InstantForum.NET v4.1.4CanadianBride.com Talkboardshttp://forums.canadianbride.com/bounce@canadianbride.comTue, 02 Dec 2008 02:45:39 GMT20http://forums.canadianbride.com/Topic386210-22-1.aspxI have a 40 year mortgage. We had to in order to buy a house.<BR>No regrets here!Sun, 01 Jun 2008 11:16:08 GMTNataliePhttp://forums.canadianbride.com/Topic386210-22-1.aspxWe took a 5 yr mortgage, with a 25 yr amortization, paid bi-weekly accelerated.<br><br>At the time we got our house 2 yrs ago, 35 and 40 year amortizations weren't available. Even if they were, we probably wouldn't have gone with them. Our goal is to make reasonable payments and pay off our home in a timely manner (ideally within 6-8 years). When our current mortgage is up, we'll use a mortgage broker to assist us in getting a bare bones mortgage that will allows us to finish the payments quickly.<br><br>There are alot of things to consider, and I find that people fail to consider their lifestyle when they purchase a house. Buying a bigger home now to house your family in the future may not be the wisest of choices, because you have to heat/cool/pay taxes on those rooms that you are not using at present. My FH and I are a couple who have demanding jobs/careers, and we're looking forward to travelling when we have the time to do so. You certainly don't want to be "house poor" if the economy falters.<br><br>just my $0.02Sat, 31 May 2008 01:42:08 GMTCescahttp://forums.canadianbride.com/Topic386210-22-1.aspxThis time around we got a 30 year mortgage. We qualified for less but we figured that at this point in our lives we care more about lower payments rather than how long it would take us to pay off the house. It's not like we'd be living there long enough to pay it off anyway! We're paying accelerated bi-weekly, which shortens the ammortization a little bit. Our previous mortgages were 25 years, then 20 years.<P>30, 40 year mortgages are totally worth it if it gets you into your own place. Renting is rarely a smarter option than buying so do what you have to do to get your own place.Tue, 27 May 2008 15:53:27 GMTQueen*Beehttp://forums.canadianbride.com/Topic386210-22-1.aspxI'm really torn on what to do!</P><P>Option 1 - Stay renting for another year and pay off our consoldation loan and then buy a house. Kids anytime after the loan</P><P>Option 2 - Longer mortgage, get a house and then pay off the loan. Longer to pay off loan, longer wait for kidsTue, 27 May 2008 15:20:06 GMTmissdishhttp://forums.canadianbride.com/Topic386210-22-1.aspxFH and I have a 25 year mortgage, and are paying bi-weekly. Out here in BC its expensive to buy. For our brand new 4 bedroom, 3 floor townhouse it was $310K. So for some a 40 yr mortgage is the only way to go. For some people who only have a 70K a year salary combined a 25 year mortgage and a $310K house is not in the stars for them!!! So do whatever it takes to get into the door, but when you re-mortgage in 5 years, check your finances then. But hey, getting your foot in the door for the first 5 years is better than wasted money on rent right??!!!Tue, 27 May 2008 15:04:24 GMTmontana007http://forums.canadianbride.com/Topic386210-22-1.aspxWe just bought a house and currently have a 25 year mortgage. We are going the accelerated route and on top of that plan on paying the extra 15% per month and per year. Hopefully, it will all be said in done in about 15-20 years, but we really don't plan on staying in the house that long.</P><P>I really think that everyone should decide what is best for them. I know that owning a home seems to make so much more sense to the majority of people but sometimes renting really is the best plan. Some banks have renting vs owning calculators even to help you figure out what is best for you. Mon, 26 May 2008 18:45:55 GMTpook2355http://forums.canadianbride.com/Topic386210-22-1.aspx[quote][b]Beltsie (5/26/2008)[/b][hr]I would highly advise anyone, no matter what length the mortgage is, to go with the accelerated plan. We're paying weekly payments, so it's still the same amount as paying once a month, but it's broken up and you save a butt-load of interest!<P>If 30 or 40 year mortgage is what it takes to get started, what's wrong with that? [/quote]<P>Ohh ya...we havent decided to go weekly or bi weekly yet but....thats a GREAT idea!Mon, 26 May 2008 18:42:26 GMTchuliehttp://forums.canadianbride.com/Topic386210-22-1.aspxi wish i could have a mortgage :(Mon, 26 May 2008 18:36:51 GMThuntertobehttp://forums.canadianbride.com/Topic386210-22-1.aspxI would highly advise anyone, no matter what length the mortgage is, to go with the accelerated plan. We're paying weekly payments, so it's still the same amount as paying once a month, but it's broken up and you save a butt-load of interest!</P><P>If 30 or 40 year mortgage is what it takes to get started, what's wrong with that? Mon, 26 May 2008 18:30:28 GMTBeltsiehttp://forums.canadianbride.com/Topic386210-22-1.aspx[quote][b]kaisag (5/26/2008)[/b][hr]Ours is a 30 year mortgage. IMO, there's nothing wrong with it if it means getting a start to buying a house. <P>We had to take that mortgage to get our house, our interest rate is low, and we made sure we were allowed to put on a lot of extra payments, as we plan on paying off as fast as we can. [/quote]<P>In my opinion, this is all you need to do. When people hear 40 yr mortgages, they assume others will actually take 40 years to pay it off. If you go with the accelerated option, PLUS you put extra payments...sounds good to me.Mon, 26 May 2008 18:20:14 GMTilovemymanhttp://forums.canadianbride.com/Topic386210-22-1.aspxOurs is a 30 year mortgage. IMO, there's nothing wrong with it if it means getting a start to buying a house. </P><P>We had to take that mortgage to get our house, our interest rate is low, and we made sure we were allowed to put on a lot of extra payments, as we plan on paying off as fast as we can. Mon, 26 May 2008 18:13:02 GMTkaisaghttp://forums.canadianbride.com/Topic386210-22-1.aspxThere's a big difference between being 50 and having your mortgage paid off and being 65 and having your mortgage paid off ... as soon as you finish paying off your mortgage, you are retired and have less income ....