Mortgage Loan: Closed - Fuel Economy, Hypermiling, EcoModding News and Forum

vacationtime247 · 03-12-2013, 02:22 AM

Feels like a success story for me. Sent the final payment overnight Friday. Checked after getting home tonight and it showed Mortgage Loan: Closed! FINALLY! Own my house with no debt and just one credit card with a 0 balance. Feel so 'free' now. : D
VT247

Xist · 03-12-2013, 02:31 AM

Congratulations!

Frank Lee · 03-12-2013, 02:48 AM

HA! Did you go pay the fee to the Title company? You might not be "all done" yet!

War_Wagon · 03-12-2013, 03:40 AM

Even though the value of my place has increased 300% since I bought it 11 years ago (If you Google Vancouver BC real estate prices you will see it is sickly out of whack with reality), I won't be paying it off anytime soon. I can only dream about being payment free in the future. Good on you, and enjoy your freedom of monthly payments!! I have honestly considered moving south to the Dakotas where some of my friends live, just because it's a place where you can actually own a house. The average price for a detached house where I am is $1.1 million (it's a suburb called Richmond in case you want to nerd out and actually look it up). And the Canadian and American dollar are only off by about 3 cents from being at par at the moment. As someone that will probably never be mortgage free, I wish you good luck in your debt free life lol.

H-Man · 03-12-2013, 03:52 AM

I'm happy right now. I own my can completely, no debt at all (I'm an engineering major, so give it a few years and I'll be crying the corner looking at my student loan debt if I can't get a job.)
I fear debt very much.

vacationtime247 · 03-12-2013, 04:38 AM

Darn, I hope that fee was already priced in. Eh, it's close enough. This drinks on me. Time to celebrate.
VT247

Quote:

Originally Posted by Frank Lee

HA! Did you go pay the fee to the Title company? You might not be "all done" yet!

War_Wagon · 03-12-2013, 04:48 AM

I just cracked a beer for you! Debt free mortgage wise is such a stretch here that I am really jealous I have to say. Now take the money you save and buy a first gen Insight lol.

Frank Lee · 03-12-2013, 05:25 AM

My friends laughed at me when I was all excited to pay my mortgage off, only to discover I had a few more bucks to shell out. :/

But when that's over with you can enjoy the increase in security and disposable income!

user removed · 03-12-2013, 08:05 AM

Piad off the condo 2.5 years after the wife and I got married. That was the first home paid off in 1992. Then she gets the idea to buy a home that was another $40k on top of what we got for the condo. Paid that one off in another 4 years.

Then I got the wild idea to build a home. Sold my shop and built my first home ever in my life. It was paid off when we moved in and sold the previous home.

3.5 years later we sold that home for $335k almost when the market peaked. I built the next home with the profit from the first home and we banked the original capital from two homes previous.

The market tanked before I could convince her to sell this one and the value dropped a good bit, but we still have only half of the value in cost, but that does not include any compensation for my 16 months of work building the house.

It sure makes living on a retirement income easier to not have any auto or home related debt. Add up the interest you pay monthly, the multiply that by 12 months and then 15 years to get an idea what debt free can do to your net worth. For us when we first got married in 1989 it was $1500 a month, for house, business, and cars.

180 times 1500 is a lot of money. To say nothing about the much much higher taxes we would have paid on our otherwise two incomes combined, something she still does not completely understand.

It's not so much how much you make, but how much your net worth grows year to year. Before I built the first house and sold my shop, my top rate was 28% Federal, 6% state, and both halves of FICA (self employed) at 15.2%. 49% gone before I got the other 50.1% The year we sold the first house I built, our income was over 200k, mostly due to the house sale and we only paid $4k in Federal Income Tax.

regards
Mech

Cobb · 03-12-2013, 11:04 AM

You never really own your home, there are always other fees, taxes and bills you need to pay. Opps, forgot to say HOA too.

In Richmond they charge you for storm water run off based on the sq ft of your land and if you own a condo they go based on the whole complex vs your little unit rather its in a single or multi story unit.

Congrads otherwise, however they may charge a fee for the final deed or paper work. Where I use to work you had to pay to get your car title once you paid for your car in full.