I don't understand? Why open a line of credit and then refinance?

I was initially just thinking about refinancing for the 40k + 15k remaining. And putting it over 30 years to even satisfy the stingiest of guidelines.

Such a dumb situation lol, I could take out the 37k TSFA. But then I am at a 3k loss, lose that contribution room forever, and the loss will be about 1k more than the fee's to refinance.

Or I could wait 1.5 years for income (hopefully) rolling in from the project. And if not, then having another job to get approved. Or just use the money and won't need a loan. But that could be 2.5-3 years.

What about if she cosigned on it? is that even an option? I couldn't ever see them denying a 55k mortgage over 30y term on a 500k appraisal. Especially when it would be the online debt. Regardless of just making 15k/yr for two years to work on getting a project completed to market.

Then the second person with 35k/yr income. Two pensions. RRSPs.

Both with over 800 credit ratings.