Quote:
Originally Posted by tricky_ab
Holy crap! You can get such a long borrowing term in the States?
Here in Canada, they changed the longest period from 35, to 30 (without CMHC fees if you put down the 20%). Mine is/was 25 years when it started. I also have accelerated payments (I pay bi-weekly), and I usually add the added extra 10% a year that you can directly apply to the principal amount.
I want this damn thing paid off sooner then later.
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Yep. People are crazy.
As someone mentioned earlier, getting stuck in a 30 year mortgage will be a drag knowing you'll spend more than a quarter of your life working to pay it off (if you get stuck in a high payment situation).
Having purchased a home at such a young age definitely made me feel good, but I much preferred my lifestyle prior to having a mortgage. My other bills have always been there (cell, tv/internet, utilities), but eliminating my mortgage would put a nice chunk of change back into my savings. Or better yet, I'd finish building one of my damn cars.
Can't wait for the day I make my last payment.