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When purchasing your first home, there are a number of incentives and programs you can take advantage of to fund your down payment, receive rebates, and qualify for tax benefits.
One of the strategies that we use to help our clients save is the Home Buyer’s Program (HBP). This program allows prospective homeowners to withdraw up to $35,000 per individual from an existing RRSP to put towards the purchase of a new home.
RRSP contributions (RRSP loans) can be used to get or increase your down payment at a lower interest rate than a line of credit or another type of loan.
For more information, click here to read our case study.
When you apply for a mortgage with us, Direction Mortgage will use these types of borrowing strategies to ensure you get the most favourable terms for your mortgage.
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Learn more about lowering your interest costs and using mortgage interest to reduce your taxes today.