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Originally Posted by mykalberta
As someone who recently bought a house and used 20K in the HBP to purchase.
Let me give out some words of caution. If you are thinking of using it as your downpayment then make sure yourself or someone else who is cosigning your mortgage has the 5% + a bit in a recorded account.
I used 10K for it as the up front cost and then expected the other 10k to cover the rest of the 5%, but my bank wanted an extra 10 k to appear to cover "legal costs".
For the last 3 years I put 6750 into HBP and it ended up only saving me some income tax money.
MYK
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I have some more advice. Pretty much unrelated. Never cosign. Ever.
Just don't do it. Maybe if its your kid or wife or something. But other then that never.