Carlos Montes Calgary Real Estate

January 5, 2011 Calgary Mortgage Update

Christmas and New Years has come and gone and I hope that everyone had time to spend with their families and friends.  2010 was an excellent year and we were very fortunate to have helped many families get into the homes that they enjoyed with their families for the holidays.  We are so lucky to get to help so many people realize their homeownership dreams, it is truly an honour! 

Rates remain low and encouraging for those clients that are wanting to take advantage of the savings. We have some great quick close mortgages available as low as 3.79% as well as 3.89 with a 90 day rate hold, a great option for people who are still not sure when they will be buying a house, but know they will eventually.

I have been working with many first time home buyers that have been using their RRSPs for a portion if not all of their down payments. Some people are unaware of the guidelines for using your RRSPs under Canada’s Home Buyer Plan, here is a quick list if you are considering taking advantage of this program.

You can withdraw up to $25,000 from your RRSP to put towards your downpayment
The home must be your primary residence
To qualify under the program cannot have owned a home for four calendar years.
You have 15 years to pay yourself back and repayment starts the 2nd year following the withdrawal.

More information on this program can be found at www.cra-arc.gc.ca search Home Buyer’s Plan or give me a call or email, I would be happy to go over the ins and outs of the program with you and see if it fits your mortgage plan.

Jen Mikla, AMP
Mortgage Planner
Mortgage Architects
P: 403.863.9770
F: 403.398.1360
E: jen@mortgagewithjen.com
http://mortgagewithjen.com
http://twitter.com/JenMikla
http://facebook.com/mortgagewithjen

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