With all the costs associated with day-to-day living - from mortgage
payments to utility bills - it can be difficult to save for your child's
education.
Canadian mortgage lender, XCEED, is hoping to make that task a little
easier with its new Promoting Responsible Education Planning (PREP)
Mortgage. The product is available to homeowners who have enough equity
in their home to qualify for a refinance. By putting at least $1,000 of
the funds borrowed into a Registered Education Savings Plan (RESP),
you're automatically eligible for the PREP product.
In addition to saving five basis points off of XCEED's posted mortgage
rate, the lender will also contribute $500 towards the RESP. With a
starting point of $1,500 homeowners can then invest - and continue to
contribute to - their RESP savings. With an RESP in place, the
homeowners' children are also eligible for Canada Education Savings
Grants (CESG).
The goal of the program is to make post-secondary education a little
more affordable for Canadian homeowners and their children. For more
information visit http://www.xceedmortgage.com/default.asp or give us a
call!
No comments:
Post a Comment
Your comments are not only welcomed but encouraged. It is not expected that you will always agree with what I have to say. After all, it's an opinion.