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One step closer
Old 11-03-2004, 08:01 AM   #1
 
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One step closer

Just a little brag today. I finally paid my mortgage down to 78% and got ride of PMI. This morning I turned in my paperwork to max my 401k. It took only 1 year 2 months and 15 days after buying my house to get rid of the PMI. I saved hard and cut the budget deep to get here. I am now a real believer in goal setting and undistracted single mindedness to fulfilling those goals. I am only 24 years old and just getting started toward FIRE. I want to thank everyone who contributes to this board. I have learned tons here and faithfully read every post. Except for most of *****'s long self agrandizing troll posts. :P
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Re: One step closer
Old 11-03-2004, 09:28 AM   #2
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Re: One step closer

As a fellow twenty-something (23), let me just say: good work!
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Re: One step closer
Old 11-03-2004, 09:34 AM   #3
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Re: One step closer

Outstanding. *Keep up the good work.

From another fellow twenty-something.... although its been a while since I was 24.
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Re: One step closer
Old 11-03-2004, 10:01 AM   #4
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Re: One step closer

Quote:
Just a little brag today. *I finally paid my mortgage down to 78% and got ride of PMI.
First congrats on this step on the road to financial freedom.

Second, for others looking at mortgages and PMI it might make a lot more sense to consider using an 80% first with a second for the amount above 80%. This can often have big savings over using PMI which isn't tax deductible while the interest on a second is. Everybody's situation is different yada yada yada so crunch your own numbers.
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Re: One step closer
Old 11-03-2004, 01:00 PM   #5
 
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Re: One step closer

Quote:
Just a little brag today. *I finally paid my mortgage down to 78% and got ride of PMI. *This morning I turned in my paperwork to max my 401k. *It took only 1 year 2 months and 15 days after buying my house to get rid of the PMI. *I saved hard and cut the budget deep to get here. *I am now a real believer in goal setting and undistracted single mindedness to fulfilling those goals. *I am only 24 years old and just getting started toward FIRE. *I want to thank everyone who contributes to this board. *I have learned tons here and faithfully read every post. *Except for most of *****'s long self agrandizing troll posts. :P
Yes, Congratulations! - another step you can now make, if you have not already. - If you are paying property taxes with your mortage payment - Stop and pay them yourself. You'll be making a small bit of interest and never overpaying them!
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Re: One step closer
Old 11-03-2004, 02:43 PM   #6
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Re: One step closer

Congratulations and hang in there!

Getting yourself set up to be able to save the big bucks is half the battle. It may seem like not much is happening at first but after a while your savings starts jumping up faster and faster.

Setting up a budget and plan and following it is the way to go, stay on the path!
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Re: One step closer
Old 11-03-2004, 03:04 PM   #7
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Re: One step closer

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Second, for others looking at mortgages and PMI it might make a lot more sense to consider using an 80% first with a second for the amount above 80%. *This can often have big savings over using PMI which isn't tax deductible while the interest on a second is.
I can vouch for this. My wife and I had a great mortgage broker who ran several different scenarios though and we ended up with an 80/20 (or 80/remainder). Plus, we got a 15 year on the secondary, which helped bring down the rate some.
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Re: One step closer
Old 11-04-2004, 03:54 AM   #8
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Re: One step closer

Gratz on getting out of PMI Jeremy.

Another idea on getting out of PMI, hit the parents up if they have the means, cause they might help you. Mine gave me 5K, though I put in the other 25K. I mentioned i was 5K short to them, and that i'd have to pay an extra 83/month just for PMI (which was true), so they just up and handed me the extra.

I just wanted to mention that cause if your parents have the means, and if they're gonna help you in the early years, a very popular place for them to do that is with their child's house downpayment.
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