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My friend is getting a house for 600k, he has 15% of that amount between TFSA and saving account. He was okay with making 15% as a downpayment and taking 5% from a default insurance company as a first time home buyer.
However, his broker is convincing him to make that extra 5% payment by withdrawing his RESP.
I have a geniune question, why would he take money from his kids education, and lose all the government’s grants and deny his kids a good education , since they’re so close to 18. This should be illegal advice.
I know that when it comes to rates, a high ratio mortgage or a default insured mortgage has lower rates which means lower commission for the broker, so my guess is that by getting the client to pay 20%, he now gets higher rates and thus higher commission for the broker.
There should be someone I could report this too,
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- 2 months ago
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This should be clarified for sure.