With five kids and some unexpected medical bills this year, it took us a little longer than we had wanted but we did pay it off several years early. It was nice walking into Wells Fargo and giving them a check for the balance today. With this payment, we are completely debt free.

Mrs BB61 and I are going to set up an account for repairs, remodeling, taxes and insurance and deposit what would have been our mortgage payment into this account every month. Once we have the funds saved up, we will pay cash for any house related expenses.


Merry Christmas and Happy Holidays to the forum. Hopefully everyone will have an enjoyable holiday season.

Awesome, congrats!

Merry Christmas, probably the best present you both could give your family.....Congratulations!

Outstanding ... I know the feeling as we paid our mortgage off in 2005 ! And good idea setting up other accounts with the money saved from going to a mortgage payment.

I gotta say, that's pretty awesome. I have only a few years left to go, but it feels like forever.

Merry Christmas!

We paid off ours in February. It does feel refreshing. Only thing we owe is the taxes.

Congratulations! A very freeing feeling!

This message has been edited. Last edited by: 6guns,

quote:

Originally posted by BB61:
With five kids and some unexpected medical bills this year, it took us a little longer than we had wanted but we did pay it off several years early. It was nice walking into Wells Fargo and giving them a check for the balance today. With this payment, we are completely debt free.

Mrs BB61 and I are going to set up an account for repairs, remodeling, taxes and insurance and deposit what would have been our mortgage payment into this account every month. Once we have the funds saved up, we will pay cash for any house related expenses.


Merry Christmas and Happy Holidays to the forum. Hopefully everyone will have an enjoyable holiday season.

Wife and I did the same thing for a household upkeep/maintenance account when we paid off our mortgage. It’ll be there when something goes Tango Uniform (and it will).

Congrats!!! That must feel good.

Congrats!

I was putting extra $$ to my mortgage every month, but I'm at 2 7/8 %. With inflation I had a hard time justifying paying that loan off early. I am still conflicted about it.

It's a nice feeling.. Congrats!

Sweeeeeeet !!!!

Congratulations, It is a great feeling.

We paid ours off years ago, something we had both looked forward to for a large part of our lives.

The interesting part was that night when we were having an adult beverage to celebrate, I told Mrs. Flash that it seemed very anticlimactic to me. She said to her too.

But it is nice to have all that money to put away each and every month.

That is a great plan you are executing. Congrats.

I would close any accounts you have with WF and move to a better banking institution if it were me.

^^^^^^
They bought the loan. With this payoff, we have no accounts with them of any type.

Outstanding! I'm currently planning to have my 30 year mortgage paid off in 14 years, just in time for the (first) retirement.

quote:

Originally posted by BB61:
They bought the loan.

Yep. Those who don't have a mortgage may not realize that you have zero control over who holds your mortgage. It can change at any time. They're frequently sold back and forth between lenders, and the homeowner has no say in it. They just can't alter the terms of the loan, other than which company receives the payment.

Lenders buy and sell mortgages (or packages of mortgages) like investors buy and sell stocks.

With both of the homes I've purchased, I started out with a mortgage with a smaller local bank, but it ended up being bought out by one of the giant loan conglomerates.

Congratulations on a job well done.

It is an amazing feeling.

Way to go!