Author Topic: Mortgage Payoff Club!!  (Read 718897 times)

honeyfill

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Re: Mortgage Payoff Club!!
« Reply #2050 on: July 31, 2020, 07:19:14 AM »


I paid off my HELOC yesterday.  I went to the bank and paid the last $818 to take the balance down to zero.
I'm  not sure if this counts as a mortgage payoff but it still feels pretty good!

talltexan

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Re: Mortgage Payoff Club!!
« Reply #2051 on: July 31, 2020, 07:20:19 AM »
Congrats!

My bank won't even let me in the door. Probably because they think I'm there to take money out ;-)

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2052 on: July 31, 2020, 12:37:40 PM »
My bank won't even let me in the door. Probably because they think I'm there to take money out ;-)

Too funny, @talltexan !

=======================

I'm hoping to pay off our two mortgages within a month or three.

Just sold one house today, proceeds will cover 27% of our current new home mortgage balance.

Scheduled to sell our old home on the 17th.  (Knock on wood.)   That will pay off it's mortgage and pay off 49% of the current new home mortgage balance.

We had gotten a home to set up as a charitable house but we just don't want to volunteer to risk working with tradesmen who won't wear a @#@%$%#&@ mask and do social distancing and hand washing.   Got a verbal offer on it today with the expectation of a written offer on Monday.   That will cover the remaining 24% of the current home mortgage balance.  It should be a cash sale so it should go thru pretty quickly.

So, potentially by the end of the August we might actually be mortgage free.

Keep your fingers crossed the next two sales actually happen and on time.

So excited!!!

Need2Save

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Re: Mortgage Payoff Club!!
« Reply #2053 on: August 01, 2020, 04:25:24 AM »
Before July Payment $27,692
Principle Paid this month: $7,734
New Balance: $19,958

We had an extra check each this month which we diverted some to the mortgage per our plan.  Only 4 more payments to go!

Bird In Hand

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Re: Mortgage Payoff Club!!
« Reply #2054 on: August 01, 2020, 08:45:50 AM »
@SwordGuy -- wow, unloading three properties (and using the proceeds to eliminate what I imagine is probably your biggest monthly expense) sounds like a fantastic simplification of your finances, and indeed your life.  Congrats all around, and I hope your next two sales proceed smoothly and quickly.

Zamboni

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Re: Mortgage Payoff Club!!
« Reply #2055 on: August 01, 2020, 09:43:40 AM »
@SwordGuy Wow! that's great! I hope this final sale goes through as planned.

Mostly I am joining this gauntlet because I paid off my HELOC recently. Yay! Good grief please God don't let me do anything that stupid again! We have some remodel work we would like to do, but these must be paid off in cash this time!

My next project is to look at refi rates for our existing home's first mortgage around October. I've got about one more year of holding pattern and just regular mortgage payments, and then hopefully next year at around this time we may double down to get rid of that debt as fast as possible. We'll see. Really it depends upon our jobs. Other half just watched his boss and a manager parallel to him in his group get sacked this past month, so now he is worried. Unless things get more secure and settle down, we might just stockpile cash instead in case we need to make a sudden move due to a job transition.

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2056 on: August 01, 2020, 09:57:20 AM »
@SwordGuy Wow! that's great! I hope this final sale goes through as planned.

Mostly I am joining this gauntlet because I paid off my HELOC recently. Yay! Good grief please God don't let me do anything that stupid again! We have some remodel work we would like to do, but these must be paid off in cash this time!

My next project is to look at refi rates for our existing home's first mortgage around October. I've got about one more year of holding pattern and just regular mortgage payments, and then hopefully next year at around this time we may double down to get rid of that debt as fast as possible. We'll see. Really it depends upon our jobs. Other half just watched his boss and a manager parallel to him in his group get sacked this past month, so now he is worried. Unless things get more secure and settle down, we might just stockpile cash instead in case we need to make a sudden move due to a job transition.
   

@Zamboni, I wouldn't blame anyone who depends upon wage income for stashing away cash at this point in time.   These are unsettled times.

If we were still working for a living we wouldn't be paying extra on the mortgage, we would be looking to cut expenses (refinance 'cause rates are cheap!) and stock up on cash.

Bird In Hand

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Re: Mortgage Payoff Club!!
« Reply #2057 on: August 01, 2020, 01:41:00 PM »
Before July Payment $27,692
Principle Paid this month: $7,734
New Balance: $19,958

We had an extra check each this month which we diverted some to the mortgage per our plan.  Only 4 more payments to go!

~$20k and 4 payments to go -- is your mortgage payment (P&I + T&I) $5k/mo, or is that your planned monthly outlay including extra principal payments?  Either way, it will be awesome to have that huge monthly chunk off the books.

Do you have a T&I escrow account with your mortgage company?  If so, is there a lot in there?  Once we got < $20k on our mortgage, I closed the escrow account and received ~$3,000 escrow refund in a couple weeks.  We combined the escrow refund with some spare change from under the sofa cushions and just paid the thing off when the balance got to ~$14k (about 6 months ahead of our original plan).

