Hello,
I'm hoping someone can provide some insight into using rrsp money as a downpayment. We are considering moving a few years earlier than was initially planned based on the implications of the HST coming into effect in July 2010. 8% is a couple of years of Mortgage payments so we figured that we'd have a look and see what's out there. My question is - we don't have any money saved and, as we've only been in our curent home for 4 yrs, will have a good chunk of profit eaten up by closing costs & RE fees. Mu husband does however have a good amound of money in an RRSP that we could use is that possible or is this benefit only open to 1st time buyers? I used 5K of RRSP money when we bought our first house bu my husband never has. We were listed jointly as owners on our previous homes. Thanks for your help.
Thanks..D
I'm hoping someone can provide some insight into using rrsp money as a downpayment. We are considering moving a few years earlier than was initially planned based on the implications of the HST coming into effect in July 2010. 8% is a couple of years of Mortgage payments so we figured that we'd have a look and see what's out there. My question is - we don't have any money saved and, as we've only been in our curent home for 4 yrs, will have a good chunk of profit eaten up by closing costs & RE fees. Mu husband does however have a good amound of money in an RRSP that we could use is that possible or is this benefit only open to 1st time buyers? I used 5K of RRSP money when we bought our first house bu my husband never has. We were listed jointly as owners on our previous homes. Thanks for your help.
Thanks..D