Joint Mortgage (and Home Buyer Plan)
So a bit of a multi-layered question.
The plan is to buy a place with a friend for investment purposes with each of us putting 10% down.
He already has a place, but I do not. Both of us still living at home.
How would a joint mortgage work, and would I be able to use the First Time Home Buyer plan and pull my 10% from my RRSP?
I have enough for the 10% in my RRSP, but also have enough in my savings account. If I use the 10% from my savings, would I still be able to use the HBP later to get my own place?
The plan is to buy a place with a friend for investment purposes with each of us putting 10% down.
He already has a place, but I do not. Both of us still living at home.
How would a joint mortgage work, and would I be able to use the First Time Home Buyer plan and pull my 10% from my RRSP?
I have enough for the 10% in my RRSP, but also have enough in my savings account. If I use the 10% from my savings, would I still be able to use the HBP later to get my own place?