Originally posted by roopi
If you can wait the 90 days you should definately do this. You will be required to repay to your RRSP over the next 15 years however it is worth it.
Instead of a mortgage consider a HELOC. Put $55000 down when purchasing the house and you have access to the equity if needed. I don't recall how much you have access to but a mortgage broker can you answer these questions as well. The only risk you take with a HELOC is interest rates rising (which they will) but it may work out for you if you're willing to take on the risk. Again I'm not sure if you qualify with the down payment you have though.
You will only have access to anything over 80% equity unless you pay CMHC for a high ratio financing.
The fees for anything over 80% are pretty serious - ie 5-10-15k etc...
So assuming you have 55k down, the ma house you can buy is going to be 275k (not including legal and relator commisions etc...) So assuming allt hat jazz in about 10k, the max house you can buy is only 265k.
Now if you want to have access to any equity in that house, with only 55k, you're going to have to find a cheaper house ie - if you bought a 200k house, you'd have about 13k equity.
TRUTH: it's the new hate speech.
In a time of universal deceit - telling the truth is a revolutionary act. - Orwell