[shermanator]

I don’t think everyone who bought in 2009 is suddenly screwed, and I don’t think that every 20 something who buys their first condo is going to do it wrong, they just have to be smart about it.

I bought my condo in 2009 on a 35 year amortization period with 20% down). I had a roommate at the time who would be splitting the monthly cost, but that income source could not factor into the mortgage. Therefore my plan was to get the highest amortization at the time, and pay extra payments each month directly against the principal with the extra income when it was available.

3.5 years later, my 35 year amortization is down to 20 years. During this time I have been laid off, had the original roommate bail, got a new roommate, all while managing to cut 11 years off my amortization by increasing my payments by 10% twice, and making additional payments when money was handy.