All told it took me 10 years and 11 months which is completely silly because when I attempted to get my first mortgage with my bank I was turned down and was told I could not afford it.I had to suffer through 3 years with Exceed
and a mortgage rate of 6.89%.In those 3 years I saved up enough to get CMHC out of the picture.My bank jumped at the paper when it was offered.I say offered as I went through a mortgage broker.For the next 7 years and 11 months and 1 mortgage renewal I changed up my ammortisation and doubled
up on my payments as well as hit the principal with some pretty hefty yearly over payments.
During that time I have completely renovated the place.New bathrooms with tile floors/tiled entryway/tiled fireplace/laminate floor in the basement and engineered hardwood upstairs.I gutted the kitchen and put in all new cabinets and had a tile floor/backsplash done.New roof with 35 year shingles in 2010.The only thing I have not replaced is the furnace which is next.
Pretty good for a guy who "could not afford it"
I will now put my effort into retirement savings
FTH