paid-off mortgage yesterday!

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samsoes
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paid-off mortgage yesterday!

Post by samsoes » Wed Dec 10, 2014 10:40 am

Hello folks,

I just thought I'd share some good news ... the mortgage was paid-off yesterday, and the house is MINE! :mrgreen:

I went to my local bank before work and wired the funds to Wells Fargo. By late afternoon the Wells Fargo website displayed the following: "Outstanding principal balance: PD IN FULL"

:sharebeer

I've read many testimonials regarding how good it feels after the mortgage is paid, but I was greeted last night -- my first night home not owing anything on the house -- with basement flooding thanks to a Nor'easter :oops: ... (Sump-pump shorted-out, tripped a breaker - the same breaker as the furnace - and I came home after work to a cold house and a voluminous amount of water in the basement. Thankfully, my brother is a plumber and the sump was replaced late last night. :D After a few hours last night and this morning with the vet-vac, I'm good-to-go.)

It did feel good when I called Amica to remove the mortgagee clause from the homeowner's policy...
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

bloom2708
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Re: paid-off mortgage yesterday!

Post by bloom2708 » Wed Dec 10, 2014 10:47 am

Congratulations!

A very nice item completed for your financial bucket list.

We paid our mortgage off in 2007 and haven't regretted it for a second. I have no thoughts of borrowing to put extra money into our index funds. :sharebeer
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runner9
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Re: paid-off mortgage yesterday!

Post by runner9 » Wed Dec 10, 2014 10:56 am

Congrats! We did the same about 3.5 weeks ago, though I'm waiting for the counter recorder site to show it paid off to call insurance.

Sorry about your basement. We had sewer backup 1.5 years ago and it was not fun at all!

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samsoes
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Re: paid-off mortgage yesterday!

Post by samsoes » Wed Dec 10, 2014 10:58 am

bloom2708 wrote:Congratulations!

A very nice item completed for your financial bucket list.

We paid our mortgage off in 2007 and haven't regretted it for a second. I have no thoughts of borrowing to put extra money into our index funds. :sharebeer

Thanks, bloom2708!

That's what sealed the deal for me: Would I borrow funds against my house to invest?

NEVER!


Therefore, ditch the mortgage rather than invest the cash.
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

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cfs
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Re: paid-off mortgage yesterday!

Post by cfs » Wed Dec 10, 2014 11:01 am

Good job.

Shipmate Samsoes thanks for the update. Oh what a feeling !!! You have a Merry Christmas.
~ Member of the Active Retired Force since 2014 ~

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rustymutt
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Re: paid-off mortgage yesterday!

Post by rustymutt » Wed Dec 10, 2014 11:03 am

How nice does that feel? I personally thought it felt smart, and still do. Why take chances with a mortgage. Pay the thing off.
Debt free since 2007, retired 2009, and not rich. Rich in spirit, and free from financial bondage.

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samsoes
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Re: paid-off mortgage yesterday!

Post by samsoes » Wed Dec 10, 2014 11:07 am

rustymutt wrote: ... Rich in spirit, and free from financial bondage...
Amen, brother! :D
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

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Nestegg_User
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Re: paid-off mortgage yesterday!

Post by Nestegg_User » Wed Dec 10, 2014 12:05 pm

Welcome to the club...

now don't forget to get a copy of your lein release of the house from the county records office ---usually takes about a month for the process to complete

placeholder
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Re: paid-off mortgage yesterday!

Post by placeholder » Wed Dec 10, 2014 12:48 pm

samsoes wrote:Would I borrow funds against my house to invest?
I would and in fact did a couple of years ago.

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Re: paid-off mortgage yesterday!

Post by Grt2bOutdoors » Wed Dec 10, 2014 12:54 pm

Congrats! :sharebeer
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acejacksingh
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Re: paid-off mortgage yesterday!

Post by acejacksingh » Wed Dec 10, 2014 2:06 pm

:sharebeer :sharebeer :sharebeer :sharebeer

Congrats! I've wanted to purchase a condo and can't imagine what it feels like to have it paid in full

poker27
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Re: paid-off mortgage yesterday!

Post by poker27 » Wed Dec 10, 2014 2:17 pm

I'm so far away from paying off my current mortgage, that I am not paying extra. I will most likely do it on my next house, since this one will come to an end at some point.

Even though I am not paying more towards the principal, I can only imagine the feeling of not having that payment due every month. I'm very jealous, congrats!

flyingaway
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Re: paid-off mortgage yesterday!

