Hi, Guest
You're right about it being a waste of cash, but you've gotta pay to play, one way or the other.
25% on our purchase price alone is $31,250. We sure as hell didn't have that in the bank, and it's highly unlikely (but possible) that he has $48,250 (25% of advertised price, anyways). That's before any other fees.
We were actually advised by our lawyer that we could have skipped the CMHC insurance if we did pay 25% or more down... but then he also said he has never seen that before for first-time buyers... nor heard about it outside of lottery winners.
Of course, we bought the house in the same year that we paid for our wedding / honeymoon, so again... there's only so much in this life. :)
25% on our purchase price alone is $31,250. We sure as hell didn't have that in the bank, and it's highly unlikely (but possible) that he has $48,250 (25% of advertised price, anyways). That's before any other fees.
We were actually advised by our lawyer that we could have skipped the CMHC insurance if we did pay 25% or more down... but then he also said he has never seen that before for first-time buyers... nor heard about it outside of lottery winners.
Of course, we bought the house in the same year that we paid for our wedding / honeymoon, so again... there's only so much in this life. :)
Daily driver 1: 2007 Jeep Wrangler Unlimited Sport "S"
33" BFG Mud-Terrain KM2s, lots of Rough Country gear - bumper, 2.5" lift, swaybar disconnects, Superwinch 10,000lb winch, Detroit Locker in rear D44 axle, custom exhaust, K+N filtercharger, Superchips-tuned.
Daily driver 2: 2006 Subaru Legacy GT
COBB Stage 1+ package - AccessPort tuner, COBB intake and airbox. Stage 2 coming shortly - COBB 3" AT stainless DP and race cat, custom 3" Magnaflow-based exhaust and Stage 2 COBB tune.
33" BFG Mud-Terrain KM2s, lots of Rough Country gear - bumper, 2.5" lift, swaybar disconnects, Superwinch 10,000lb winch, Detroit Locker in rear D44 axle, custom exhaust, K+N filtercharger, Superchips-tuned.
Daily driver 2: 2006 Subaru Legacy GT
COBB Stage 1+ package - AccessPort tuner, COBB intake and airbox. Stage 2 coming shortly - COBB 3" AT stainless DP and race cat, custom 3" Magnaflow-based exhaust and Stage 2 COBB tune.