources.
For all your premium real estate services, please contact Maria Mak and her team at Sutton Centre Realty at 604-839-6368 or visit her website @ http://www.mariamak.com/, You'll be smiling too!