First time home buyer

[Paul MacQuarrie]

Hello I'm looking at purchasing a single family home for around 400,000 in Edmonton Alberta. I have been pre-approved for 450,000 with 50k down @3.87 fixed with a rate hold for 3 months.

Purchasing under this scenario, I would have 15000 as an emergency fund left in the bank.

Alternatively I was considering spending that emergency fund on the downpayment and utilizing my line of credit to get the downpayment up to 20%. This allows me to avoid cmhc mortgage insurance which is mandatory for every home with a smaller downpayment than 20%. I would then need to sell assets to regain that emergency fund, but I'm willing and able to do this.

Can anyone familiar with CMHC let me know if this second option is the better way to go?