Yes, we paid off our mortgage

[bssc]

Just talked to Chase today. The mortgage is closed and they will be sending a check for the balance of the escrow account. I will have to make sure they take off the lien.

While, there is a discussion thread on this, we did it because the mortgage represents a small part of the portfolio. We paid off a 15 year mortgage in 11 1/2 years.

We are happy and that is what counts.

[yakers]

Congratulations. I am one of those who regards debt as a form of slavery. Yeah, I know there are different takes on the subject. I'm happy with mine and not having a mortgage.

[Nords]

Quote:

Originally Posted by bssc Just talked to Chase today. The mortgage is closed and they will be sending a check for the balance of the escrow account. I will have to make sure they take off the lien. While, there is a discussion thread on this, we did it because the mortgage represents a small part of the portfolio. We paid off a 15 year mortgage in 11 1/2 years. We are happy and that is what counts.

Congratulations at finally wrestling free of Chase, too!

There always seems to be a fuss over getting the payoff recorded, too. We've had paid-off mortgages sent to us with the unspoken implication that we were expected to take care of getting them recorded.

[Telly]

Congrats!

We did a 30 year 10% loan in 7 years or so. Inflation really helped back then, about the only thing inflation helped! It was a good feeling to be debt-free. We had an impromptu payment-book burning, but the stupid book seemed to be fire-retardant! It was the darndest thing...

Never had a car payment, much less payments for furniture, etc. etc. Which puts DW and I into the "seal'em up in a bell jar and put them in the Smithsonian" class.

[Gumby]

Congratulations bssc. What will you do with all that freed up cash flow?

[Sandy]

Congrats. It is a big accomplishment and I am sure a great feeling. One I am looking forward to - though it won't be in the near future.

[Miss_Lala]

Congratulations! I'm looking forward to that day in over 10 years. I'm with yakers that it feels like slavery, so kudos to you!

[Retire Soon]

Congratulations, bssc! We've found that having our mortgage paid off gives us a feeling of freedom and security. I liked yakers comment that he, "regards debt as a form of slavery." I couldn't agree more.

[MasterBlaster]

One of the oft overlooked benefits of paying off the mortgage is the compounded savings that can be achieved by postage alone.

If a first class stamp costs 41 cents then if I can earn a real return of 8 percent compounded annually, then over 30 years the postage stamps opportunity cost would be more than $611 in 2007 dollars.

And that doesn't even account for the cost of the ink and the cost of all those checks.

- Party on Garth !

[bssc]

Quote:

Originally Posted by Gumby Congratulations bssc. What will you do with all that freed up cash flow?

More into the post tax brokerage account. We don't spend all of what we make anyway.

Thanks everyone else for the kind comments.

[cute fuzzy bunny]

Quote:

Originally Posted by Nords There always seems to be a fuss over getting the payoff recorded, too. We've had paid-off mortgages sent to us with the unspoken implication that we were expected to take care of getting them recorded.

Depending on the terms, in the case of "No hassle, no fees, no points, no closing costs!" offers, I've sent the mortgage company advising them of the recording fee and the recordings related hassle and suggested they fulfill the contract as described.

But thats probably how I ended up with a property with three separate "interests" on it from everyone who ever owned it.

[bssc]

Quote:

Originally Posted by MasterBlaster One of the oft overlooked benefits of paying off the mortgage is the compounded savings that can be achieved by postage alone. If a first class stamp costs 41 cents then if I can earn a real return of 8 percent compounded annually, then over 30 years the postage stamps opportunity cost would be more than $611 in 2007 dollars. And that doesn't even account for the cost of the ink and the cost of all those checks. - Party on Garth !

This was my argument to my DW that we pay them electronically. She didn't buy into this until they credited her check to someone else and hassled her when she tried to get it fixed. Then she saw the light about electronic transfer.

[LOL!]

Quote:

Originally Posted by MasterBlaster One of the oft overlooked benefits of paying off the mortgage is the compounded savings that can be achieved by postage alone. If a first class stamp costs 41 cents then if I can earn a real return of 8 percent compounded annually, then over 30 years the postage stamps opportunity cost would be more than $611 in 2007 dollars. And that doesn't even account for the cost of the ink and the cost of all those checks. - Party on Garth !

