Hi, Guest
07-21-2007, 11:47 PM
Yup ... my current mortgage is 4.85% which was for a 5 year term and we'll be done with it before the term is up (the beauty of doubling-up and 15% every year).
But I can still remember like it was yesterday my very first home (just around the corner from you Daniel -- condo at 3100 Kirwin) and the mortgage when I bought in '76 was bad enough at 10% ... but the renewal in '81 was almost 19% and we were forced to sell.
Luckily we found a cash buyer so we didn't do too badly, but I knew dozens of people back then that were forced out of home-ownership because their payments more than doubled.
My parent's first mortgage in 1952 was just over 5% ... so everything considered I think we've all done pretty good the past 7 or 8 years.
But I can still remember like it was yesterday my very first home (just around the corner from you Daniel -- condo at 3100 Kirwin) and the mortgage when I bought in '76 was bad enough at 10% ... but the renewal in '81 was almost 19% and we were forced to sell.
Luckily we found a cash buyer so we didn't do too badly, but I knew dozens of people back then that were forced out of home-ownership because their payments more than doubled.
My parent's first mortgage in 1952 was just over 5% ... so everything considered I think we've all done pretty good the past 7 or 8 years.
NefCanuck,Jul 20 2007, 11:05 AM Wrote:Gawd, when I think back on it, I sure got hosed in '05 reopening mine to get the cash for the Focus (5.3% til 2010) but the upside is that by the time the renewal comes up my principal owing will be squat in comparision even if the rates head up (around $60K IIRC)
Hey, I'm old enough to remember my father bitching about the mortage rates in the '80's hitting 18% :ph34r:
NefCanuck
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2008 Fusion SEL MTX - DD1 * 2009 Fusion SEL - DD2 * 2007 Focus ZXW - R*I*P * 2004 Focus ZTW CD Silver - sold * 2004 Focus ZTW Black - sold * 2003 Focus ZTW Black - sold * 2001 Focus ZTW Gold - sold * 2000 Focus SE Wagon (ZTW option) - Black - sold * 2000 Focus SE Wagon (ZTW option) - Gold R*I*P
2003 Focus ZX5 infra-red Track Rat - R*I*P
2003 ZX5 CD Silver Track Rat - retired, but still in the driveway
New track rat: 2000 ZX3, Atlantic Blue * JRSC with lots more to come
* New Zetec crate motor - NFG - thanks Topspeed *
2003 Focus ZX5 infra-red Track Rat - R*I*P
2003 ZX5 CD Silver Track Rat - retired, but still in the driveway
New track rat: 2000 ZX3, Atlantic Blue * JRSC with lots more to come
* New Zetec crate motor - NFG - thanks Topspeed *