Comar

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Re: Mortgage Payoff Club!!
« Reply #2058 on: August 04, 2020, 06:08:51 AM »
I'm finally done. Feels like a million years ago, when I used to come here every day. Strange how things have changed. Good luck to the rest of you.

talltexan

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Re: Mortgage Payoff Club!!
« Reply #2059 on: August 04, 2020, 07:25:42 AM »
Congratulations, @Comar, if you miss us too much, I guess you can refinance at today's super-low rates. ;-)

Bird In Hand

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Re: Mortgage Payoff Club!!
« Reply #2060 on: August 04, 2020, 08:05:32 AM »
@Comar - congrats!  I'm not sure where you are in your FIRE journey, but I imagine it helps to not have that monthly P&I payment.  I know we don't miss ours!

@talltexan - I haven't delved too deeply in this, but you can't really refinance a mortgage that doesn't exist.  You could do a new mortgage with a large cash-out, but the terms are probably not going to be as good as a regular refinance.  In fact, once our balance got below $100k, I discovered that the number of potential lenders dropped significantly, and the rates were higher.  Below $50k and I couldn't find any lenders (though I didn't look very hard).

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2061 on: August 04, 2020, 08:35:02 AM »
Sold a flip house on last Friday and picked up the proceeds check yesterday.   Plan was to put that $61,000 on the mortgage.

As far as I can tell, every single Bank of America branch in a hundred miles is shut down "temporarily".

No explanation.   No expectation of when they will reopen.   Just closed.

#BankingFail!!!!

I'm off to open a checking account at a credit union.

paulkots

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Re: Mortgage Payoff Club!!
« Reply #2062 on: August 04, 2020, 08:51:34 AM »
Well done everyone! Just checking in after paying off my house in late 2019.

Still loving the feeling of most of my check being left over since I have no payments, this allows me to travel more.(except for this year..)

talltexan

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Re: Mortgage Payoff Club!!
« Reply #2063 on: August 04, 2020, 09:11:26 AM »
@Comar - congrats!  I'm not sure where you are in your FIRE journey, but I imagine it helps to not have that monthly P&I payment.  I know we don't miss ours!

@talltexan - I haven't delved too deeply in this, but you can't really refinance a mortgage that doesn't exist.  You could do a new mortgage with a large cash-out, but the terms are probably not going to be as good as a regular refinance.  In fact, once our balance got below $100k, I discovered that the number of potential lenders dropped significantly, and the rates were higher.  Below $50k and I couldn't find any lenders (though I didn't look very hard).

That's good info. I should have been more careful with this teasing. Based on my limited mortgage experience, it's pretty clear that purchase > refinance > cash-out refinance

KBecks

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Re: Mortgage Payoff Club!!
« Reply #2064 on: August 05, 2020, 05:17:10 AM »
Sold a flip house on last Friday and picked up the proceeds check yesterday.   Plan was to put that $61,000 on the mortgage.

As far as I can tell, every single Bank of America branch in a hundred miles is shut down "temporarily".

No explanation.   No expectation of when they will reopen.   Just closed.

#BankingFail!!!!

I'm off to open a checking account at a credit union.

Do you have electronic banking?  We bank with a regional bank headquartered in our state.  Credit unions seem very wise too. 

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2065 on: August 05, 2020, 05:24:15 AM »
Sold a flip house on last Friday and picked up the proceeds check yesterday.   Plan was to put that $61,000 on the mortgage.

As far as I can tell, every single Bank of America branch in a hundred miles is shut down "temporarily".

No explanation.   No expectation of when they will reopen.   Just closed.

#BankingFail!!!!

I'm off to open a checking account at a credit union.

Do you have electronic banking?  We bank with a regional bank headquartered in our state.  Credit unions seem very wise too.

I use the online features but have resisted using banking on my phone.   Phones just aren't very secure.     There are limits to the size of the check you can cash via the phone and, as I mentioned, this was proceeds from a house sale, so it's well over those limits.

Given I don't know why all those bank branches have been shuttered I really don't feel like wiring large sums of money into what might turn out to be a void.   Why take that chance?

KBecks

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Re: Mortgage Payoff Club!!
« Reply #2066 on: August 05, 2020, 05:26:16 AM »
That is very weird, and -- they aren't offering drive up, either? 

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2067 on: August 05, 2020, 06:23:18 AM »
That is very weird, and -- they aren't offering drive up, either?
No!

Need2Save

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Re: Mortgage Payoff Club!!
« Reply #2068 on: August 07, 2020, 05:33:15 AM »
@Bird In Hand  - Yes that is our planned payment, not the required P&I&T&I. That would only be around $3,200.  We have slowly raised the extra principal we pay each month about $100 at a time until we got where we are now. I could pay the whole thing off now but we decided to just allow the next few months to play out, although many days I'm still very tempted.

We have U.S. Bank and I have found that they don't get many things right when dealing with them and we have a tax payment due in September from Escrow. So I'm just letting them pay that and then shortly thereafter we will pay it off in full and get the remaining Escrow back in time to make the 2nd tax payment in December.  Thereafter, we will just set aside a monthly equivalent for the taxes so we have it come time to pay next year. Then we'll be retired with no mortgage payment. yay!

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #2069 on: August 07, 2020, 08:04:29 AM »
@Need2Save,  Awesome job!   From September onwards, enjoy becoming the bank.  From then forever more, people pay you rent for borrowing your money.

Been free for 18 months, and it has completely flipped the tables in our favor this way.   Make it so!