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Old 12-12-2012, 03:04 AM   #41
Recycles dryer sheets
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Old 12-12-2012, 10:23 AM   #42
Recycles dryer sheets
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Good Job!

I know for me paying off the mortgage was key for the FI part if RE. Debt free is the way to be!

Oh Look, a squirrel!
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Old 12-12-2012, 11:36 AM   #43
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Originally Posted by WM View Post
It was actually a few days ago, but what a great day! Funny, too - I called to find out how to make the final payment, assuming they'd have to send paperwork or we'd have to go into a branch. Turns out you can make the final payment over the phone, they just transfer the money from your checking account and presto!

I knew we'd be able to pay it off by the end of this year or early next year, but it was still stunning to actually do it. Partly because, as DH said, it makes the prospect of FIREing in a few more years that much more real. Also, just because it's a big accomplishment and I'm impressed with ourselves for pulling it off.

So - a huge thank-you to the community here for all the great wisdom and encouragement for those of us who aren't there yet I can't even tell you what a difference it's made in helping us get where we're trying to go.
Dont forget to get the deed from your bank. In my case, I was directed to the county to obtain it which I have not had a chance to go there and that was 4 months ago. Thanks for the indirect reminder
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Old 12-12-2012, 06:28 PM   #44
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One faster way to tell if the morgage co regards the mortgage as paid off, is how long till they refund the escrow account. (You will want that money since now you have to pay the taxes and insurance yourself). This should happen long before the mortgage release appears.
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Old 12-13-2012, 05:58 AM   #45
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Originally Posted by WM View Post
That's a crazy story! I'd have been really paranoid by then.
Well, yeah, I was!

A number of factors pushed us to pay it off. The bank originally holding the mortgage was a local bank and we chose it because they were local and up to then they did hold their own mortgages so selling it was a major policy change for the bank.

Then the purchasing bank resold it to another within a month or two - I envisioned our file just getting lost in the shuffle and we never be able to clear the note, or at least not without a lot of expensive legal help.

We received a small inheritance that was not even enough to pay off the mortgage but was enough to leave a comfortable enough margin if we did pay it off, so we did.

Zero Debt is really kinda neat.
I heard the call to do nothing. So I answered it.
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Old 12-13-2012, 08:07 AM   #46
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Well, congratulations are certainly in order. I think some of us do like to take a different approach though. And I believe everybody's situation is different. When I retired in 2010 I had a paid off house which took a lot of sacrifice the last 10 years before I retired. When I did retire we built our dream ranch. A much smaller house but in a much better neighborhood. We put down 20% and invested the rest. After two no cost refi's our rate is at 3.375. With the write off for mortgage interest, real estate and state taxes, medical above 7.5%, this is practically free money. The PITI is only 25% of my pension. The reality is we could write a check from our investments tomorrow and pay it off. So I think we keep the mortgage. But again everybody has different situations. I think though we have been down this road before.

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