Post by flyingaway » Wed Dec 10, 2014 2:34 pm

I never regretted to pay off my mortgage. In 4 years and 3 months, I paid additional principal as much as I could each month.

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samsoes
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Re: paid-off mortgage yesterday!

Post by samsoes » Wed Dec 10, 2014 2:36 pm

placeholder wrote:
samsoes wrote:Would I borrow funds against my house to invest?
I would and in fact did a couple of years ago.
Well, my friend, it takes a bit of a cast-iron stomach to do that. Investing borrowed money (especially home equity) is far beyond my personal risk tolerance. I'm glad it has worked-out for you, and I hope it continues to do so for you in the future!
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

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Toons
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Re: paid-off mortgage yesterday!

Post by Toons » Wed Dec 10, 2014 2:37 pm

Excellent!
Now moving forward,start investing that hypothetical mortgage payment in a low cost index fund,,,,,,,next month :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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samsoes
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Re: paid-off mortgage yesterday!

Post by samsoes » Wed Dec 10, 2014 4:19 pm

Ladies and gentlemen, I truly appreciate your kind expressions of congratulations! Have a beer for me tonight. I'll have one for each of you when you accomplish a personal or financial goal. I wish the best for all of you. :beer
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

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Nicolas
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Re: paid-off mortgage yesterday!

Post by Nicolas » Wed Dec 10, 2014 6:50 pm

Debt-free since 2003, still working.

CuteClassyCleverChic
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Re: paid-off mortgage yesterday!

Post by CuteClassyCleverChic » Wed Dec 10, 2014 9:46 pm

Congrats, samsoes! Enjoy the feeling! :D
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SimonJester
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Re: paid-off mortgage yesterday!

Post by SimonJester » Thu Dec 11, 2014 9:20 am

Nearing_Destination wrote:Welcome to the club...

now don't forget to get a copy of your lein release of the house from the county records office ---usually takes about a month for the process to complete
For extra extra fun insurance write to Wells Fargo and request they return your original wet ink promissory note stamped PAID IN FULL.
Draft up a simple letter with the phrasing This is A Qualified Written Request per RESPA. It took them about 4 to 6 weeks but I got mine back.

Also as for the freedom of debt free / no mortgage.
I didnt happen right away but within a few months after paying mine off a weight lifted, I began thinking about my employment and financial situation differently. I was now working for myself, with only retirement ahead. I no longer feel like I am a slave to my employer.

Just make sure you now take that entire mortgage payment and start investing it. If you do this now you wont have time for a lifestyle creep.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

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dbCooperAir
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Re: paid-off mortgage yesterday!

Post by dbCooperAir » Thu Dec 11, 2014 12:56 pm

Congrats, well done.

Its been about 5 years for us and it still a good feeling, not owning anybody anything is even a better feeling!
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wxz76
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Re: paid-off mortgage yesterday!

Post by wxz76 » Thu Dec 11, 2014 2:44 pm

Nearing_Destination wrote:now don't forget to get a copy of your lein release of the house from the county records office ---usually takes about a month for the process to complete
Is this done automatically or you have to request it from the county records office? I paid off my mortagate over 2 years ago and never received a copy of my lein. Thanks!

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goodenyou
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Re: paid-off mortgage yesterday!

Post by goodenyou » Thu Dec 11, 2014 2:58 pm

I did the same 3 years ago. Now if I could just get rid of that pesky property tax bill. I feel like I rent my house from the taxing district :x
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Sriracha
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Re: paid-off mortgage yesterday!

Post by Sriracha » Thu Dec 11, 2014 3:04 pm

samsoes wrote:Hello folks,

I just thought I'd share some good news ... the mortgage was paid-off yesterday, and the house is MINE! :mrgreen:
Congrats! That's awesome. I'd love to say I'm getting close, but, alas, not so much.
Don't reach for yield.

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max12377
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Re: paid-off mortgage yesterday!

Post by max12377 » Fri Dec 12, 2014 6:48 am

I got rid of my mortgage last year and it's a great feeling! Oh, I also got rid of my house :-) I am a renter now and love it. Congrats on paying off your house. I was on my way to that as well but decided I hated owning a house. If I ever buy another I'll pay cash as I agree with the mortgage free lifestyle being the way to go. Great job.

:sharebeer

paulb
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Re: paid-off mortgage yesterday!

Post by paulb » Fri Dec 12, 2014 2:57 pm

That is fabulous!

Congratulations...And I agree that you should take your monthly "mortgage payment" and put into your index funds, but make sure to celebrate the occasion as well!

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