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Old 03-29-2013, 09:33 AM   #76
goodfood4ursoul
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Smile

I have enjoyed skimming through all the inspiring stories.
The fact that some folks have paid off their mortgage doesn't make me feel bad,
it helps me see that this is possible for us too~

We just refinanced earlier this month.
Our situation is unusual in that we have a farm.
We bought a home on 26 acres 15 years ago with a 20 year mortgage at 9%.
Bought adjoining 51 acres 5 months later - another mortgage.
Bought adjoining 10 acres 2 years later with a private mortgage.

Economic downturns hit rural areas loooooong before the rest of the country, especially in what once was a textile manufacturing part of the country.
We were paying a little over $1,200 a month in mortgage!!!
And it was becoming unsustainable, with kids getting older and needing braces ...

But we were able to sell the 51 acre tract to friends, who built their new home there (so now we have great neighbors )

And we combined buying another 10 acre adjoining tract with refinancing our home with a 30 year mortgage, coming out of it with 25 acres paid for mortgage free at around $900 a month.
That was 9 years ago.

Since then we paid off the private mortgage and now own 35 acres (plus spring fed pond, fencing, wells, and 2 story barns)mortgage free .

We now have a 20 year mortgage on only the house and 11 acres ( and barns, outbuildings, etc) at around 3% and are saving about $160 a month.

We are working on paying extra each month toward the principle, and beyond that we have over 100 pecan trees planted, in various levels of maturity (some producing already) for future income.

What makes me so thankful to God for his providence is that during all but the last 2 years, we really had only one income to pay for all this.
We had to be extremely tight with our pennies.

He was working and I was home schooling (still stand by that decision as some things are far more valuable than money ),
Then I was working while he was going back to school.

And now we are both working and that has been extremely helpful,
to say the least
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Old 03-29-2013, 10:57 AM   #77
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at the least it can make you feel super incompentant.

my son is on the autistic spectrum and even here it gets hard to hear and read how eveyone has super geniuses for children. Everyone's kid here are straight A honor students. They never get into trouble and they knew exactly what they wanted to be from birth, not to mention that they are super responsible with money. For once I would love to read on a college thread "my kid is not sure what he/she wants to major in'

I some times think, man I must be such a horrible mother, my kids went to disney and actually wanted to blow their money on souveneers (sp).
Well my son is definitely not a geniuses, he has struggled in school all his life. He did graduate grade 12, 3yrs ago and did head off to college. However he dropped out two years later cause he did not know what he wanted to do and didnt like the programs he was in (yes he tired 3 different ones). He has been working two jobs one full time and a part time job to save money. He has know decided to go back to college at the age of 21.

My DH and I did pay off our mortgage with past Dec. The one thing I can say that i have learned from this board is a lot of advise and encouragement. My Dh and where not suppose to pay our mortgage off for another 2 years but all the advise people have posted on this board over the years have given us some great ideas and we where able to pay it off early. Sometimes listen to how others do it really can help.

Last edited by Janice B; 03-29-2013 at 11:03 AM.
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Old 03-29-2013, 05:28 PM   #78
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Originally Posted by hops&dreams View Post
Someone asked for tips on how to paydown your mortgage faster...

Look for the lowest interest rate. - If you're paying more than 4% right now, you should look at refinancing. Call all local banks and ask not only for their rates, but their closing costs. Also, make sure that there are no early payoff penalties with your loan. We were able to find a local bank whose closing costs are only $275 for a refinance! We've lowered our rate twice with them!

Pay extra, especially at the beginning. Make sure that the extra money that you pay goes straight toward principle. Some banks require you to write a separate check, otherwise, they apply it to your next month’s payment.

My story: We got our initial rate at 6%, but paid at least $600/month extra. Each $600 payment in the first year knocked off at least a full month’s payment at the end. After we had 20% equity, we refinanced with a local bank whose closing costs were only $275. We dropped PMI and all escrow (we can pay our own homeowners insurance and taxes). So, we went from paying principle, interest, PMI and taxes to paying principle and interest only. And the interest went from 6% to 4.5%, and we changed the term from 30 years to 15 years. These changes lowered our payment by a couple of hundred dollars a month. We continued to pay the same amount we always had, so we were paying at least $800/month straight toward principle.

In the last few months, we refinanced again. We kept the 15 year term, but since we had been so aggressive, we had paid down over 70k in principle in the 3ish years we’ve had the house, so our actual loan amount was significantly less. Couple this with the lower interest rate (2.75%), and we’ve dropped our mortgage “payment” – monthly, what’s required, so for us, that’s the minimum – to under $1000/month. We have gotten even MORE aggressive and pay at least 2.5x that amount each month. We are now on track to pay off our home before DD is in high school.

