mortgage paid in full

[powerfin64]

After fifteen long years, on Wednesday September 30th, after a quick trip to the bank machine, and a trip to my bank, our house is now paid in full! OURS! YAY!

Now, if my husband is reading this...I WANT THE EXTENSION BUILT.

smooch, love you...mean it

Rich

 

[bendixbubba]

yes dear

right after you get me the pony I always wanted

 

[appnut]

rich, congratulations!! I'm so proud of you. I know at times it wasn't easy at all!!!!

 

[appnut]

right after you get me the pony I always wanted

I thought you'd found him!!! he he he

 

[mixfinder]

Ponies??

Dad is in Ellensburg on 360 acres. There are about 120 ponies left after he sold the rodeo business 2 years ago. You want nice and gentle or a restoration project?

 

[bendixbubba]

Yup

kinda sorta yeah...(my, the things I could put here but WONT, lol)

We will get the extension built this spring, a new room for the washers and dryers and dishwashers, a bit more storage, and a mudroom with a washer/dryer hook up and laundry sink.

We will be doing some reno's in the next couple of weeks, fixing up the kitchen and hallway are first on the list, then the bedrooms, new carpets, paint, ect.

The end result, we will get a living room without a maytag wringer as an end table, lol (not that I mind...but the three dishwashers, Lady K set and the Maytag wringer are a little bit in the way these days heheheheh) And an extra EMPTY bedroom for guests. Win win

 

[frigilux]

Congratulations, Rich! What a great feeling it must be to REALLY own your home. And in 15 years, no less! Now, that's an accomplishment.

 

[perc-o-prince]

CONGRATULATIONS from both of us!!!!!!!!

Chuck

 

[autowasherfreak]

Congratulations to the both of you. That will be a moment you will never forget.

 

[petek]

Congratulations. Took us 20 years but what a huge relief it was and is to know you never have to make another mortgage payment ever. So long as you don't go moving on up etc. LOL
Are you doing the traditional "mortgage burning" ceremony?

 

[sudsmaster]

Not paid off here, yet

But I'm on track to pay it all off in another 10 years, which will have made it a 20 year mortgage (a succession of 30 and 15 year "no closing cost" refi's). That *might* just compensate for the expected increases in insurance, utils, and medical bills...

 

[bobbins]

Congrats!!! We have 20 more years...doing the freedom 95 thing.....

Bob

 

[DADoES]

 
Wonderful!

I finished my first house in ~10.5 years.  Coasted for 3 years, then started again (no regrets, I have room now for 19 washers/dryers in my garage!).  It'll be finished in about 6-1/3 more years, if not sooner.

 

[polkanut]

Rich,

I know the feeling of relief you have. We paid off our 15yr mortgage in 3 1/2 years. It was such a relief not to have that payment staring us in the face every month. We bought our house 6/98, and made the last payment 1/02.

 

[imperialmarkxii]

Congratulations!???

Okay, maybe. But when you think of it, what other considerable write-offs' do we have?LoL

Still in all, though; it must be a great feeling. ...

-Russell

 

[sudsmaster]

The write-offs are a consideration, of course.

Once one has enough in the way of interest payments to itemize, then all sorts of other things become deductible as well... within reason, of course.

My interest payments are steadily dropping to the point when I may have to start taking the standard deduction.... might be time to get that second home... ?

 

[toggleswitch2]

CONGRATULATIONS!

Own it outright?

OH PUH-LEEZE

You still have to heat it, insure it and pay through-the-@$$ taxes. Thank you welfare mommas and those who don't want to work.

 

[drhardee]

I paid off my rental condominium several years ago, and have been steadily (annually) nagged by my CPA to get into more mortgage debt for the tax write-off. I do have a small HELOC on the property, and have to exercise control to keep from the temptation of freely spending the available credit line on whims..like Lincolns and Miele appliances. A HELOC is nothing more than a gentle term for a second mortgage.

The "free money" rental income is quite nice, though, although like everything else in life, there are property taxes and up-keep on the place. I'm all about keeping my long-term tenant happy so she'll stay put.

What would make the most sense is to plow the money into our remaining (12 year) mortgage on our house or paying off the Prius early. Right now, some of it's going into retirement savings, as that will be facing me in 20 years, and I want to be ready...or as ready as one can be in this economy.

 

[petek]

In Canada we can't deduct mortgage payments on federal income tax so the incentive is to pay off your house pronto and get it done with, usually 15-20 years max. Longer mortages used to be frowned upon with 25 yrs being 'you're in over your head" and 30 yr mortgages almost unheard of. They're a little more common now since house prices started skyrocketing 15 or so years ago in many places. Even if we could deduct the mortage payments I'd still want my house paid off quick because I never liked "owing" anything to anyone and I want to really own my house, not the bank