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Yakbutter · 05-17-2014, 01:05 PM

Putting down 5% o a 400k mortgage sounds asinine. So interest rates go up 1-2% and your mortgage goes up $500 a month...

I'm young and rent atm. My plan is to rent cheap (600-700$) a month, and keep saving until I can make a substantial down payment. Something like 40% down.

I don't really see the point of taking on a massive mortgage, when the bank interest, property taxes, CMHC insurance, house insurance and utilities are almost double what it costs to rent. I guess it would make sense if you have renters...but...ew.

05-17-2014, 01:05 PM	#59
Yakbutter Self-ban Join Date: Jun 2010 Exp:	Putting down 5% o a 400k mortgage sounds asinine. So interest rates go up 1-2% and your mortgage goes up $500 a month... I'm young and rent atm. My plan is to rent cheap (600-700$) a month, and keep saving until I can make a substantial down payment. Something like 40% down. I don't really see the point of taking on a massive mortgage, when the bank interest, property taxes, CMHC insurance, house insurance and utilities are almost double what it costs to rent. I guess it would make sense if you have renters...but...ew.