Coytee Posted September 1, 2012 Share Posted September 1, 2012 Today was the day the check was put into the mail. Created a 20 year mortgage in 2001. Refinanced it in 2003 but, dropped it down to a 10 year length to keep the payments about the same and cut years off instead of lowering payments. In lieu of the economic crunch in 2008/9 lower payments would have been handy but...the choice was already made so I was reaping what I sow'ed. Fast forward to today with steady payments & overpayments.... I put a cashiers check in mail today for $345 (they require certified funds for final payment which to me, is absurd). This amount covers the small balance due and about $1.20 to cover the 20 cents per day of interest during the mailing time. That they need certified funds when their risk is $345 makes no sense to me. When I asked specificially about it and what would happen if I sent the funds in my normal way (simple electronic payment) she said they'd simply send the funds back. Huh? [:^)] Ok, fine. Net result, house will be paid off when this is processed, about 8-9 years early relative to the original loan and 13 months early relative to the revised loan (not due until Nov, 2013) The feeling of euphoria at paying it off is feeling pretty incredible. I've been antsy & excited for the last 12/18 months each time my bill would come due because I could finally see it pounding down to zero and know the day would soon be here. Today's the day Sweet!! Quote Link to comment Share on other sites More sharing options...
USNRET Posted September 1, 2012 Share Posted September 1, 2012 Congrats Richard! On the other hand, I just signed the contract today to build our new place.....did my part to stimulate the economy Quote Link to comment Share on other sites More sharing options...
ace168516 Posted September 1, 2012 Share Posted September 1, 2012 I can't imagine how good that must feel. Quote Link to comment Share on other sites More sharing options...
CECAA850 Posted September 1, 2012 Share Posted September 1, 2012 Welcome to the club[Y]. Quote Link to comment Share on other sites More sharing options...
muel Posted September 1, 2012 Share Posted September 1, 2012 Awesome! It felt good when I finally hit the single digits for number of years left. I imagine you are ecstatic! Quote Link to comment Share on other sites More sharing options...
JerolW Posted September 1, 2012 Share Posted September 1, 2012 Welcome to the club. It is good, isn't it? jerol Quote Link to comment Share on other sites More sharing options...
Boxx Posted September 1, 2012 Share Posted September 1, 2012 Super good feeling.... Congratulations.... Quote Link to comment Share on other sites More sharing options...
Thaddeus Smith Posted September 1, 2012 Share Posted September 1, 2012 congrats! 11 yrs and 4 months till we own our house and acreage Quote Link to comment Share on other sites More sharing options...
Boxx Posted September 1, 2012 Share Posted September 1, 2012 congrats! 11 yrs and 4 months till we own our house and acreage And as long as we keep paying our taxes we get to get it all..... lol.. Quote Link to comment Share on other sites More sharing options...
CECAA850 Posted September 1, 2012 Share Posted September 1, 2012 Welcome to the club. It is good, isn't it? jerol It's like giving yourself a raise. Quote Link to comment Share on other sites More sharing options...
Coytee Posted September 1, 2012 Author Share Posted September 1, 2012 It's like giving yourself a raise. Tax free at that! Ya'll wanna know a little secret? (just between you & me, a'la Connie Chung...) My wife has no idea. [:#] [] Quote Link to comment Share on other sites More sharing options...
Moderators dtel Posted September 1, 2012 Moderators Share Posted September 1, 2012 It's like giving yourself a raise. Tax free at that! Ya'll wanna know a little secret? (just between you & me, a'la Connie Chung...) My wife has no idea. Congratulations, that's cool and a big relief to know it's paid off, also I would not say a word. [:#] Quote Link to comment Share on other sites More sharing options...
Turbox Posted September 1, 2012 Share Posted September 1, 2012 Good stuff man. i have a little ways to go still before i am free. Quote Link to comment Share on other sites More sharing options...
DrWho Posted September 1, 2012 Share Posted September 1, 2012 My wife has no idea. lol Sounds like you've got yourself a bigger mancave budget now. Quote Link to comment Share on other sites More sharing options...
lo123 Posted September 1, 2012 Share Posted September 1, 2012 That's great! Around 50 more months for us, can't wait! Thought you would get a kick out of this link...........these were not "certified funds"....... http://abcnews.go.com/Business/mass-man-pays-off-mortgage-pennies/story?id=16726959 Quote Link to comment Share on other sites More sharing options...
JJkizak Posted September 2, 2012 Share Posted September 2, 2012 Now you can look forward to your taxes coming by mail with a separate bill. JJK Quote Link to comment Share on other sites More sharing options...
rummy Posted September 2, 2012 Share Posted September 2, 2012 Yep, just keep making that tax bill every january 31, and you get to keep it! Congrats. Quote Link to comment Share on other sites More sharing options...
oldtimer Posted September 4, 2012 Share Posted September 4, 2012 Yep, I've done it once and loved the feeling. Doesn't this go against that book Missed Fortune? How did his advice fare through the recent economic woes? Did any of his insurance companies not pay or stop selling the product? Quote Link to comment Share on other sites More sharing options...
ivanhurd Posted September 4, 2012 Share Posted September 4, 2012 Congrats to ya. I can't imagine the money you saved on a 10 year mortgage... Quote Link to comment Share on other sites More sharing options...
JL Sargent Posted September 4, 2012 Share Posted September 4, 2012 Other expenses will simply take its place, been there done that. Like a very old guy told me once: "expenses always rise to meet income". Anyway, in the end we are just renting this stuff with rent due every 12 months. Quote Link to comment Share on other sites More sharing options...
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