Today was a good day. Payed off the house and car.

[wtd]

Finally. After almost 21 years, the house is finally payed off. I also payed off the 2004 Monte Carlo SS that I bought a little over three years ago. No credit card debt either. No other debt unless you count Child Support. What a good feeling.

Wayne

 

[simple_gifts]

Congrats.

 

[Samuraidog]

Dayum....Congrats. There is where I'm trying to get. I haven't started paying extra on the house yet though. Got to get there first.

Seriously though. Major contrats on a huge accomplishment.

 

[SubyRoo]

Congrats on the payoff! I am looking forward to paying off my truck and student loans.

 

[SLCraig]

Amazing feeling. I just started my mortgage a year ago.
Equity though, which is key!
Congrats good sir.

 

[wtd]

Thanks everyone. It does feel good. Now I just need to not buy anything that gets me back into payments. I feel that the best thing you can do as far as a mortgage is concerned is to finance for the least amount of years possible. I started with a 30 year loan like most people do. After about seven years or so, my ex-wife and I refinanced to a 15 year loan. Four years later, we refinanced again and was able to get a 10 year loan.

A year after that, we got divorced, but I was able to keep the house since I agreed to give her a little more out of my 401K retirement plan that she was getting. Keeping the house was the only positive thing I got out of the entire divorce.

Wayne

Wayne

 

[Mr Nice]

Yep. If feels good to be debt free and have lots of breathing room if times get tuff.

 

[Hermann]

Congrats, and treat yourself to something special tonight.

 

[JHZR2]

Congrats. It's something that most folks will never do, and those that will, will scrape into it just before retirement, only to be broke and sell.

It's sad that so many say how great debt is for building credit, or a tax break or whatever else.

There are mostly broke people in this country. You did great. Congrats.

 

[dwcopple]

Congrats!

 

[SwampSurvivor]

Congratulations! You are truely free! I'll be in that spot some day ... I'm looking forward to the day!

 

[Mr Nice]

I was at lunch last year and overheard a woman at the table beside us telling her friends that she had $13,000 in credit card debt. Of course she was all dolled up like a Macy's mannequin. Late 20's trying to look the part of a yuppie that 'made it'

Congratulations for being smart with your $$$$

 

[Turk]

 

[PandaBear]

Congrat, yes it is a great feeling, much greater than when you first signed the dotted line to buy them.

 

[FoxS]

I don't mind debt when its tax efficient

I have investments with a fixed income that earn more than my mortgage costs.

In fact, its a 3 to 1 ratio, so say my mortgage is $300k, that means I only need $100k of investment that pays the mortgage cost.

So I would be silly to take $300k of savings and use it to pay a $300k mortgage when just $100k of savings is earning enough to pay the $300k mortgage.

Same thing with car loans. I had enough cash to buy my Mercedes but they were offering 1.99% interest.

So long as your dont live beyond your means, and invest, borrowing can save you money. In fact, its what the very rich have been doing for a long time on many ways.

 

[spasm3]

Excellent!!! few people have the restraint to do that! they keep refinancing themselves into more debt. thinking only about the "monthly payment". I have about 5 years left on my mortgage.

 

[rjundi]

Resetting to 15 years here.

 

[PandaBear]

Just finished refinancing a 30 year fixed to a 10 year fixed as well, it is a lot of work going through the refinancing process with the most annoying lender (Provident) in the industry, but in the end it is a good deal, 2.5% rate and negative $900 closing cost.

By the time it is paid off I think we'll be saving for the daughter's college fund.

 

[Doog]

Originally Posted By: FoxS
I don't mind debt when its tax efficient

I have investments with a fixed income that earn more than my mortgage costs.

In fact, its a 3 to 1 ratio, so say my mortgage is $300k, that means I only need $100k of investment that pays the mortgage cost.

So I would be silly to take $300k of savings and use it to pay a $300k mortgage when just $100k of savings is earning enough to pay the $300k mortgage.

Same thing with car loans. I had enough cash to buy my Mercedes but they were offering 1.99% interest.

So long as your dont live beyond your means, and invest, borrowing can save you money. In fact, its what the very rich have been doing for a long time on many ways.


+1 Exactly

 

[Doog]

Well, you are supposed to have a "mortgage burning BBQ" where you have your friends over, fire up the barbie, cook some burgers and have a few cold beers....then top off the night by burning a copy of your paid off mortgage document. It is a "must do"