So, it’s Monday and I am scrolling through the news, and my eye is always drawn to any article about mortgages.  This one was really interesting in the Globe and Mail:  What if mortgages were more expensive and less accessible?

It paints a pretty scary picture…however, one that I don’t think will happen, at least not overnight.  The sheer impact would be catastrophic.  Would/could it happen?…in time, maybe.  But if it does, it will be will with steps like we have seen.  The insurers have reduced amortizations on mortgages with less than 20% down, to 25 years.

If they were to make a next step, it will be to increase the minimum down payment from 5% – 10%.

So what should you do? 

Take charge of your situation.  Be in control. 

1)  Having a financial plan and start saving now.

2)  Make sure when you buy a home, you can be there for 7 – 10 years.

3)  Until you have 30% equity position in your home, be aggressive paying it down.  Have a PAYMENT PLAN!