Whose paying off mortgage?

[RayJay]

Am I the only one in the world paying off my mortgage Debt?

Everyone I talk to is taking out Home Equity loans to maximize
there mortgages, when I ask why I hear I'm living for today or the rates are good and one person told me its a new generation thing. What to be in hock to the bank for 30 more years?

I don't get it, I mean I live for today just as much as the next guy, but I'll own my home in 8 years, why would I refi?

Any opinions on this?

RayJay

 

[Disneycrazymom]

Ray Jay, It is me and you I think! We have made a commitment to be debt free as soon as possible. We have 9 more years! But I must admit that I get a bit "green eyed" when all our friends are buying these HUGH houses in the 300 - 500 K range and we are still in our "little" house. I know that I have all that I need but wow these new houses have some bells and whistles. But we will be able to retire and travel at a pretty young age so that is really good!

 

[Serena]

I've got a good rate and it's for 15 years. I'll have it paid off within 10 years.
I will have to refinance now to get my husbands name off the mortgage, but I want it paid off as soon as possible.

Some "person" talked my dad into refinancing for 30 years. He's almost 70 now.

 

[joshsmom]

NOT refinancing and looking to pay off EARLY!!!

 

[rxs148]

I agree there is a fine line you gotta live today but you gotta get that mortgage off your back then you can really live.
7 years and counting. Imagine where you could stay at Disney with just 3 months mortage pymts. Can't wait.... but i will

 

[KristiKelly]

We refinanced, had about 28-1/2 years left @ 6-3/4%, refinanced to 15 years @ 4-5/8. Our payment went up almost $300, (which I'm feeling each month when I pay bills), but DH says it'll be paid off by the time DD4 goes to college.

 

[JerseyJanice]

We'd like to have ours paid off by retirement age, but as long as we're working, the interest is a tax deduction we need.

 

[RayJay]

Originally posted by Disneycrazymom
But I must admit that I get a bit "green eyed" when all our friends are buying these HUGH houses in the 300 - 500 K range and we are still in our "little" house. I know that I have all that I need but wow these new houses have some bells and whistles./B]

Boy Disney Mom did you just hit the nail right on the head, we too have been staring at all the $300k and up houses. We could afford it but then it's start all over again.

My little ranch has been completely redone and we are staying, when I think of what we'll be able to do as a family down the road. Wow. Just got to stay focused cause like I said my friends are all jumping into the frying pan.

Guess I'd like to know my family would be OK also in case something happen.

Thanks for the replies, keeps me focused.
RayJay

 

[catsrule]

Geez, I think like that also. Nine more years for us. We could move up also, but this house is fine for us. I'd rather travel!

 

[RayJay]

Originally posted by JerseyJanice
We'd like to have ours paid off by retirement age, but as long as we're working, the interest is a tax deduction we need.

Janice I thought someone would mention this sooner or later, my philosophy on that is I'd rather pay the government the 28 cents instead of the $1 to the bank, now I keep 72 cents of every interest dollar I would have paid the bank.

Mortgage Interest write off is one of the biggest rip offs, the government keep people in debt and the banks get fat.

RayJay

 

[TIGGERSMOM]

We followed a 5 year plan. Bought a dump in a high end area, renovated took 3 years to do it all.
Then sold for huge profit and bought new home - no mortgage.

Now we are renovating here but difference is this time it is all for us.

 

[msdznyduck]

When we bought our house in 1990, interest rates were about 10%. We got a rate of 9 7/8, and couldn't be happier. (but it was a 30 yr mortgage, and since I was 39 at the time, I told DH, that I was NOT going to work until 70 to pay it off!) 2 years later, the mortgage rates fell to about 7, and we refinanced for 15 yrs at 7 1/8. The difference in our monthly payments was $.75!! We went for it, and thankfully, we only have about 3 yrs to go. (and saved a bundle on interest). Over the years, I would have liked to have a different house, since I was not crazy about a bi-level, but since the end of the mortgage is now in sight, I am glad we stayed here.
Elaine

 

[Serena]

I wanted to move into a big country house in the country with lots of land.
It looks like I'll have this small house in the city near family and stores. Now to really make it mine.

 

[iNTeNSeBLue98]

My FIL is looking forward to paying off his mortgage in two years. We were just discussing it yesterday as a matter of fact. I guess he's on the edge with his debt right now, MIL was just in the hospital for minor surgery and they're still getting by. He won't refinance because he's so close to paying off the note. I understand he wants to pay it off and own the house out-right, but if it's causing a strain, why not take advantage of a lower monthly payment so you have a little more cash on hand to put in savings or for emergencies?

 

[Kermit]

We're working on paying off our house. In fact, we're going to move in the next year or two, and we'll definitely build a house that we put on a 15 year mortgage, so by the time our oldest graduates from high school, we won't have a house payment. If all goes according to plan, it will be paid off way before then.

 

[RUDisney]

Originally posted by msdznyduck
We went for it, and thankfully, we only have about 3 yrs to go. (and saved a bundle on interest).

Elaine, have you considered getting a home equity, at about 1/2 the interest that you're currently paying? Most are free of closing costs and you could pay off your debt even sooner.

Just a thought.

As for us, we have 9 years left on our mortgage. The house has doubled in cost in the 10 years we've been here. Our plan is to upgrade from our 3800 sq. ft. starter home when it gets closer to paying off. Actually, we started so big because we got the right deal at the right time. We make jokes all the time about this being our starter home. Heck, it doesn't have a garage. My real house will have one.

 

[pirateofthecarolinas]

We just refinanced our home for 15 years at 4.25%. We are going to pay extra towards the principle each month in order to pay it off sooner.

All of our friends are building these McMansions and I keep telling myself that all we need is what we already have in a house. I am frugal by nature and I don't want a lot of debt.

Lori

 

[DocRafiki]

I've been looking into buying a home, and I'll definitely be getting a 30-yr mortgage.


Besides, if your interest rates are extremely low and you can invest at a higher rate, it would be foolish to pay your loans down rather than investing.

My student loan interest is around 4%. I'd rather put my extra money into my 401K than pay down my loans. (But for now I'm saving the extra for a down payment on a house.) I am clueless about money and am planning on seeing a financial planner before making any big decisions, but that just seems pretty straightforward.

(I'd appreciate any comments on the above plan from anyone who knows about such things.)

 

[Nutsy]

We paid ours off almost 2 yrs ago.....so we are Mortgage free

 

[C.Ann]

If anyone can pay off their mortgage, do so! I don't have a mortgage and I have to tell you, when my DH was diagnosed with cancer and everything started going downhill, if we still had a mortgage payment to make we would have lost EVERYTHING a long, long time ago..

When you're young - or even "kinda" young - and you assume you're healthy, it's easy to take on a huge home equity loan or worse yet, go for one of those 300K houses.. BUT you never know when a serious illness is going to strike and it leaves you wide open to LOSING everything you worked so hard for.. My DH was only 59 when he got sick and prior to that he was never sick ONE day in his life..

Believe me - you're much better off paying for the house you currently have and being satisfied with your lot in life than gambling and losing it all..