Title says it
You're pulling in $150k+ household income with minimal debt obligations - TDS is a joke even on a 600k property
Why would you withdraw investments, RRSP, sell properties, etc. to come up with 20% so some 42k/yr retail banker can sleep better at night?
Borrow the 5% down payment on a low-rate LOC (3.5%) and CMHC the rest
Tons of options for accelerated payments: Lock in a 5 year rate and if interest rates increase significantly at the time of renewal pay down a massive portion of principle from savings (or sell, if the property increases in value) - take advantage of 10%+ annual lump sum payments that pretty much everyone offers at a minimum. The LOC can be paid off at any time if investments begin to make less than 3.5%
Why wouldnt you do this?
You're pulling in $150k+ household income with minimal debt obligations - TDS is a joke even on a 600k property
Why would you withdraw investments, RRSP, sell properties, etc. to come up with 20% so some 42k/yr retail banker can sleep better at night?
Borrow the 5% down payment on a low-rate LOC (3.5%) and CMHC the rest
Tons of options for accelerated payments: Lock in a 5 year rate and if interest rates increase significantly at the time of renewal pay down a massive portion of principle from savings (or sell, if the property increases in value) - take advantage of 10%+ annual lump sum payments that pretty much everyone offers at a minimum. The LOC can be paid off at any time if investments begin to make less than 3.5%
Why wouldnt you do this?