Great article in The Star last week. The one point I want to really highlight is the first one “Knowing Your Long Term Goals”.  This is so important!  What is the purpose of this property?  Is it a stepping-stone, or a long-term home.  

I think another key, is making sure they are working with a professional, a serious professional, someone that is actually qualified to manage this huge debt.

Finally, I think many people lose sight, or don’t even know what to focus on when thinking about their mortgage. To me it is simple, especially for the average Canadian who’s goal is to pay down this debt as quickly as possible.  Focus on two things:

1) Are your payments comfortable?

2) Can you make your amortization smaller?

That’s it.  Be comfortable with your payments and get that mortgage paid off asap.  The sooner it is gone, the sooner those mortgage payments can be put back in your pocket.  The best way to do this…a payment plan!