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First Time Home Buyers

A Pre-Approval

  • Determines how much you can afford
  • An application is taken – personal and financial information
  • A credit check is completed
    (this ensures that your credit is in good standing and if there are any problems, they can be dealt with before entering into an offer to purchase)
  • A “Pre-Qualification” does not usually include a credit check Know which you have obtained!
  • Once your Pre-Approval is in place, your rate is usually guaranteed for 90 to 120 days (depending on the lender)

Click HERE to take a look at the Process Page
This page explains the next steps in the purchase process!


Using Your RRSP’s

  • The “First Time Home Buyer’s Program” (HBP) allows first time home purchasers (refer to the Government of Ontario for more details regarding eligibility) to use up to $20,000 towards the purchase of a first home
  • A HBP withdrawal form is completed and submitted to the holder of your RRSP plan. Funds are then issued to you in order to obtain a certified cheque for the downpayment
  • RRSPs must be in your plan for 90 days prior to the closing of your purchase
  • Withdrawals from your RRSP should be done 14 days prior to your closing date
  • The amount withdrawn from your RRSP is to be repaid within 15 years
    (Example: Withdraw $20,000 ÷ 15 years = $1,666.67 to be paid back into your RRSP annually.)


Always remember…

The VanderDuim Mortgage Team is here for you —
Before, during and after your transaction closes!!


* On approved credit (OAC)E&O