Quote:
Originally Posted by Winsor_Pilates
I read it in a couple of articles recently; I'll see if I can find them and post.
Is that study saying that only 13% made pre-payments in the last 12 months? or only 13% do overall?
Edit for links:
Canadian Mortgage Trends
In almost all cases, people who take 35-year amortizations plan to pay off their mortgage much quicker. In fact, the average Canadian gets rid of their mortgage in 1/2 to 2/3 of their original amortization, according to insurer sources. In other words, due to pre-payments, people pay off their 35-year mortgages in far less than 35 years. |
How do we even know this since 35 year mortgages and these higher prices have only been around for a couple years.
It's much easier to pay off a house early if you only paid 185,000 for it....
I have a VERY hard time seeing many of those who bought houses with a 40 year 0 down mortgage paying anything off early. A few years, sure... They may pay it off in 32 years doing bi weekly payments or something, like that, but thats still 32 years.