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Old 04-13-2010, 01:37 AM   #21
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Good work. I checked the Recorder's Office online and the release was there, correctly filed and all that good stuff.
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Old 04-13-2010, 09:11 AM   #22
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Good work. I checked the Recorder's Office online and the release was there, correctly filed and all that good stuff.
Must be nice to live in the 21st century, where things like that are actually available online.
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Old 04-13-2010, 09:13 AM   #23
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When we paid ours off the bank was very slow to release the lien. The mortgage had been resold about six months prior (part of the incentive to pay it off) and the bank that had bought it was itself in the midst of being bought by another bank. So it took about six months of prodding before they send me the original lien papers with a big "PAID" stamp or something like it and to record the lien release at the county court.

I was anxious to have the lien release recorded because I knew that we'd be selling the house in another two years or so when I retired and wanted that stuff all settled.
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Old 04-13-2010, 09:18 AM   #24
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Congradulations. A watershed moment on the way to FI! Enjoy the day!!!

We paid off our one and only mortgage maybe 20 years ago when interest rates were 14% . Havn't looked back one second!


Oh some advice. Don't tell friends or family. You may be sorry you did.
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Old 04-13-2010, 09:21 AM   #25
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When we paid ours off the bank was very slow to release the lien. The mortgage had been resold about six months prior (part of the incentive to pay it off) and the bank that had bought it was itself in the midst of being bought by another bank. So it took about six months of prodding before they send me the original lien papers with a big "PAID" stamp or something like it and to record the lien release at the county court.
Oh, that was awfully nice of them. Chase Mortgage REFUSED to send the original lien papers with the big "PAID" stamp to me. Just flat out refused. They did say that they recorded it with the county court and they told me that the letter that they sent me would be all I would get as proof that the mortgage was paid off but that it would be all I would ever need.

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I was anxious to have the lien release recorded because I knew that we'd be selling the house in another two years or so when I retired and wanted that stuff all settled.
I can imagine.
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Old 04-13-2010, 10:24 AM   #26
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Oh, that was awfully nice of them. Chase Mortgage REFUSED to send the original lien papers with the big "PAID" stamp to me. Just flat out refused. They did say that they recorded it with the county court and they told me that the letter that they sent me would be all I would get as proof that the mortgage was paid off but that it would be all I would ever need.
Ditto with me. It was some other bank, not Chase, and I wasn't happy with just the letter which is why I took a trip down to the record office to be sure ALL was in order.
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Old 04-13-2010, 03:37 PM   #27
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This post got me thinking about my mortgage. Thank you for starting this thread.

I had decided to keep the mortgage when we Semi-ER'd because I felt I could beat the low 4 7/8% interest over the remaining 10 years. But, we're thinking of selling the house next year, so now the time-frame is only a year. There are no investments that have a high probability of beating 4 7/8% in a 12-18 month time frame that I am aware of.

So, I called my bank and asked for a payoff estimate. I'll pay it off by the end of this month.

The gall of Chase (who bought the bank, who bought the bank who sold me the mortgage) - they wanted a $30 fee to fax me the estimate. They can't email it or post it to their web site. So, it is snail mail for the estimate. They did tell me the amount over the phone.
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Old 04-21-2010, 07:33 AM   #28
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We paid off our mortgage yesterday! One less financial company to deal with. One more step towards moving.

Thanks all who posted information on what to expect after paying off the mortgage.
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Old 04-21-2010, 08:14 AM   #29
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I can't say I have anything big to add about the bureaucratic stuff after paying off the mortgage. I paid mine off in 1998 after first taking it out in 1989 and refinancing it in 1992 at nearly 5 points less.

It was for a co-op apartment so the bank held the apartment's original stock certificate, not a deed. I had been paying off large chunks of the principal in 1997 and early 1998 so the final payoff amount was not for a whole lot. I arranged for it to be made via electronic payment the same way I had been making my regular payments, saving me the trouble of getting a bank check. The mortgage company was very co-operative with me and enabled the process to go very smoothly.

A few weeks later, I received the original stock certificate along with some other relevant documents. I did not have to do anything with regard to filing documents with the county clerk office although I don't know if the bank did.

I can tell you that it was great to lose that monthly payment, one which had been growing the previous few years as interest rates rose (it was a 1-year ARM). I was still working full-time, so now one biweekly paycheck was enough to cover all my monthly expenses most of the time. This enabled me to quickly replace money in the mutual funds I used to pay off the mortgage.

One small downside of doing this payoff was that I had to adjust my W-4 withholding exemptions downward because of the loss of the home mortgage interest deduction (most of it, I still had my co-op's interest). This was equivalent of giving myself a small pay cut.

Greatly lowering my monthly expenses was a key step towards my ER, as I was easily able to afford to switch to working part-time a few years later, along with its 40% pay cut. Once I saw how well that was working out, I was able to fully retire in 2008 at age 45.
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