Poll - This is a simple Poll - Is your primary residence fully paid off? AKA no Mortgage, Line of Credit or other Lien.

Is your primary residence fully paid off AKA no Mortgage, Line of Credit or other Lien?

  • Yes

  • No

Results are only viewable after voting.
dobig said:
Sold our last place in 2022 to a real estate developer. Log cabin back in the woods on large acreage. Wasn't for sale but he wanted it and kept making offers. Bought our current place which is a better log cabin back in the woods with much more valuable land in 2023 for cash. And for 1/3 less the price.

I still talk with the guy who bought our place as he always has questions. It sort of amuses me he still thinks he got the better of me and which I'm more than willing to let him think.
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What kinds of questions? Is he developing it?
 
dobig said:
Sold our last place in 2022 to a real estate developer. Log cabin back in the woods on large acreage. Wasn't for sale but he wanted it and kept making offers. Bought our current place which is a better log cabin back in the woods with much more valuable land in 2023 for cash. And for 1/3 less the price.

I still talk with the guy who bought our place as he always has questions. It sort of amuses me he still thinks he got the better of me and which I'm more than willing to let him think.
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I was still getting questions from the lady who bought my house in 2017. I thought I was being nice, but realized she was taking advantage of us. Not willing to figure things out on her own. All my recent real estate transactions since, I asked that all questions be directed through my real estate agent. They magically stopped.
 
jazz4cash said:
What kinds of questions? Is he developing it?
Click to expand...

How to manage the timber. Who to use for pool maintenance. How to maintain the pond. How to turn the gas well back on. What kind of stain,.......on and on and on. Honestly, we don't mind. They're nice people. We loved that place and hope to see the house and land is properly maintained to the standard it deserves and they're doing that plus some.

He bought the place for his kids. My one friend who I referred to them was hired as the property manager. No development plans that I know of. They come visit the property once in awhile for vacation.
 
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COcheesehead said:
I was still getting questions from the lady who bought my house in 2017. I thought I was being nice, but realized she was taking advantage of us. Not willing to figure things out on her own. All my recent real estate transactions since, I asked that all questions be directed through my real estate agent. They magically stopped.
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I've never been one to really mind. I sort of like helping out if I can.

But I hear you. Some people push it and really take advantage.
 
Bought my primary residence in 2019 on job relocation and have an interest rate of 2.90% so I'm not paying it off unless I win the lottery which will probably never happen and my money thats invested is making a lot more for me than paying of my mortgage
 
My play account is up over 30% YTD. My overall invested is up over 9% YTD. Why would I take invested $ and pay off the 430K I still owe on this 900K+ house at 2.87%? Our current COLA pensions cover our mortgage X5. That fact is my peace of mind.
 
I never had a mortgage rate as low as 2.xx% or 3.xx%. Else, would carry it to the end. My 1st home bought in 1980 had a 30-year mortgage of 14%. After the rate came down, I refinanced it a couple of times, before moving and buying another house. This house, I paid off in 2003. In 2005, I bought a 2nd home in the high country with a 15-year mortgage. Of course, this house was paid off in 2020.

fredgraph.png
 
Retired '05 and moved to our paid off town house in the Islands '07. Spent almost as long getting a mortgage in 2010 (to cover purchase of our new place while we fixed up the old place for sale) as paying it off. Had the mortgage for 6 months and paid it off with proceeds of the old place. What a pain!!
 
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NW-Bound said:
I never had a mortgage rate as low as 2.xx% or 3.xx%. Else, would carry it to the end. My 1st home bought in 1980 had a 30-year mortgage of 14%. After the rate came down, I refinanced it a couple of times, before moving and buying another house. This house, I paid off in 2003. In 2005, I bought a 2nd home in the high country with a 15-year mortgage. Of course, this house was paid off in 2020.

fredgraph.png
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Your graph sums it up nicely; low rates are all down to timing. We were building a new house at exactly the right time to benefit from the historically low 30-year rates. We initially had a 3.875% rate, but refinanced 10 months later to 2.875%. We'd recovered the refinance costs after 9 months. DW and I will probably be dead (as others have said above) before there's any chance of the loan being repaid.
 
