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Any opinions on how long to amortize your mortgage for? 

 

I've been constantly debating between a shorter amortization period to be debt free quicker, or amortize the loan for 25 years and be disciplined enough to take the additional monthly cash flow and invest in assets that would have a higher return than the 2-3% mortgage rate I'd realistically be getting in today's market. I've been learning towards 25 years since I could also choose to make lump sum payments during the term of my mortgage to pay down the principal faster whenever I feel like I want to. 

 

I know everyone's circumstances are different, but in my case, I'm in a younger age group so I was thinking my longer time horizon gives me more time to build wealth via investing the additional cash flow. 

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6 hours ago, stawns said:

That's the rub, for sure.  I think I'd probably have to leave the Okanagan because I still want a small acreage to continue my cannabis farming.

Cawston/keremeos is still prime area, as well as behind summerland towards falder and old princeton connector from summerland to hedley

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49 minutes ago, Warhippy said:

Cawston/keremeos is still prime area, as well as behind summerland towards falder and old princeton connector from summerland to hedley

If we do sell I think it would come down to soutb ok/similikemeen, boundary country or the gulf islands

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8 minutes ago, stawns said:

If we do sell I think it would come down to soutb ok/similikemeen, boundary country or the gulf islands

Ok similkameen is great really.

 

Honestly check behind Summerland.  Still inexpensive and acreage for sale

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30 minutes ago, stawns said:

If we do sell I think it would come down to soutb ok/similikemeen, boundary country or the gulf islands

 boundary country is the best love my hometown

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8 hours ago, canuktravella said:

 boundary country is the best love my hometown

What are the winters like?  That's one of our sticking points

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8 hours ago, canuktravella said:

where behind summerland?

Here's a map of the area.  it's actually picturesque 

 

And here's an actual video of the drive itself.  About 2/3 paved and hard packed well maintained gravel for the rest of the way.  They even shot a movie back there a few years back.

 

 

Screen Shot 2021-04-06 at 7.32.30 AM.png

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10 hours ago, stawns said:

If we do sell I think it would come down to soutb ok/similikemeen, boundary country or the gulf islands

Have you looked at the Prices on the Gulf Islands?

Unless you are looking at Texada, you may have to pay more than you sell for.

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1 minute ago, gurn said:

Have you looked at the Prices on the Gulf Islands?

Unless you are looking at Texada, you may have to pay more than you sell for.

I'd buy an empty lot(s) and build something.  Money won't be a huge issue I don't think.

 

I've been looking at places on SS and I coujd swing a 3 acre piece, build a container home and set myself up for a cannabis license and still not have a mortgage

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16 hours ago, KoreanHockeyFan said:

Any opinions on how long to amortize your mortgage for? 

 

I've been constantly debating between a shorter amortization period to be debt free quicker, or amortize the loan for 25 years and be disciplined enough to take the additional monthly cash flow and invest in assets that would have a higher return than the 2-3% mortgage rate I'd realistically be getting in today's market. I've been learning towards 25 years since I could also choose to make lump sum payments during the term of my mortgage to pay down the principal faster whenever I feel like I want to. 

 

I know everyone's circumstances are different, but in my case, I'm in a younger age group so I was thinking my longer time horizon gives me more time to build wealth via investing the additional cash flow. 

This, IMO. Being younger allows you to afford to make slightly more risky investments, so the extra cash flow is nice. You don't want to get into a situation where you're basically house poor because your mortgage payments are insanely high. Lump sum payments give you that flexibility to pay off faster at your own leisure. Plus, being younger can mean more surprise expenses (e.g., kids) and so the flexibility again helps. 

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21 hours ago, KoreanHockeyFan said:

Any opinions on how long to amortize your mortgage for? 

 

I've been constantly debating between a shorter amortization period to be debt free quicker, or amortize the loan for 25 years and be disciplined enough to take the additional monthly cash flow and invest in assets that would have a higher return than the 2-3% mortgage rate I'd realistically be getting in today's market. I've been learning towards 25 years since I could also choose to make lump sum payments during the term of my mortgage to pay down the principal faster whenever I feel like I want to. 

