A closed mortgage is the more traditional option of purchasing a new home and is especially suited to those members who like peace of mind knowing that their mortgage payments will stay the same for the specific term they have chosen. This is especially true for first-time home buyers who may be dealing with less flexible budgets.  Members who qualify under the Home Buyers' Plan may be eligible to withdraw up to $35,000 ($70,000 for a couple) tax-free from an RRSP to use as a down payment. The funds must be repaid to your RRSP within 15 years. By taking advantage of Comtech Fire’s outstanding pre-payment options, you could save thousands of dollars in interest and get your mortgage paid sooner.