In today’s B’s Finance Minute, let’s talk about Sources of Downpayment. In our last Finance Minute, we talked about the minimum downpayment that you need. When it comes to downpayment, where can it come from? It can come from your savings and chequing accounts, TFSA, RRSP, Sale of a home, refinancing from a home, or a gifted downpayment. Did you know that about 19% of first-time homebuyers used gifts from siblings or parents as a downpayment? When it comes to RRSP’s, you have 15 years To pay that back and the money has to ee in your account for 90 days before you can use it. Common mistakes of clients is they move money in different accounts multiple times. Banks want a 90 day history so the more you move your money the more confusing it can be. If you want more information on downpayment Do’s and don’ts, let’s talk! Reply here or send me a private message. This is B’s Finance Minute. My intention in this blog Is to create a positive lasting difference. Share this so you can too!
DISCLAIMER: The information in this post is solely advisory, and should not be substituted for legal, financial or tax advice. Any and all decisions and actions must be done through the advice and counsel of a qualified attorney, financial advisor and/or CPA. We cannot be held responsible for actions you may take without proper financial, legal or tax advice.
Karista Events & Workshops
We offer FREE educational events and workshops for First-time Home Buyers, Real Estate Investors, and a lot more!