Now, if circumstances change, and DH or I lose our job, or whatever the case may be, we can go back to paying the normal $1000-ish per month and pay off the house in 15 years. But right now, we’re willing to make sacrifices to pay off our home.

DH put it to me this way… if we don’t go to Disney next winter, we can put all that $ toward the house… if we do that, we’ll take 4 months of payments off the backend of the loan. After we pay off the house, we’ll be able to afford a super deluxe Disney vacation like our last one that was 11 days, every other month!!! After he explained it that way, yeah, I was on board.

But he just got a raise this week, so Disney might be back on the table ?
I hope you do get to go to Disney. I'm all for paying off debt/mortgage but I have to live too. I can't put my life on hold because I have a mortgage.
One thing I've learned in working in a hospital for 22 yrs: celebrate life, love & family. All are amazing gifts that can be gone in an instant.
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Old 06-21-2013, 07:06 AM   #79
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Smile MoRTAGE UPDATE & OTHER ASSORTED SILLINESS....

Well.......



Been a few months & -


1) My Bank "hates" me.

Per se, they
continue to list my 'Mortgage reduction payments' as 'reg payments.'

1a) and I continue to have them cancel said transactions and have them re-list it correctly.

continues to have me be removed from "auto Bank drafting" my monthly mortgage payments even though I never asked to be removed from this.

(SEE POSTING #16 PAGE 2 OF MY 'ADVENTURES N SAN FRAN...." BLOG LISTED IN MY SIGNATURE FOR MORE BACKGROUND ON THIS)




Anywho -


2) Had a credit card dispute with a vendor and my Bank mis-represented me back to the vendor; thus my initial claim was denied.
(SEE POSTING #41 FROM THE SAME BELOW LISTED TRIP REPORT IN MY SIGNATURE)


2a) I re-filed the claim (and won)......AND


2b) gave all the money I won to a charity; GTKTW
(it was never about the money, it was all about receiving lousy customer service)





Banks.......gotta love 'em.
Now looking at having my mortgage being paid 9 1/2 years down & lovin' every minute of it -






this is a fun thread to read & I hope it continues -
T.T.F.N.
















TTFN
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Last edited by knewton64; 06-21-2013 at 07:40 AM.
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Old 06-21-2013, 03:25 PM   #80
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First off ..... Congrats on the mortgage pay off. Just for me personally, I would never announce to anybody that my mortgage was paid off. I have waaay too many relatives that would immediately make some kind of weird connection that "now that you don't have to pay for a mortgage, can you float me a loan?"

DH and I both agreed that even if we were ever fortunate enough to win the lottery we would never tell anyone. They would all feel entitled and we would be just another footnote in the book of epic lottery fails.
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Old 06-21-2013, 03:41 PM   #81
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Originally Posted by eliza61 View Post

Everyone's kid here are straight A honor students. They never get into trouble and they knew exactly what they wanted to be from birth, not to mention that they are super responsible with money. For once I would love to read on a college thread "my kid is not sure what he/she wants to major in'
I'm a college academic advisor and I can assure you most kids have no clue what they want to major in! At least half of those who think they know change their mind after the first year. And another large chunk only pick their major because it's what they thought their parents wanted and they end up hating it. I can't tell you how many engineering and business students I meet who only picked engineering or business because their dad thought it was the only degree that would make them money, but the kid desperately wants to be an anthropologist
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Old 06-21-2013, 03:43 PM   #82
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Originally Posted by sunnyday123 View Post

I would not only celebrate, but I would have with the marching band!! That is wonderful!

And to the above poster ( and everyone else who has done this ) can you give advice? I really, really want to become better at budgeting and want to pay mine off at the very least a tad earlier.
I will say the thing that has helped me most was finding a budgeting program that really work for our family. In our case that was some software called you need a budget (YNAB). It has made our family conversations about money easier. It has helped my husband and I have a clear picture of where our money goes every month. And helped us make better choices about what we want our money to do for us. I'm not that familiar with Dave Ramsey, but I believe it is the same basic principle as his envelope budgeting technique but using computer software so that you don't actually carry around a bunch of cash
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Old 06-21-2013, 06:38 PM   #83
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Originally Posted by pryncess527 View Post
I'm a college academic advisor and I can assure you most kids have no clue what they want to major in! At least half of those who think they know change their mind after the first year. And another large chunk only pick their major because it's what they thought their parents wanted and they end up hating it. I can't tell you how many engineering and business students I meet who only picked engineering or business because their dad thought it was the only degree that would make them money, but the kid desperately wants to be an anthropologist
omg. funny you mention that. Ds16 wanted to be a pilot for the longest time. Then around the beginning of 10th grade he said he wanted to be an anthropologist. Honestly, I did have a moment of melt down. All I could think was, "What the heck can you do with that & still be able to feed a family?" Give tours at a museum? Be out digging like the first scene of Jurassic Park? I truly do want him to be content with his career but he couldn't answer either of the 2 questions above. I calmed down & told him to do some more research. Now he's saying software engineer.
2 more years of HS and he'll probably keep changing his mind.
It's hard to really know when that young.
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Old 06-21-2013, 06:40 PM   #84
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Call me insensitive, but I just don't get the whole"it might make someone else feel bad" bit. This is about you, your joy and your wanting to share. I suppose that nearly any happy event might cause a person who is incapable of not making it about them uncomfortable/unhappy/jealous etc. It is a real shame in a world with some much to worry over and be sad about that even things that should be joyful get turned into a hand-wringing, gut-clench inducing event as we are forced to continually consider how someone else can take it badly.

