Real Estate

Mortgage - How many years have you paid it off?

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  • Sep 5th, 2015 11:33 am
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Aug 2, 2010
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Haven't had one since 1988
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Jun 28, 2007
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I find a good strategy to take advantage of the low borrowing rates, is to pay off your principal mortgage as quickly as possible and increase the amount you have available in a home equity line of credit in order to support household "working capital" used for other investments etc.
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Oct 26, 2003
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gomyone wrote: I find a good strategy to take advantage of the low borrowing rates, is to pay off your principal mortgage as quickly as possible and increase the amount you have available in a home equity line of credit in order to support household "working capital" used for other investments etc.
yeah, if for some ungodly reason interest rate spikes to double digit over night, i will just pull all my investment and dump it into it
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divx wrote: yeah, if for some ungodly reason interest rate spikes to double digit over night, i will just pull all my investment and dump it into it
The reality is that these low rates have been boon for anyone who borrowed (for a house or otherwise) over the last several years, especially if you were able to pay down the principal. For those who didn't for whatever reason, it sucks since you'd have to play "catch up" with rates already near a likely bottom and house prices that much more expensive.
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gomyone wrote: The reality is that these low rates have been boon for anyone who borrowed (for a house or otherwise) over the last several years, especially if you were able to pay down the principal. For those who didn't for whatever reason, it sucks since you'd have to play "catch up" with rates already near a likely bottom and house prices that much more expensive.
if you borrowed before, RE was cheaper, now it is much higher so the monthly payment more-or-less stayed the same
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Jan 13, 2012
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There is no way the general population pays of their mortgage in under 10 years. That has to be an exception to the rule. But maybe I'm out of touch with how rich people are...

My guess is that richer folk are on here, as pretty much everyone I know is taking over 10 years. Only one couple had their's paid off, and their family income is close to 500k...
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vesh1717 wrote: There is no way the general population pays of their mortgage in under 10 years. That has to be an exception to the rule. But maybe I'm out of touch with how rich people are...

My guess is that richer folk are on here, as pretty much everyone I know is taking over 10 years. Only one couple had their's paid off, and their family income is close to 500k...
According to CAAMP, nearly 40% of homeowners in Canada don't have a mortgage and 13% of the approximately 600,000 homebuyers per year don't have any financing on their purchase. Obviously these stats don't represent a typical first time buyer or a relatively young buyer. More likely its older home owners who have built up equity in their homes over time.
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Jan 13, 2012
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gomyone wrote: According to CAAMP, nearly 40% of homeowners in Canada don't have a mortgage and 13% of the approximately 600,000 homebuyers per year don't have any financing on their purchase. Obviously these stats don't represent a typical first time buyer or a relatively young buyer. More likely its older home owners who have built up equity in their homes over time.
Looks like the average is mid 50s across different areas of Canada. This is more realistic.
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Feb 4, 2008
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$316K Just under 6 years. This basically means nothing without income information, ages, kids, etc.

It is also dependant on that is a priority for people. Paying off mortgage or saving for retirement.

It would be interesting to poll the maximum amount of mortgage people qualified for compared to what they actually took.
www.mortgagecalculatortoolkit.com

Do your mortgage math correctly!
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May 6, 2014
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sslinn wrote: $316K Just under 6 years. This basically means nothing without income information, ages, kids, etc.

It is also dependant on that is a priority for people. Paying off mortgage or saving for retirement.

It would be interesting to poll the maximum amount of mortgage people qualified for compared to what they actually took.
Did you max rrsp during that time?
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Feb 4, 2008
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Mine is maxed every year. My wife has been contributing to a defined benefit pension plan for 20 plus years. We did buy back some of her time while paying off the mortgage.

Now that the mortgage is paid we are doing some planning with her RRSP.
www.mortgagecalculatortoolkit.com

Do your mortgage math correctly!

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