Paid off mortgage today

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FafnerMorell
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Paid off mortgage today

Post by FafnerMorell » Sat Sep 27, 2014 9:12 pm

Well, given the interest rate was only 3%, it was probably a lousy financial decision in terms of absolute dollars, but it feels good not to have it hanging over me...

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runner9
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Re: Paid off mortgage today

Post by runner9 » Sat Sep 27, 2014 9:18 pm

Congrats!

Does it officially become paid off on Monday or Oct. 1 or today?

Regardless, congrats. We hope to do the same in a few months.

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Tycoon
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Re: Paid off mortgage today

Post by Tycoon » Sat Sep 27, 2014 9:22 pm

That's outstanding. Now pay yourself that mortgage payment every month and watch how fast your net worth grows. :moneybag :moneybag :moneybag
Appeal to Pity:When pity is envoked to support a statement | Appeal to Popular Sentiment:Appealing to unrelated prejudices and attitudes | Hasty Generalization:Too little evidence to support the conclusion

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Toons
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Re: Paid off mortgage today

Post by Toons » Sat Sep 27, 2014 9:32 pm

Tycoon wrote:That's outstanding. Now pay yourself that mortgage payment every month and watch how fast your net worth grows. :moneybag :moneybag :moneybag

Excellent Idea,,exactly what I did once mortgage was paid off,,started investing the "hypothetical" mortgage payment in a mutual fund the next month,and continued on :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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Tycoon
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Re: Paid off mortgage today

Post by Tycoon » Sat Sep 27, 2014 9:41 pm

Toons wrote:
Tycoon wrote:That's outstanding. Now pay yourself that mortgage payment every month and watch how fast your net worth grows. :moneybag :moneybag :moneybag

Excellent Idea,,exactly what I did once mortgage was paid off,,started investing the "hypothetical" mortgage payment in a mutual fund the next month,and continued on :happy
It's what we did too Toons. :beer
Appeal to Pity:When pity is envoked to support a statement | Appeal to Popular Sentiment:Appealing to unrelated prejudices and attitudes | Hasty Generalization:Too little evidence to support the conclusion

HoosierJim
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Re: Paid off mortgage today

Post by HoosierJim » Sat Sep 27, 2014 9:52 pm

Congrats !!!! :sharebeer

Considering you are now 100% equity - some people are happy when their homes emerge from "negative equity".

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JonnyDVM
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Re: Paid off mortgage today

Post by JonnyDVM » Sat Sep 27, 2014 10:15 pm

Congratulations. There is nothing lousy about financial freedom. I''d gladly take a 3% guaranteed return right now especially if doing so meant eliminating a hefty monthly payment from my life.
Sometimes the questions are complicated and the answers are simple. -Dr. Seuss

rixer
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Re: Paid off mortgage today

Post by rixer » Sat Sep 27, 2014 11:22 pm

Congratulations!

FafnerMorell
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Re: Paid off mortgage today

Post by FafnerMorell » Sun Sep 28, 2014 8:06 am

Thanks - I guess it became official yesterday or so - got the bank alert that they cashed the check, logged into the mortgage company web site (Wells Fargo) and my account said "PAID IN FULL", so that was a nice feeling. I don't know if they send me back much in the way of official paperwork or such (never paid off a mortgage before).

crg11
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Re: Paid off mortgage today

Post by crg11 » Sun Sep 28, 2014 8:36 am

Congrats!

chuppi
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Re: Paid off mortgage today

Post by chuppi » Sun Sep 28, 2014 8:43 am

FafnerMorell wrote:Well, given the interest rate was only 3%, it was probably a lousy financial decision in terms of absolute dollars, but it feels good not to have it hanging over me...
Congratulations. There is nothing like living debt free. It may be lousy financial decision or not. :)

SimonJester
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Re: Paid off mortgage today

Post by SimonJester » Sun Sep 28, 2014 8:56 am

FafnerMorell wrote:Thanks - I guess it became official yesterday or so - got the bank alert that they cashed the check, logged into the mortgage company web site (Wells Fargo) and my account said "PAID IN FULL", so that was a nice feeling. I don't know if they send me back much in the way of official paperwork or such (never paid off a mortgage before).
Congratulations!

They will send you a letter stating that your mortgage loan has been paid. You need to check with your county and make sure this is recorded it will take several months for that paper work to make its way through.

For additional security, write to Wells Fargo and request your original "Wet Ink" mortgage note returned to you marked PAID IN FULL.

I think I added something like This is qualified written request under RESPA to my request. Wells sent back my original mortgage note and one other document they had.

You then keep these documents forever, this is just extra insurance in case 10 years down the road something gets messed up in a computer system they can not claim you still have a mortgage with them. (Well they can claim but you will have the proof otherwise.)
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

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runner9
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Re: Paid off mortgage today

Post by runner9 » Sun Sep 28, 2014 9:01 am

Can I ask, did you make a Sept 1 payment and then this as a "payoff" late in the same month?

Our mortgage is with PenFed and I project us to be able to pay if off Jan 1 but am hoping to just do it late in December so it's in the current calendar year. (going to call and ask if possible soon)

conroy
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Re: Paid off mortgage today

Post by conroy » Sun Sep 28, 2014 9:07 am

runner9, i believe it depends on the terms of each individual mortgage. My mortgage prohibited early payments for the first year, but I could pay any amount extra at any time after that. Other banks may have a complete restriction, a penalty, or no restriction at all.

In any case, you should ask for instructions on exactly what to do when you pay it off - there's a bit of a process.

2 bits
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Re: Paid off mortgage today

Post by 2 bits » Sun Sep 28, 2014 10:39 am

SimonJester wrote:
FafnerMorell wrote:Thanks - I guess it became official yesterday or so - got the bank alert that they cashed the check, logged into the mortgage company web site (Wells Fargo) and my account said "PAID IN FULL", so that was a nice feeling. I don't know if they send me back much in the way of official paperwork or such (never paid off a mortgage before).
Congratulations!

