Canada

The Housing Crisis is NOT Over

Great stategy, lower price, higher mortgage rate. The way to pay it off faster is shorten your amortization and make weekly payments. I had my house paid of in 6 years this way and I was paying 11.25% interest at the time. Why do you think banks and mortgage co's love 40 & 50 year mortgages? (another disaster that is waiting to happen for borrowers) eg. $100K of mortgage 30yr 6% = $595/mo. change to 25yr. 6% = $640/mo. A lousy $45/mo to take 5yrs off your mortgage amortization. duh!