Have a great time! Enjoy the freedom that comes with getting the monkey off your back. You have an amazing opportunity to be a force for good with your new-found wealth.
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Old 06-21-2013, 11:32 PM   #85
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Do we belong to the same family??
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Old 06-23-2013, 09:26 AM   #86
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Hi all. Just want to throw in how we are paying off our mortgage early.

We are 42 years old (this is important to know for our retirement plan). We were 4 years into a 30 yr loan at 4.675%. We did a no fees, no closing costs refi last August with our current lender for 3.3% for 20 years. Then we chose the bi-weekly option so we build up an extra payment per year and threw in an additional automatic $100 a month to go directly to principle and that will bring down our pay off to about 14-15 years. Right about the time that dh wants to retire.

We are so happy with this! And now that we are used to our new payment its no big deal. Came out to be about $140 more per month including the extra $100.

I would love to get that down to 8 years but with kids in high school and heading to college soon I feel like we should focus our efforts on college savings. Plus, we want to still vacation and enjoy our lives so we don't want to cut everything out just to pay off the mortgage early.
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Old 06-23-2013, 10:46 PM   #87
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I'd love to be able to even consider paying it off early but I think I got ourselves in a pickle.

We had a pretty high interest rate, went to our local bank to see about refinancing and somehow we were talked into another 30 year/ARM. I'm not sure of the exact name for it, but it's the the one where you can pay only the interest for 15 years and the principal the following 15 years. It took me years to figure out what we had done. So it was years before I was putting anything extra towards the principal. The only saving grace has been the interest still remaining on the lower end.

Leave and learn I guess.
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Old 06-24-2013, 12:44 AM   #88
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I'm a college academic advisor and I can assure you most kids have no clue what they want to major in! At least half of those who think they know change their mind after the first year. And another large chunk only pick their major because it's what they thought their parents wanted and they end up hating it. I can't tell you how many engineering and business students I meet who only picked engineering or business because their dad thought it was the only degree that would make them money, but the kid desperately wants to be an anthropologist
If it helps, I'm 42, have a uni (college) degree and still don't know what I want to be when I grow up DH said that being Pippi Longstocking is NOT a career
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Old 03-29-2014, 05:03 AM   #89
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Smile RE: ** DeCEMBER 2015 **......

.....is my target as I feel very strongly that I can get my home mortgage down to a $0 balance!!



Ok everyone.....wish me luck -



Will pop in from time to time and let ya know how I am doing -
and oh yes......




ANYWHO -
There will be some MAJOR celebratin' going on (look for a new trip report to pop up in about 9-11 more months as to WHERE I will b celebrating) since I will have paid off a 30 yr mortgage 13 years EARLY!! &





T.T.F.N.
& Cheers Y'all
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Old 03-29-2014, 06:56 AM   #90
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We paid ours off 6 years ago, which was 26 years early... To be honest, I'm a little embarrassed by it. The few people I've told in real life act strange over it, think we are rich, etc. if I were you, I'd tell my very close friends and family and keep it at that. And my brother and close friend always keep me updated on how close they are to paying theirs off, which is great, but I'm pretty sure they thought our idea was great and they want to do it, too.
Too funny this thread got bumped. We have since moved to a better school district, bigger house, closer to work and took out another mortgage. It was $100k at 3.5%--an interest rate and monthly payment so low that we aren't in a rush to pay it off. We do send extra each month and maybe will switch to the biweekly thing.

Anyway, I still agree with keeping it private. We have since turned to saving even more money, and people treat you different the second they know the amount. I'm talking people like my dad... Lots of jealousy there. Ah well, live and learn. Good luck everyone!
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