We are currently accessing our equity in our home. Our mortgage broker has provided us with quotes on 80, 85 and 90% of the total appraised value of our home. During this difficult time in the market,...we are uncertain on what would be the best way to go as we know whatever we do will make a difference for the future. Two things are happening. We are paying off debts and need some money for small renos to the our primary property (we only have one at the moment). We`d like to sell this house eventually and get into a larger home/property. We also want to start buying revenue properties. Just trying to figure out if we should go for the whole 90% and pay the additional insurance premium and start buying revenue properties and hold off on changing our princple residence. We have unfortunately not had time to do my quick start program (the home study one) as we have two small children at home. Looking for some advice. Need to make a decision this weekend.
(We can afford to go with full 90% on a 35 year ammortization) However, even though we know we can affford to do this, not sure how wise it is to spend $20,000 in insurance premium for this high ratio mortgage. However if we`re using the money to re-invest, it could result in being quick lucatrative so spending $20,000 could seem like peanuts in the long term. I know that is just speculative thinking... what would you do or have done? Trying to avoid strapping ouselves down with too much mortgage and less cash flow.
(We can afford to go with full 90% on a 35 year ammortization) However, even though we know we can affford to do this, not sure how wise it is to spend $20,000 in insurance premium for this high ratio mortgage. However if we`re using the money to re-invest, it could result in being quick lucatrative so spending $20,000 could seem like peanuts in the long term. I know that is just speculative thinking... what would you do or have done? Trying to avoid strapping ouselves down with too much mortgage and less cash flow.
