Quote:
Originally Posted by WinnipegFan
Q I have to disagree with you. The less you put down the more the mortgage calculates into the cumulative interest, which is the majority of what you are paying for the first few years of that mortgage. I highly doubt you will get a return on the small percentages of money in comparison to the cost of borrowing it. My advice to all my friends and family is to suffer through and save up 35% down and do a secure line of credit. Then your interest is calculated monthly, you aren't front loading your interest and you are paying off your principal far faster.
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No harm in getting in sooner with 5% and putting extra money when had on the mortgage.
Of course, everyone has different views on risk/reward. There is no clear cut answer at the start...its all how you invest the extra money you save and the answer is had at the end!
I think it would be different if a mortgage was considered debt (yes lets get it out of the way now)