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12-06-2006, 12:40 PM | #1 |
I think this line's mostly filler.
Join Date: Jan 2003
Location: DC
Posts: 13,575
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No Mortgage!
I just sent off my final mortgage payment! It took me 7.5 years of putting all of my extra money on it, but now my only debt is a 0% car loan. Even with my semipathological aversion to debt, I can't see myself paying that one off early.
Of course, I suddenly don't have that hefty tax deduction...
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_________________ |...............| We live in the nick of times. | Len 17, Wid 3 | |_______________| [pics] |
12-06-2006, 12:50 PM | #2 |
changed his status to single
Join Date: Apr 2004
Location: Right behind you. No, the other side.
Posts: 10,308
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good for you HM. now you need to turn around and get a hefty HELOC for a safety net. you can keep a zero balance on it, thus maintaining your debt free lifestyle while still keeping access to what is most likely your largest asset.
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Getting knocked down is no sin, it's not getting back up that's the sin |
12-06-2006, 12:56 PM | #3 |
Knight of the Oval-Shaped Conference Table
Join Date: Apr 2006
Location: Your Mom's house
Posts: 378
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Awesome job on the mortgage! If I might suggest though, if you have a 0% auto loan...milk that one for all its worth. Basically think of that as free money, and even in a basic savings account earning 1%, you've got a net benefit for yourself. Basically by paying it off now, you would be loosing money (even if it feels like you would be saving money)
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“I live only for posterity. Death is nothing, but to live defeated and without glory is to die everyday." - Napolean Bonaparte |
12-06-2006, 01:10 PM | #4 |
™
Join Date: Jul 2003
Location: Arlington, VA
Posts: 27,717
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Good job HM!
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12-06-2006, 01:23 PM | #5 | ||
I think this line's mostly filler.
Join Date: Jan 2003
Location: DC
Posts: 13,575
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Thanks all!
Quote:
Quote:
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_________________ |...............| We live in the nick of times. | Len 17, Wid 3 | |_______________| [pics] |
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12-06-2006, 02:09 PM | #6 |
When Do I Get Virtual Unreality?
Join Date: Dec 2002
Location: Raytown, Missouri
Posts: 12,719
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Dude, that is *awesome*. Congratulations on being disciplined enough to enhance your personal security to such a great degree. I am totally impressed.
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"To those of you who are wearing ties, I think my dad would appreciate it if you took them off." - Robert Moog |
12-06-2006, 02:47 PM | #7 |
The future is unwritten
Join Date: Oct 2002
Posts: 71,105
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Way to go HM, great feeling isn't it?
I had about a dozen years to go when I refinanced, upping the payment and reducing the term, then basically forgot about it. One day a letter arrives saying the payment was X instead of Y. WTF.... I call the bank ready to raise hell and was calmly informed the payment changed because it was the last one. Doh.
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The descent of man ~ Nixon, Friedman, Reagan, Trump. |
12-06-2006, 02:56 PM | #8 |
I think this line's mostly filler.
Join Date: Jan 2003
Location: DC
Posts: 13,575
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Heh, that's what I was expecting to get. Instead, I got this three-page document printed in courier on onion paper saying to mail the final payment and some additional documentation to a different address than usual, and a prepaid envelope! Apparently the final payment is a completely different department!
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_________________ |...............| We live in the nick of times. | Len 17, Wid 3 | |_______________| [pics] |
12-06-2006, 03:05 PM | #9 |
The Prodigal Brat Returneth
Join Date: Dec 2002
Location: North Cackalacky
Posts: 1,107
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Merry <insert winter holiday of your preference here>
You just bought yerself a house! Congratulations - hard work with a good and profitable reward. K
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The Constitution gives every American the right to make a total fool out of himself. But that doesn't mean you need to. |
12-06-2006, 03:32 PM | #10 |
still says videotape
Join Date: Feb 2001
Posts: 26,813
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Yeah, nice present to yourself.
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If you would only recognize that life is hard, things would be so much easier for you. - Louis D. Brandeis |
12-06-2006, 03:56 PM | #11 |
UNDER CONDITIONAL MITIGATION
Join Date: Mar 2004
Location: Austin, TX
Posts: 20,012
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Congrats, HM! And even more congrats on keeping the same lifestyle and bumping up the 401K with the extra money. Your self-discipline is admirable.
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12-06-2006, 04:03 PM | #12 |
I think this line's mostly filler.
Join Date: Jan 2003
Location: DC
Posts: 13,575
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Now, I never said I wouldn't buy myself a snazzy new computer!
Once I recover from my final push and the holiday season, of course. My liquid assets are gonna be pretty low for a while...
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_________________ |...............| We live in the nick of times. | Len 17, Wid 3 | |_______________| [pics] |
12-06-2006, 04:13 PM | #13 |
Victim of gravity
Join Date: Mar 2005
Location: Hiding in plain sight
Posts: 1,412
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Wow! I am so totally impressed Good for you!
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Everything you've ever heard about Fresno is true. |
12-06-2006, 04:14 PM | #14 |
Gone and done
Join Date: Sep 2001
Posts: 4,808
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Congrats, HM! Now, maybe you can look into that vacation property you always wanted... The tax deduction is great, and the real estate market still has upside, if you choose wisely.
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per·son \ˈpər-sən\ (noun) - an ephemeral collection of small, irrational decisions The fun thing about evolution (and science in general) is that it happens whether you believe in it or not. |
12-06-2006, 04:34 PM | #15 |
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Join Date: Feb 2003
Location: Parts unknown.
Posts: 4,081
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Awesome job, HM. I think lookout's suggestion is a very good one. Typically, you have to pay mortgage tax on the amount of the credit line at closing as though you were taking out the entire amount. I'd bite the bullet and get a line for as much as you can. Nothing like tax-free debt.
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