When I read the above, I had to check the date on this thread. I thought this was a resurrected thread from the 1970s. I do not know of anyone who doesn't use FREE online bill pay to pay their mortgage.

[MasterBlaster]

Quote:

I do not know of anyone who doesn't use FREE online bill pay to pay their mortgage.

Well there are many, myself included.

The reason for not using it is that I have been a victim of credit fraud in the past. So, if someone gets your info, maybe they'll clean out your checking and/or savings accounts. If they are really good maybe they'll clean out your 401k and IRA accounts plus any mutual funds and stock accounts you may have. So why make it easy (easier) for such types.

And in case you couln't tell, the postage thing was a bit of a joke.

[cute fuzzy bunny]

I'm thinking that someone copying your information from your paper check is more likely to happen than stealing your electronic identity.

Sort of made me wonder when people are so careful to shred their monthly statements, then hand their card to dozens of waiters and gas station attendants. One of my old roommates worked in a gas station until they bagged him making 3-4 impressions of everyones credit cards and taking cash from the register to compensate.

[Khan]

Be sure to contact the insurance and tax people to make sure all future bills are sent to you.

[W2R]

Quote:

Originally Posted by cute fuzzy bunny I'm thinking that someone copying your information from your paper check is more likely to happen than stealing your electronic identity. Sort of made me wonder when people are so careful to shred their monthly statements, then hand their card to dozens of waiters and gas station attendants. One of my old roommates worked in a gas station until they bagged him making 3-4 impressions of everyones credit cards and taking cash from the register to compensate.

Gas stations have attendants? :confused: Obviously this must be a regional thing. Here, we just use the card to pay at the pump. Probably gives me a false sense of security.

As a result, instead of working long hours as gas station attendants, our youth now has the opportunity to hang out on street corners and get into trouble.

[cute fuzzy bunny]

MA didnt allow self service gas when I lived there. Maybe they do now. Most stations will still pump gas for the handicapped and elderly.

But it seems there is a trend towards thieves installing their own card reader over the top of atm and gas station readers. You stick your card in and they read your card info and your pin when you punch it in. Later they return and remove the device and the recorded information inside. Others go lower tech and stick a button videocamera up over the atm or pump and it records your card numbers and key presses.

You'd think that someone wouldnt stick their card into something clunky and stuck on over a pump, but some guys grabbed tens of thousands of atm card numbers and pins from gas pumps near my old house not that long ago...

[Nords]

Quote:

Originally Posted by cute fuzzy bunny You'd think that someone wouldnt stick their card into something clunky and stuck on over a pump, but some guys grabbed tens of thousands of atm card numbers and pins from gas pumps near my old house not that long ago...

My favorites are the guys who slapped an "OUT OF ORDER" sign on a big bank's ATM in a busy mall one weekend, then wheeled in their own ATM with that logo and chained it in front of the "broke" ATM. The pitch was that the "temporary" would get their valued customers through the weekend until the "broke" ATM could be fixed. Of course the temporary ATM also "ran out of money" and was awaiting reload, but people wouldn't learn that until they'd fed their card into it.

The crooks were just looking for card numbers & PINs, but people also deposited thousands of dollars in checks & cash. Into what was basically a computer on a wheeled table.

My FIL tells the story of a 1960s Bronx grocery store whose manager was always wheeling out an extra cash register for busy lines. It was a little cabinet on wheels with a register on top, and he'd move it to the side of the other registers and run it himself for 30-40 minutes until the crowds cleared.

Of course it was years before news of this practice filtered up to the owner of the chain from some very happy customers praising "their" manager. It turned out that their chain didn't use extra cash registers on wheels...

[bssc]

Quote:

Originally Posted by Want2retire Gas stations have attendants? :confused: Obviously this must be a regional thing. Here, we just use the card to pay at the pump. Probably gives me a false sense of security. As a result, instead of working long hours as gas station attendants, our youth now has the opportunity to hang out on street corners and get into trouble.

It is illegal in Oregon and New Jersey to pump their own gas. See here. Of course, they would like citations added.