</P><P>That's all I meant. Again, it's not for DH and I but we're our own people. If others choose to have a 40 year mortgage that's their decision. No need to get defensive over OUR decision and reasoning.Mon, 26 May 2008 18:07:48 GMTigottajlohttp://forums.canadianbride.com/Topic386210-22-1.aspx[quote][b]igottajlo (5/26/2008)[/b][hr]Nope ... I wouldn't personally do a 30 year mortgage ... I don't want to be paying my house off for the rest of my life ... :)<P>It's an option for some for but DH and I it was not.[/quote]<P>well..most mortgages are 25 years right? so....whats the difference of being 50 or 55 when its paid off...Its a tad dramatic to say its the rest of your life considering all we are talking about is 5 years?hehehe<P>and to comment on what someone else said.....yes..i agree...you can pay down your mortgage much faster by never lowering your payments so....my mortgage will be paid off in even less than that...some people who do a 25 year mortgage at an accelerated rate like that can pay it off in like 17 years or something...so.....its an excellent plan!Mon, 26 May 2008 17:48:14 GMTchuliehttp://forums.canadianbride.com/Topic386210-22-1.aspxWe are probably going to do a 35 year mortgage. It's really the only way we can afford it right now. Thenin 5 years we will remortgage to a 25 year b/c by then I'll have been working at my new job for long enough to know how much I'm making, the car will be paid off and we'll know what other expenses to expect. The thing is DH is elligable to retire in 26 years, so a 35 year mortgage scares him a bit.Mon, 26 May 2008 17:37:47 GMTBrendicathttp://forums.canadianbride.com/Topic386210-22-1.aspxNope ... I wouldn't personally do a 30 year mortgage ... I don't want to be paying my house off for the rest of my life ... :)</P><P>It's an option for some for but DH and I it was not.Mon, 26 May 2008 17:02:54 GMTigottajlohttp://forums.canadianbride.com/Topic386210-22-1.aspxI would because I think the longest I would live in a house might be 10 years, then I would be getting a new mortgage anyways, so its not like I would actually pay all that interest. I would also try and put extra money down every year, no matter what length my mortgage was.Mon, 26 May 2008 16:56:29 GMTparadise83http://forums.canadianbride.com/Topic386210-22-1.aspx[quote][b]butterpurp (5/26/2008)[/b][hr]Ours is 35 right now, just so we could get our feet in the door (OF A HOUSE!)...<P>In another 4 years (and a bit) when it's time to refinance, we plan on going a lot lower, but right now with car payments, student debts and the work we needed to put in the house, a 35 year made more sense. </P><P>We would have been paying a crapload more in wasted rent money... and I effing hate apartment buildings... so why not BUY a house where our mortgage is a heck of a lot cheaper than rent in a crappy one bedroom apartment? We might pay a bit more for the house (seeing as in 5 years we'll have only paid a few thousand towards the principal), but we chose a house that WASN'T way out of our price range to begin with. </P><P>I think if you're responsible - then it's all good. It's those who are buying half a million dollar homes (that they can't possibly afford) who are going to get screwed by the interest rates possibly going up a lot at some point...[/quote]<P>I like this idea of doing it just to get in and going lower later. Thats what I'm thinking we should doMon, 26 May 2008 12:50:18 GMTmissdishhttp://forums.canadianbride.com/Topic386210-22-1.aspxFH and i are doing a 30 year mortgage......we can afford a 25 year mortgage but..being as we are a first time home buyer...we arent sure what expenses to expect and really just want to have an extra safe cushion which....when we dont know what to expect.....is exactly what i need to just feel that little bit safer...</P><P>just a note to people who said they would refinance.......we were told by our mortgage broker that if you decide in 6 years you want to refinance your home...it can be a costly process....any changes made to the length of your mortgage have to be done through a lawyer.....so...it costs some money to get it done.....what we are planning on doing is just keeping our mortgage payments the same....for as long as we can...so..once we refinance in 5 years....your mortgage payments could go down...because you are paying on less....but we are just gonna keep the payments the same...so you can pay it off at an accelerated rate....something to think about........</P><P>as you can see i thought lots about this and...i think as long as you understand all the pros and cons......owning a home however you can is a great investment!!Mon, 26 May 2008 12:50:05 GMTchuliehttp://forums.canadianbride.com/Topic386210-22-1.aspxi would. i can stand living in a condo anymore and i want a house. you can always remortgage later and depending on where you are and what bank you go through your interest rates may not be that bad. who knows when the housing market is going to come down, it may not for 5 or 10 years. i'm not willing to wait that long to get a house and start a family.Mon, 26 May 2008 12:13:52 GMTaotterhttp://forums.canadianbride.com/Topic386210-22-1.aspxI personally wouldn't simply because of the interest. By the end of it, you'll probably pay triple what your purchase price was.Mon, 26 May 2008 11:28:42 GMTautumnblishttp://forums.canadianbride.com/Topic386210-22-1.aspxI know there was a thread on this before - but its gone now.</P><P>Wondering what peoples thoughts on this are?</P><P>Would you get one if it meant getting into a house or not?Mon, 26 May 2008 11:23:12 GMTmissdish