Texas Proud said:
Holy Moly!!!

Wish I could have gotten that rate... I tried to refi mine (at 3.125%) but the loan amount was too small to get any kind of good rate.. so, have to live with what I got..
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I think our 30 year was at 3.375%. I didn’t expect to do a refi but the Covid rates were stupidly low and through a bit of dumb luck, I managed to get a 30 day lock on the 15 year refi at 1.875.

The net outcome was that our monthly payment increased by less than $10 a month but we shaved 5 years off the payback duration and will save close to 50K in interest.
 
I came into a significant inheritance which has allowed me to pay off massive debt over the past year, and which doesn't require me to work (though I still want to work, but my industry happens to be in a downturn, and I've barely brought in work revenue this year.)

Still have about $270k on a 3.625% mortgage, and I was going to just pay it off and be done, but it feels better to just hold it and let that money work elsewhere. At least for now - let's just say I'm in no rush to pay this off, as I'm still getting used to the change in personal finances, which has coincided with the severe downturn in my self-employment (am I retired? Maybe...)
 
OddGuy said:
I came into a significant inheritance which has allowed me to pay off massive debt over the past year, and which doesn't require me to work (though I still want to work, but my industry happens to be in a downturn, and I've barely brought in work revenue this year.)

Still have about $270k on a 3.625% mortgage, and I was going to just pay it off and be done, but it feels better to just hold it and let that money work elsewhere. At least for now - let's just say I'm in no rush to pay this off, as I'm still getting used to the change in personal finances, which has coincided with the severe downturn in my self-employment (am I retired? Maybe...)
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If I had that mortgage I'd buy a JPM 17 year non callable bond paying 5.5% that would net about 2 points and is about as safe as you can get. Congratulations on the windfall.

CUSIP
46625HJM3
Jpmorgan Chase &Co Note 5.62500% 08/16/2043
 
Paid off the mortgage in 2016 a few years before retiring . Rate was in the mid threes, probably would have financially come out ahead investing the cash instead of paying the note off early, but I didn’t know that back then.
 
When we bought our first house mortgage rates were 14%. Yikes! When rates dropped to 10% I said to DH let’s sell this house and buy another one. We took out a 30 year loan. It was a stretch to qualify for that loan. I decided to pay off the loan in 20 years as soon as I was able to send in extra. We refinanced when rates dropped to 7 percent. We paid off the house 3 years before I retired. When we paid off the house I increased the amount that I was putting into deferred comp by the amount of our principal and interest payment. Of course we still had taxes and insurance to consider. Putting that money into a 401k instead of upgrading our lifestyle was a real benefit for retirement.
 
chemEguy said:
I think our 30 year was at 3.375%. I didn’t expect to do a refi but the Covid rates were stupidly low and through a bit of dumb luck, I managed to get a 30 day lock on the 15 year refi at 1.875.

The net outcome was that our monthly payment increased by less than $10 a month but we shaved 5 years off the payback duration and will save close to 50K in interest.
Click to expand...
Can I get a "WHHEEEeeeee!"?

I think my lowest mortgage was a bit less than 4% IIRC.
 
When we were making plans to retire at 55, the first thing we did was pay off the house.
We didn't want a mtg in retirement.
 
CO-guy said:
I'm actually impressed by the number of folks that have a similar or lower rate than our own.

Frankly, we could pay off the loan at any time, but why bother?
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yes. my mortgage is tiny but I wish it were larger as an inflation hedge.
 
CO-guy said:
I'm actually impressed by the number of folks that have a similar or lower rate than our own.

Frankly, we could pay off the loan at any time, but why bother?
Click to expand...
On this site, shouldn’t really be a surprise. People here are generally fully engaged on financial matters and jumping on a lower rate via refi is probably par for the course.
 
Since retirement 12 years ago, we have bought and sold 8 different homes, Primary and 2nd home.... Both are paid off ...... One less bill to worry about :)
 
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