Home Buyers Purchase Plan – Clancy’s Mortgage Solutions

By: Robert Clancy Mortgages & Interest Rates

Saving for a down payment to purchase a home takes time, effort and patience. The minimum down payment is 5% of the purchase price. If you want to avoid mortgage insurance costs you need to save 20% of the purchase price.

An option for home buyers down payment is to use money from their RRSP. Under the Home Buyer Purchase Plan (HBP) each individual can withdrawn up to $25,000.00 from their RRSP without paying the tax on it. For a couple that is $50,000.00. Typically any funds withdrawn from RRSP is taxable. As per the HBP rules the funds withdrawn from the RRSP do have to paid back within 15 years. The year the funds are withdrawn does not count. The borrower can pay back all the funds to the RRSP within 15 years but must meet a minimum requirement each year.

Today’s Interest Rates

In todays Mortgage Financing Market mortgage rates are changing constantly. Today mortgages rates are based on so many different variables, it is impossible for an adviser to give a true rate quote without actually reviewing the borrower’s application first.

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BANK RATES	TERM	OUR RATES
3.89	1-YEAR	1.99
3.89	2-YEAR	1.69
3.39	3-YEAR	1.69
3.89	4-YEAR	1.74
5.34	5-YEAR	1.99
6.00	7-YEAR	3.95
6.10	10-YEAR	3.95
5.34	Variable (3yr-closed)	3.2
5.34	Variable (5yr-closed)	1.8
5.34	Variable(Open)	2.95

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