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mortgage, what mortgage?
Old 03-04-2008, 10:24 AM   #1
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mortgage, what mortgage?

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…
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Old 03-04-2008, 10:27 AM   #2
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Congrats! Even though you can only tell your 'virtual' friends about it, it's a really nice feeling...
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Old 03-04-2008, 11:01 AM   #3
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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!
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Old 03-04-2008, 11:09 AM   #4
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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!
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Old 03-04-2008, 11:21 AM   #5
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CONGRATULATIONS!!! Each month, on the day when you normally would have been sending off a mortgage payment, you may find yourself smiling uncontrollably.
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Old 03-04-2008, 11:22 AM   #6
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good job...for the sake of the eternal debate...why?
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Old 03-04-2008, 11:23 AM   #7
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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.
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Old 03-04-2008, 12:48 PM   #8
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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.
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Old 03-04-2008, 02:10 PM   #9
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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.
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.
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Old 03-04-2008, 03:01 PM   #10
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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.
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Old 03-04-2008, 05:06 PM   #11
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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!)
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Old 03-04-2008, 05:55 PM   #12
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Congrats! I agree with not telling people - it will only create problems.
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Old 03-04-2008, 06:07 PM   #13
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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.
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Old 03-04-2008, 08:05 PM   #14
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Congratulations!!!!!!!!!!! Glad you can tell us and enjoy the moment.
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Old 03-04-2008, 08:20 PM   #15
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good job...for the sake of the eternal debate...why?

YEAAAHAWWW

Oh GOD BLESS

Oh and to the OP congratulations
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Old 03-04-2008, 08:29 PM   #16
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What great news!! Now that's just one thing less to think about... Best wishes!
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Old 03-04-2008, 08:37 PM   #17
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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!
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Old 03-04-2008, 10:29 PM   #18
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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).
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Old 03-06-2008, 07:45 AM   #19
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Congratulations. Too bad you just demonstrated a responsibility that makes you ineligible for a government bailout...
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Old 03-06-2008, 08:00 AM   #20
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Congratulations. Too bad you just demonstrated a responsibility that makes you ineligible for a government bailout...
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!
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