Re-amortizing
Married couple (late 20s) HHI 200k. I have DBPP. Only debt is mortgage on our home. We have 2 kids. We want to upsize in the future possibly to my parent’s home.
We have 100k in savings. I’m thinking through this as my sequence:
- Re-amortize on mortgage renewal next year back to 25 years to reduce shock of interest rate jump and protect our monthly savings (2k a month)
- Pour interest free loan we may receive (25 year repayment) money from family into mortgage on renewal.
- Aggressively save in HISA TFSA post renewal to max out and prep for possible move to my parents.
- Execute the move early-mid 30s to parents home (forever home) putting all our cash into it to achieve a manageable mortgage balance and re-amortizing once again
-Go all in on maxing out all registered accounts (RRSP, TFSA.. do RESP through process) in optimal tax saving years of careers
-Pour all extra liquid cash once all accounts maxed into paying down mortgage ASAP.
Any major gaps in my hypothetical plan? All subject to change particularly due to our current homes value being as we bought in 2022 😅