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The only other thing I'd add is that paying cash now does not preclude you from taking out a mortgage later.
Yeah it actually mostly does. In America at least, don't know about Canada. We also don't need to worry about resets of the interest rate. A purchase mortgage has *much* better terms and fees than a cash-out mortgage.
30 year fixed-rate mortgage is the thing for us. Doesn't matter what the current interest rate is. When rates go down, refinance to a new 30 yr FRM at the lower rate. As long as you just refi your existing mortgage and don't take any cash out you get the same low terms & costs as a purchase mortgage.
This is as strictly America deal, I understand that most other countries your mortgages reset the rate every few years.
