Mortgage held in an RRSP
While this topic has been discussed ad nauseam here and there, I'd like to bring what I think is a new element (a new twist?) for comments.
Context
I'll be leaving civil service position shortly to pursue a career as an independent contractor (rather than just a great paycheck). I've been told by mortgage broker and bank rep that once my mortgage is up for renewal next year, I might be hard press to get a decent rate in light of my new employment status. I'm told that whereas my present condition would help me get quite a decent rate (always has), the lack of income history and other risks associated with my new career are sure to raise those offered interest rates.
Question
As I have will have sufficient RRSPs to hold my mortgage, could this be a situation where holding my mortgage in my RRSP make sense?
I've asked this question a few times (not here) and have yet to receive well reasoned answer. I hope you can assist. Thank you.
Context
I'll be leaving civil service position shortly to pursue a career as an independent contractor (rather than just a great paycheck). I've been told by mortgage broker and bank rep that once my mortgage is up for renewal next year, I might be hard press to get a decent rate in light of my new employment status. I'm told that whereas my present condition would help me get quite a decent rate (always has), the lack of income history and other risks associated with my new career are sure to raise those offered interest rates.
Question
As I have will have sufficient RRSPs to hold my mortgage, could this be a situation where holding my mortgage in my RRSP make sense?
I've asked this question a few times (not here) and have yet to receive well reasoned answer. I hope you can assist. Thank you.