mortgage, what mortgage?

L

lucija

Recycles dryer sheets
Joined
Dec 21, 2006
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As of this week, we’re mortgage free! We have been meaning to “pay it off” for a few months now, but until now never got around to actually getting rid if it…

This is quite an accomplishment for us which, sadly, will slip by totally un-noticed by our family & friends. Even though a part of me wants to tell everyone, I don’t want to create a “rift” by making anyone feel uncomfortable (we have several friends who are struggling financially) or somehow less worthy.

I just felt like sharing this milestone with someone…
 
Congratulations!

I didn't tell anyone about having our mortgage paid off. I just taped a sign to my forehead announing the news, and if people wanted to read it, they could! :rolleyes: :D
 
Congrats! Sorry that you cannot share with friends and family. We had a mortgage burning party with lots of friends, and we haven't had too much in the way of repercussions. But I didn't invite the folks that might begrudge us our good fortune.

It is so great to drive past the bank where we had our mortgage and know I don't have to go back there, ever! Especially considering how many trips we made in the last 6 months before it was paid.

It is a very sweet feeling that does not go away, lujica! Wonderful!
 
CONGRATULATIONS!!! Each month, on the day when you normally would have been sending off a mortgage payment, you may find yourself smiling uncontrollably. :D
 
Congrats, I know how you feel. I was only 29 yo when we had our mortgage paid off. Our friends at that time did not have their own place and I did not want to tell my family. The first person I told was a co-worker. It was a great relief to tell someone.
 
It feels great, doesn't it? Even economic downturns and weaker job markets are easier to weather when you don't have to feel one layoff away from losing your home.
 
ziggy29 said:
It feels great, doesn't it? Even economic downturns and weaker job markets are easier to weather when you don't have to feel one layoff away from losing your home.
Click to expand...

So true! And the money just PILES up when you no longer have to make those big mortgage payments each month. It's nice to know that should there be a reduction in force, even a minimum wage job would pay the grocery bill until something else comes along. It is a very freeing feeling.
 
Thanks guys! I knew you would understand!

It does feel great - Want2retire (I can’t help it) I am grinning already.

Maddy – the reason we decided to pay of the mortgage is financial stability that comes with smaller monthly bills, much like ziggy guessed. Financially we’re doing great at this time, but all that can change next week due to unstable nature of our jobs…

We decided not to tell anyone due to all the lamenting we have been hearing lately… it would come across as gloating. We’re 34 and most of our friends are much like us – they have (very) young kids or are just starting their families. We have friends that can’t afford to buy a house at all and are renting or living with parents. Another friend was laid off, couldn’t find a job locally and had to uproot his family and move across the country. The rest of them are complaining at not being able to max out 401(k) contributions, but seem to be doing OK and are chugging along hoping to have a paid off house within the next 20 years.
 
Congratulations!

I totally understand the "not being able to share with anyone" part. I am 29 and most of my friends are just starting to look for a home. Many still have lots of student loans. I don't think it does anyone any good to share how glad I am to be maxing out my 401k. (Although I still have a mortgage--working on it!)
 
I have to admit that I told a few people when I paid mine off. Most of the people were good friends of mine who I thought would not begrudge me. As far as I know, no one did.

Congrats! As a previous poster said, it's a great feeling that never goes away.
 
Congratulations!!!!!!!!!!! Glad you can tell us and enjoy the moment. :)
 
What great news!! Now that's just one thing less to think about... Best wishes!
 
excellent news. free and clear and you SHOULD brag about it.
it's a sign of knowing how to manage money and pay yourself first (vs being up to your eyeballs in consumer debt).
bravo to you!
 
Congratulations!

DH and I were only 31 and 29 when we paid off our mortgage and the only people we told were my parents and sister. I have a feeling that the rest of the extended family would be quite jealous and would make some snide remark such as "Oh, your parents must have helped you out" (which they didn't).
 
