Quote:
Originally Posted by hud 91gt
i think this should be more on the lines of, "hey, you have 15% down. You've shown you can be responsible with your income, here is a 5% top up to help you down the road."
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I don't understand this. So you avoid CMHC insurance if you get to 20%, but you'll still have to pay interest on this loan in 5 years. You'll end up paying more one way or another.
Besides, no one is going to use this to "Get the 5% top up to 20% down"
They're going to use this to get a 5% down payment of an even more expensive house than they should be getting.