My plan was to be able to pull out equity from my houses to purchase another legally suited property for 5% down but 5 out of 7 of my houses now have a loan-to-value ratio of 100%, meaning my mortgage balance is the same as the value of my house!
So NOW what?
I feel like we're doing the limbo. The last time I did the limbo, I tore my ACL! Central Alberta house prices have dropped over 20% in the last 4 years; about a 6% drop per year!
Over the last 5 years of home ownership, I've just chased the mortgage down with the value of the house. The good news is that now I only have 20 years left on the mortgage that started at 25 years.
Even though I am not “making any money”, I am whittling down the term on the mortgage and in 20 years it will be paid off!
Even if it takes another 5 years, our “torn ACL" will recover and I will be 5 years closer to having my mortgage paid off!
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Bryce/Penny Kander
Realty Executives Alberta Elite
403-896-9592
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