Welcome to the club OM we got rid of ours the end of 1999 as a Christmas present. Paid cash for this new place in the country.
I won't pretend to tell anyone that paying off your house in these days of cheap interest rates will mathematically set you better 24-30yrs from now. Nor could anyone tell you, you are guaranteed to come out ahead if you invested any extra payments - because they aren't guaranteed. Like I said in my original post - this looked like a daunting task. I refinanced a [email protected]% loan in year 28 to a [email protected]% loan for essentially the same payment of the original, then put my nose to the grind and paid it off in 8.5yrs - they finance vehicles for that long nowadays In reality I signed my original 30yr mortgage in August 2006 - took me 10yrs 4months in the end
Congrats Basod! I was on track to have MBP a couple years ago...but then the X had a MLBP (marriage license burning party) instead and took "her half" with her. I still have "my half"...but I hear that hers is long gone...along with the 2cnd and possibly the 3rd husband, dunno, I lost track. Refied for 15 yrs at something like 2.75% back in 2011, so it won't be forever before we can have a MBP too.
Congrats ! Having it paid off will make you look at $ a whole different way. As you said it sure makes things more relaxing. My first mortgage started about a year after I graduated high school at 14% . Paid it off in 8 or 9 years with a couple refies in that time to help finance the business. I kinda get pizzed when I hear friends/acquaintances say they refied for 4% and lengthened the term and are having a hard time making payments with a fat coin job ! Congrats again and enjoy life!
I'll keep you posted Hopefully I can burn outside by then won't be the same feeling throwing it in the woodstove
There we go, a little late to the party. I am looking at under five years to go, with a conservative approach to do those things bassJAM mentions. Nothing beats a paid for home, so I disregard the numbers a little because nothing in life is guaranted but death and taxes.
Congrats, it will take about 6 months to really sink in. Everything is going to change in your life, it will be a weight gone. I never had an issue paying ours but when it was gone life became simpler. We currently owe nothing to anyone, great feeling. Oh be prepared for your credit score to take a hit, ours went down about 50 points quickly. Bunch of BS if you ask me, but I will never have to borrow money again.
[QUOTE="ironpony, post: 582331, member: 63"Oh be prepared for your credit score to take a hit, ours went down about 50 points quickly. Bunch of BS if you ask me, but I will never have to borrow money again.[/QUOTE] No debt.... and your credit takes a hit. Got to love it!
No debt.... and your credit takes a hit. Got to love it![/QUOTE] You'll love this too! Last year I was turned down for a commercial loan . When I received the credit denial letter the reason behind the denial was lack of history of term loans. My credit score was 821! Last loan I took out was in 2004 . 5 year term and I paid it off 18 months early. Since then I've used 0% credit cards and 2 lines of credit. It's changed the way I've grown the business in the last 10 years.Made me think harder and work smarter .Glad it happened . Banks are stewpid now since they got spanked by bank regulatory agencies in '08 !
I just don't understand banks. The house next store just was sold in a short sale because the owner owed more than it sold for. The new owner paid 201k and borrowed 202k. How does that make sense?
Not having a mortgage is a great feeling. I recommend it 10/10 times. Been mortgage free for 4 or 5 years now.