 

I know everyone's circumstances are different, but in my case, I'm in a younger age group so I was thinking my longer time horizon gives me more time to build wealth via investing the additional cash flow. 

If you are disciplined and can pay it off in 10 years,  then go for it.  Cuz lots can change in even 5 years.  I tried the pay it off as fast as I can.  But life happens, then wife and kids, and suddenly bigger trips than usual.  

 

Live life like a hermit or keep the wife and kids happy by giving them some good memories.   I chose the latter after trying the former.

Edited by BPA
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21 hours ago, KoreanHockeyFan said:

Any opinions on how long to amortize your mortgage for? 

 

I've been constantly debating between a shorter amortization period to be debt free quicker, or amortize the loan for 25 years and be disciplined enough to take the additional monthly cash flow and invest in assets that would have a higher return than the 2-3% mortgage rate I'd realistically be getting in today's market. I've been learning towards 25 years since I could also choose to make lump sum payments during the term of my mortgage to pay down the principal faster whenever I feel like I want to. 

 

I know everyone's circumstances are different, but in my case, I'm in a younger age group so I was thinking my longer time horizon gives me more time to build wealth via investing the additional cash flow. 

What you're proposing is similar to the Smith Maneuver.  

It's more of hassle (paperwork, taxes), but does help you build equity quicker.  

 

As long as you are really discipline, it's not a bad option to choose.  This is assuming you are really discipline and you're the type that goes, "Tax refund?  That's going into my investment accounts" and not one of those "Tax refunds?!  Woo-hoo!  Las Vegas here I come!  Hookers and blow!"

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5 minutes ago, bishopshodan said:

I'm considering selling my rental and buying in PEI.

 

What a beautiful place with amazing prices. 

 

 

Something like this,

https://www.realtor.ca/real-estate/22107801/21352-rte-12-seacow-pond-seacow-pond

It can be a fantastic opportunity there and wow, does your money go far! I have a friend that went out that way to visit a few years ago and fell in love with it and decided that he might make the move. He went back again in the winter and that changed his mind! You better like winter.

(Strange fact: He was living in Nanoose Bay at the time.)

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4 hours ago, Lancaster said:

What you're proposing is similar to the Smith Maneuver.  

It's more of hassle (paperwork, taxes), but does help you build equity quicker.  

 

As long as you are really discipline, it's not a bad option to choose.  This is assuming you are really discipline and you're the type that goes, "Tax refund?  That's going into my investment accounts" and not one of those "Tax refunds?!  Woo-hoo!  Las Vegas here I come!  Hookers and blow!"

Pretty sure what he suggested is not the Smith Manoevre. Smith Manoevre implies borrowing money and leveraging your investment. He is only taking the extra cashflow to invest which is just regular investing with actual cash.

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30 minutes ago, 4petesake said:

It can be a fantastic opportunity there and wow, does your money go far! I have a friend that went out that way to visit a few years ago and fell in love with it and decided that he might make the move. He went back again in the winter and that changed his mind! You better like winter.

(Strange fact: He was living in Nanoose Bay at the time.)

Yep, the winters are the catch.

I wouldn't sell my home in Nanoose but I am lucky to have a rental worth about 500k that I could liquidate.

I could be a true coast to coaster.  

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1 hour ago, DonLever said:

Interesting story about Kits house selling for over $500,000 over asking price.

 

Sold (Bought): 1940s Kitsilano house receives 18 offers | Vancouver Sun

 

You know, the $2.5 Million will get you a mansion in some parts of the US.   It is ridiculous $2.5 Million for a 33 ft lot when you can get an acre for that price elsewhere.

dont know if its been said or not but I am going to put my tin foil hat on here and suggest there is some speculators cartel out there putting in these offers on each others properties to try and drive up prices.

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