I've got to share this and, as others have said, sharing with family and friends seems to come with baggage. So here it is, we own our little slice of heaven - free and clear. We are now 100% debt free.
Myself and my wife are both 31. We have three kids (4, 3, 1). We bought our home for $172,000 26 months ago. We live in the midwest, so that bought us a 100 year old, three bed, 1.5 bath, 2000 sf Craftsman style home, 1.5 miles from the city center and my office. We also invested approx 20k into the home with a new roof, refinishing wood floors, fixing old wooden windows and their weight pully systems, making a brick patio, putting in a white picket fence, raised flower beds, taking out a wall to connect kitchen/dining room in a more modern open feel, creating built in shelves for our "library," and more. A lot of those renovations involved us doing it ourselves or calling in favors to pay only the materials. I love tinkering around and fixing things, so that is fun.
Anyway, we own it (for real).
For all you who think we should have invested. That's cool. We are aware of the arguments on both sides. Rate was 4.375%. We paid the $172k while also maxing two 401ks and putting a little extra aside. Total NW counting the house as 200k is $450,000. So, we still have a significant position in the market that will only increase now.
Two funny stories. First, I did tell my dad because he is pretty solid with money even if he has never fully become mustachian (didn't start buying used cars until he was 50 (He's 56 now) and I've had to tell him about management fees repeatedly). Still, he isn't going to starve and is a solid guy. He was funny because he didn't say anything for a minute or two. I just let the silence hang. Then I said,"What are you thinking." He replied, "I shouldn't have spent my whole life working for the man." He always kept the corporate job and I started my own business. I did tell him he was the inspiration for starting my business since he has talked about starting his own business (but never actually did). Anyway, he's a great guy and his reaction was interesting.
Second, the bank had NO IDEA HOW TO PROCESS A PAYOFF STATEMENT. Really can't say more than that. It was really clear mortgage payoffs are not a common issue they deal with.