Congratulations. Too bad you just demonstrated a responsibility that makes you ineligible for a government bailout... :)
 
ziggy29 said:
Congratulations. Too bad you just demonstrated a responsibility that makes you ineligible for a government bailout... :)
Click to expand...

You are absolutely correct! What we should have done 5 years ago (when we bought our current place) is take a 5 year, interest only ARM at 4%, borrow 115% of the house value, invest everything else in a short term bond fund and wait... till now. Then apply for our loan balance to be reduced by 30% (current home value) and pay it off then...

Who said stupid, irresponsible people can't get ahead? After all this is the land of opportunities!
 
Congrats! I've been mortgage free for almost 4 years. Now I wonder how people manage to pay a mortgage for all those years. I have friends with a mortgage and two car payments and I think, damn...what a way to go through life.
 
ikubak said:
Congrats! I've been mortgage free for almost 4 years. Now I wonder how people manage to pay a mortgage for all those years. I have friends with a mortgage and two car payments and I think, damn...what a way to go through life.
Click to expand...
Some people are just addicted to stuff. That stuff addiction can get you into a real financial bind. Best case, it only means being forced to work a few more years to pay for your stuff "fix." Worst case you can never break free of the work force and you start losing your stuff because you can't make the payments on too much of it any more.

I like stuff as much as anyone, but these days "stuff" represents a complication of life and a draining of our "financial freedom fund." As a result, I've become very selective about which "stuff" is worth it.
 
lucija said:
This is quite an accomplishment for us which, sadly, will slip by totally un-noticed by our family & friends. Even though a part of me wants to tell everyone, I don’t want to create a “rift” by making anyone feel uncomfortable (we have several friends who are struggling financially) or somehow less worthy.

I just felt like sharing this milestone with someone…
Click to expand...

I honestly can't understand not telling one's family and very close friends. Just possibly NOT one's manager, since that could lead to unplanned really early retirement :eek:.
I've told my siblings and parents that we have a 15 year mortgage, and they gasp (thinking there's no way we can afford that, 2 new cars (OK 1 is 2 years old, and the other is 3 years old) ... but only one small car payment, and 4 kids.
I'm really hoping my parents and parents-in-law are still around for the mortgage burning party we'll have.

In any case, I'll stop ranting ....


CONGRATULATIONS!
 
myself said:
I honestly can't understand not telling one's family and very close friends....<snip>
Click to expand...

You are very lucky. If you had families like ours, you would understand – with one exception, they range (no exaggerations) from folks who had not held on for a job for more than a month or two (with many months/years in between), beach bums and people who are drowning in debt. The last category every now and then attempts to hit us (and whoever else may be around) up for cash.

Pretty much all of our friends are not doing well financially – so, why rub it in…

We did end up telling my SIL/BIL and that felt good! With no other family support on either side, the four of us tend to stick together and help each other out. They always had a general idea of our finances and are the ones who will be inheriting our kids if something happens to us, so it seemed natural and logical thing to do…
 
lucija said:
You are very lucky. If you had families like ours, you would understand – with one exception, they range (no exaggerations) from folks who had not held on for a job for more than a month or two (with many months/years in between), beach bums and people who are drowning in debt. The last category every now and then attempts to hit us (and whoever else may be around) up for cash.

Pretty much all of our friends are not doing well financially – so, why rub it in…

We did end up telling my SIL/BIL and that felt good! With no other family support on either side, the four of us tend to stick together and help each other out. They always had a general idea of our finances and are the ones who will be inheriting our kids if something happens to us, so it seemed natural and logical thing to do…
Click to expand...
Please accept my apologies for your situation. I was not trying "rub it in", honestly.
My parents aren't drowning in debt, but they still have a decent amount, even though all the kids have been out of their house (and fully functioning on their own,) for about 10 years now. 2 of my siblings have 30 year mortgages (one has an ARM), and the other has a 15 year (at the request of my sister's hubby).
 
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