They will send you a letter stating that your mortgage loan has been paid. You need to check with your county and make sure this is recorded it will take several months for that paper work to make its way through.

For additional security, write to Wells Fargo and request your original "Wet Ink" mortgage note returned to you marked PAID IN FULL.

I think I added something like This is qualified written request under RESPA to my request. Wells sent back my original mortgage note and one other document they had.

You then keep these documents forever, this is just extra insurance in case 10 years down the road something gets messed up in a computer system they can not claim you still have a mortgage with them. (Well they can claim but you will have the proof otherwise.)
Wells Fargo may also send a "Satisfaction of Mortgage" document to your county (or whatever level of government is appropriate in your state). This gets "recorded" and will show up in future title searches. +1 on having another document or the original note from WF.

Congrats. This was a goal for us for a long time and it was satisfying to see the balance approaching zero. Start that automatic contribution to the mutual fund to direct those $ you will have available for a better purpose.
I sometimes think that I am living the life of which my immigrant ancestors dreamed.

placeholder
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Re: Paid off mortgage today

Post by placeholder » Sun Sep 28, 2014 10:57 am

FafnerMorell wrote:Thanks - I guess it became official yesterday or so - got the bank alert that they cashed the check, logged into the mortgage company web site (Wells Fargo) and my account said "PAID IN FULL", so that was a nice feeling. I don't know if they send me back much in the way of official paperwork or such (never paid off a mortgage before).
I didn't get anything but you can check with the county after a while to make sure the lien release has been filed (might as well get a certified copy for a few bucks) and you should inform your insurance company to remove the lienholder from the policy immediately.

placeholder
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Re: Paid off mortgage today

Post by placeholder » Sun Sep 28, 2014 11:00 am

chuppi wrote:Congratulations. There is nothing like living debt free. It may be lousy financial decision or not.
Ehhh to each their own I paid mine off then later took out a home equity loan to invest and I feel great.

Rodc
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Re: Paid off mortgage today

Post by Rodc » Sun Sep 28, 2014 11:04 am

Congratulations on the milestone!
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

FafnerMorell
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Re: Paid off mortgage today

Post by FafnerMorell » Sun Sep 28, 2014 12:39 pm

runner9 wrote:Can I ask, did you make a Sept 1 payment and then this as a "payoff" late in the same month?

Our mortgage is with PenFed and I project us to be able to pay if off Jan 1 but am hoping to just do it late in December so it's in the current calendar year. (going to call and ask if possible soon)
Yes, I've been making the regular monthly payments, and when I got some "extra" cash, paid down the principal (I'm also doing the regular 401K & IRA contributions). Thanks to folks offering info about "what happens next" - I figured the bank would send some paywork and such to finalize it, and it looks like there's a number of items I need to check to make sure they happen so nothing comes up later.

Grt2bOutdoors
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Re: Paid off mortgage today

Post by Grt2bOutdoors » Sun Sep 28, 2014 7:30 pm

Congrats! :sharebeer
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Crimsontide
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Re: Paid off mortgage today

Post by Crimsontide » Sun Sep 28, 2014 7:41 pm

Congrats, we did the same 2.5 years ago. It's great watching what would have been a mortgage payment go to investments every month, love that debt free, FI feeling :happy

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Toons
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Re: Paid off mortgage today

Post by Toons » Sun Sep 28, 2014 7:51 pm

Tycoon wrote:
Toons wrote:
Tycoon wrote:That's outstanding. Now pay yourself that mortgage payment every month and watch how fast your net worth grows. :moneybag :moneybag :moneybag

Excellent Idea,,exactly what I did once mortgage was paid off,,started investing the "hypothetical" mortgage payment in a mutual fund the next month,and continued on :happy
It's what we did too Toons. :beer
:sharebeer
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

jstrazzere
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Re: Paid off mortgage today

Post by jstrazzere » Sun Sep 28, 2014 7:53 pm

FafnerMorell wrote:Well, given the interest rate was only 3%, it was probably a lousy financial decision in terms of absolute dollars, but it feels good not to have it hanging over me...
Congratulations!
Not every decision has to be optimal financially. It just has to work for you personally.

LateStarter1975
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Re: Paid off mortgage today

Post by LateStarter1975 » Sun Sep 28, 2014 10:49 pm

Congratulations....I'm sure the grass does feel different!
Debt is dangerous...simple is beautiful

RTR2006
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Re: Paid off mortgage today

Post by RTR2006 » Mon Sep 29, 2014 3:42 pm

Congratulations!! We paid off our mortgage in December 2005. Hard to believe it's been almost 9 years... Since then we've been putting the money into kids, better living, and Vanguard!

Enjoy; it's been and continues to be a great feeling.

RTR

edited to correct typo
Last edited by RTR2006 on Mon Sep 29, 2014 3:55 pm, edited 1 time in total.

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stemikger
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Re: Paid off mortgage today

Post by stemikger » Mon Sep 29, 2014 3:46 pm

FafnerMorell wrote:Well, given the interest rate was only 3%, it was probably a lousy financial decision in terms of absolute dollars, but it feels good not to have it hanging over me...
Congrats! I did this last year and I'm glad I did.
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

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avenger
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Re: Paid off mortgage today

Post by avenger » Wed Oct 01, 2014 4:34 pm

Congratulations! I'll eventually get there. Working on student loans right now. :happy

cheers ... -Mark
cheers ... -Mark | "Our life is frittered away with detail. Simplify. Simplify." -Henry David Thoreau | [3 fund portfolio: VTI, VXUS, SV fund (yield 3.01%)]

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