Hi, I recently purchased an condo and am required to put down the 20% downpayment
The bank from whom I got the 80% mortgage, offered to let me borrow the 20% from an unsecured line of credit.
However, I also have the 20% downpayment in my cash savings so I pay it off.
Question is, as an investor would you borrow from the bank or use your own money when paying the 20% downpayment.
I hear people say, use the bank's money and take advantage of the tax benefits. I also hear other people say use your own money so you dont have to pay for the interest.
Any suggestions are always welcome. Thank you
The bank from whom I got the 80% mortgage, offered to let me borrow the 20% from an unsecured line of credit.
However, I also have the 20% downpayment in my cash savings so I pay it off.
Question is, as an investor would you borrow from the bank or use your own money when paying the 20% downpayment.
I hear people say, use the bank's money and take advantage of the tax benefits. I also hear other people say use your own money so you dont have to pay for the interest.
Any suggestions are always welcome. Thank you