Wednesday Wisdom – Deposits & RRSPs

Wednesday Wisdom – Deposits & RRSPs


hi I’m Nicole Hacault with royal Lepage top producers and for today’s Wednesday wisdom we’ve got Karen Beckingham and
we’re gonna talk about deposit and RRSPs quickly yes yes so when you’re
purchasing and if it’s your first home you’re allowed to redeem our space or if
you are in the middle of the Metro millennial division of assets those RS
fees count some people are relying a hundred percent on the rsps as their
downpayment funds and then when they go to make an offer to purchase all of a
sudden somebody’s asking them to write a check for $5,000 or you know thousand
ten thousand dollars a substantial amount so that check that you’re writing
is a deposit first of all becomes part of your down payment but the biggest
problem I find with people that are using RRSPs is they don’t have that five
or ten thousand dollars yeah and they can’t take it out of there
are ESPYs until they’ve actually purchased a home so you may want to be
prepared prior to that that money does not have to come from an asset it could
come as a cash advance on the credit card which is expensive a line of credit
or borrow briefly from a family member when we go to confirm your down payment
we are going to confirm the rsps as your complete down payment but having that
cash readily available to make that deposit because when you write that
check they that check if your offers accepted that check gets cached within
24 hours yeah so it’s not making sure that you’ve got a resource to provide
that deposit it will be replenished once you are able to retain your RS piece
yeah but spacetime yeah just need that cash okay
yeah having that back-up plan in place before you start okay perfect so you’ve
any other questions about how to use RRSPs to purchase a home or what deposits are like and what they do ask Karen and I we are here to help you
exactly okay

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