First-time home buyer information

First-time home buyer information

In 2014, Calgary mortgage broker Steven Crews, from Verico iMortgage Solutions, did a series of radio broadcasts about mortgages and mortgage financing for Shine FM. Have a listen and you’ll pick up some helpful tips…

I really enjoy working with first-time home buyers. I still remember buying my first home. It was the biggest investment I had ever made. So much happened, I was surprised by some things and expected others.

I was early in my lending career and I had one mentor who shared his experience with me. Now it’s my turn to share my experience with you…

This is my first expert appearance as the ShineFM mortgage expert. I still hear from some client’s who aren’t sure if they qualify as a first time home buyer and what it means to be a first time home buyer.

I work with many first-time home buyers. You are considered a first time home buyer if you or your spouse hasn’t owned a home within the last five calendar years. You may have owned a home in the past but as long as you or your spouse haven’t owned a home in the last five years, you are once again considered a first time home buyer.

The main advantage of being a first-time home buyer is that you can purchase a home and use your RRSP savings toward the down payment without paying taxes to withdraw the money. You can take out up to $25,000 from your RRSP toward the purchase of your first home.

The RRSP withdrawal can be used for the down payment, but it can also be used for other things. It can cover closing costs, pay for improvements to your home, purchase furniture or other items. You can even use these funds to pay off credit cards or loans if you want.

This RRSP withdrawal advantage can be utilized to help you build up your down payment faster or increase the down payment that you’ve already saved. I will talk about this next time.

Give us your feedback. If you have a question, or topic that you would like to learn more about, let me know. If your question or topic is used on the ShineFM Mortgage Expert segment you will receive something special!

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