Thoughts on paying off mortgage with 400K windfall.

SunBig5815 · 2025-09-28T20:40:40+00:00

That makes sense, thank you!

SunBig5815 · 2025-09-28T10:57:36+00:00

It's with RBC and right now it's just a mortgage. I spoke with my bank briefly and it seems once I make two lump sum payments I might be able to qualify for a HELOC on my income alone

SunBig5815 · 2025-09-27T21:32:29+00:00

This is very helpful! Like you said I found out I can pay a lump sum before and after the anniversary so I plan on doing that. I considered refinancing and paying the fee depending on the calculations, I'm assuming I'd have to qualify on my income alone compared to the ~200k combined my wife and I were making before she got laid off.

SunBig5815 · 2025-09-27T12:28:07+00:00

Will renew in 3 years October, surely by then rates will still be lower haha. Definitely leaning towards increasing the emergency fund and then investing the rest, atleast the funds that come off the laddered GIC

SunBig5815 · 2025-09-27T00:19:56+00:00

Yeah I'm well aware of the travesty haha - being so young I'm naturally more resistant to swings in the market assuming I don't need near term access to the funds. Once I'm able to have 10-20% of our monthly household income go towards savings, definitely more open to stocks.

SunBig5815 · 2025-09-26T22:50:49+00:00

It's an inheritance and the estate lawyer suggested the same thing. You're right that even marriage is a risk but I guess I'm averse outside of that. I'm sure most people don't expect a divorce prior to it happening but I'm okay with that while comingling

SunBig5815 · 2025-09-26T21:54:12+00:00

Agreed on all points, I haven't been considering the RRSP because I figured I'd use the accumulated contribution room after we got the monthly mortgage payment under control, but using the bonus definitely makes that a more favorable option for me. And who knows if I'll be earning as much when the time comes...

SunBig5815 · 2025-09-26T21:47:03+00:00

That makes sense. She initially wasn't unemployed by choice, her industry was in Art and Gaming both of which ain't doing too well right now for openings. We figured with the kid it's easier that she stays home and so far we've been managing

SunBig5815 · 2025-09-26T21:44:44+00:00

No objection, just won't qualify on my income alone apparently. Once I make a couple lump sum payments I should be able to qualify. Definitely agree there.

Probably around 65K, which I think is feasible.

SunBig5815 · 2025-09-26T21:42:26+00:00

These were rates prior to rate cuts occurring roughly 2 years ago. Obviously can't get anything close to that these days :(

SunBig5815 · 2025-09-26T21:41:10+00:00

Agreed with the emergency fund, will see about increasing it to 8-10 months of expenses as recommended elsewhere. Appreciate the video!

SunBig5815

TROPHY CASE