So close,yet so far away

[sumitomo]

I thought I'd share this with you guys and gals,I'm glad I didn't get caught up in all the refi loan stuff that was going on in this country and in 2007 I talked to my wife and told her we need to get serious about getting rid of our house payment,so I decided since I run my own business to pay myself only once a year(I really could make more money working at micky dee's)and put everything on the house,it's been tough but now I'm under 50k.It's not easy but in about 4yrs or less BAM! no house payment.So in the end I will have cut a 30yr into a 15yr.I have been in the house for 11yrs.Sumi

 

[Algonquin]

Congrats Sumi, and keep at it... being mortgage free is where you want to be!

 

[kiteman]

Paying it off quicker means less interest right?

 

[sumitomo]

Paying it off quicker means less interest right?

No,it's all up front.When I was buying the house (100k) I asked what's the total price,they said that's not important (BS) it was 5.75 % at 30 yrs.but the real point is if you get real about it you can wipe out that payment and live life alittle.Sumi:dance

 

[Beerman]

I managed to get my original 30 year loan down to 17 years and paid it off in 2006. It might paying for my son's high school and now, college, much easier but my note wasn't huge to begin with as I had put lots down on it.
I still figure that over the course of what would have been 30 years, I saved in excess of $125,000. That's no small feat.
Congrats to you!

 

[progrmr]

I'm trying to pay down 15 years of credit card debt..on a budget for the last 7 months, 3 1/2 year plan to pay it all off. It's a HUGE amount, but it will be paid off.

Then I can worry about the house payment and retirement lol!

 

[kiteman]

No,it's all up front.When I was buying the house (100k) I asked what's the total price,they said that's not important (BS) it was 5.75 % at 30 yrs.but the real point is if you get real about it you can wipe out that payment and live life alittle.Sumi:dance

That's not important? Easy for them to say that since it's your money. What BS.

 

[NWBasser]

Cool you got into a place for 100 grand and presumably before the Bend real estate prices went stratospheric. Though I suppose prices are falling back to earth rather quickly.

My wife and I are aiming in the same direction with doubling payments, etc. It will be so nice to have that $$ obligation out of the way.

 

[poodlesrule]

Some of you are doing a good job with prepaying the darn things.

At my first job in the U.S., an sweet older woman, "Marge", was always fond of saying "Do not spend more than one quarter of take-home on house payments!" Of course, this was during the Disco era, when prices did not yet go ballistic, and twenty bucks could buy you a quality pair of jeans.

And let's not forget that today's mortgage interest rates (under 5%?) are at an historic low, especially compared to the 12-13% of the early eighties. Much harder to work with!

I wonder how mortgage lending scene is right now? Any luck talking bankers into issuing loans?