Affordability tips for first-time home buyers to securing a mortgage Nov 2nd

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Affordability tips for first-time home buyers to securing a mortgage

– moneysense.ca

Q. My partner and I rent a two-bedroom apartment in Toronto in a great neighbourhood for $1,850 a month—so, a great deal. We have been living together for three years and would like to buy a house together next year, when we both turn 30.

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We’ve looked around and can probably buy a small bungalow north of Toronto for about $900,000. Since we only earn about $120,000 combined pre-tax, my father has suggested he buy a one-third share of the house outright with $300,000 (name on title for one-third), and then my partner and I can buy the other two-thirds in our name; that would likely mean a mortgage of about $500,000 for us. (We have saved $100,000 for a down payment ourselves.)

Would we be able to use the Home Buyers’ Plan to borrow from our RRSP for a down payment in this case? And would we be able to call the house our principal residence for tax purposes?

Finally, would it be wise to consider an alternative lender for our mortgage, even though our bank would give us a $500,000 mortgage? We’ve checked and the non-bank mortgage interest rates can be as much as 0…

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