Quote:
Originally Posted by WilsonFourTwo
Hey, I'm more than happy to admit that I've got a 40-year amortization. I'm also happy to note that my mortgage will be paid off in about 15 years.
I know that I'm the exception to rule, but the 40-year was a great opportunity to manage some risk and cash flow over an extended period. If I want to pack up and vanish for a year, it would be very easy to rent my home and be cash positive. If I remain in my home, I'm so "under-extended" that I can prepay disgusting amounts of principal each year.
Mortgage rules haven't been the problem, discipline has been. That said, I support changing the rules at this point to address our national lack of discipline.
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Your not the exception to the rule.
The vast majority of Canadians pay off their mortgages ahead of the amortization period.
You're likely the exception if you do it in 15 (awesome!), but most would still do it well ahead of 40.