NationStates Jolt Archive

I got the title in the mail today. Some have stated it would have been financially smarter to invest the money as I could have made more than the interest I paid, but the knowledge that I'm no longer in debt in any way to anyone is worth every penny.

House party?

Congratulations. I can only imagine the feeling of relief and freedom. Please tell us all about the long and elaborate celebration you have planned.

Have you burned the mortgage yet?

Have you burned the mortgage yet?

I'm waiting for the Kids' B-day party in Aug to do it publicly. :)

I'm waiting for the Kids' B-day party in Aug to do it publicly. :)

Cool.

Congratulations! :D

BBQ (dogs, burgers, chicken, kabobs) on the new deck following the ceremonial burning of the mortgage. Attended by many friends and family w/ bank execs hanging in effigy along the treeline.

Also much nookie w/ the wife.

video the burninating of teh mortgage! put it on teh youtube!





video teh nookie too >.>

Congratulations. I can only imagine the feeling of relief and freedom. Please tell us all about the long and elaborate celebration you have planned.

BBQ (dogs, burgers, chicken, kabobs) on the new deck following the ceremonial burning of the mortgage. Attended by many friends and family w/ bank execs hanging in effigy along the treeline.

Also much nookie w/ the wife.

w/ bank execs hanging in effigy along the treeline.

In fairness, they may charge the earth in interest, but how much of your house would you own right now if they weren't there?

Congrats. It must feel damn good. Plus that monthly payment is all savings (or splurging money) now.

I'm only in year three of my mortgage payments.

Congratulations! :)



I'm pretty sure I'm free in August. ;)

I have been casually glancing at the process of buying a house and it both confuses and frightens me. The more i learn the more it confuses and frightens me.

I heard a commentary from Ben Stein that argued that financial literacy should be taught in high school and I found myself agreeing. My high school economics course was a one semester deal and glossed over very little. I don't know shit about finances. I don't know how stocks work, home loans work...hell, if it weren't for statistics I wouldn't know how interest was compiled. (even then I still rely on online calculators). It hasn't mattered as much since I live well below the poverty line right now and none of those things have come into play, but as I start to make more money it might be relevant but the learning curve might be too much, I'll end up essentially burning the money...

Anyway, congrats.

:D

good job!

good stuff :)

my parents have nearly paid off theirs too, only their divorce is stopping the final payments being made, lol.

Congrats!

Owning your home free and clear is the best thing ever! I bought my first home 8 years ago for $90,000 and refinanced for $140,000 three years later. Last year I sold the house for $310,000 and used the equity to buy a townhome in another state - no mortgage! All you have to do now is keep up on the taxes and homeowners insurance - which should be minimal.

In the long run, real estate is the best investment - as the population grows so does the value of residential property (and all other kinds, for that matter), you just have to be able to ride out market fluctuations. The rising value of your home should actually beat out the interest rates.

Congratulations!

I'm waiting for the Kids' B-day party in Aug to do it publicly. :)

Nice one!!!

Sadly I'm living in a hotel :(

Trying to find a house is turning out to be a bit harder than I thought...

Oh yeah? Well I own my.. cell phone!

Congrats pal. I can only imagine the satisfaction you must feel.

I'm caught between trying to pay down the new mortgage and playing catch-up with my 401k. Paying for my retirement is winning, but any found money is going to the mortgage. Now and then, I try to sneak a little into the Death Tax fund so we can afford to inherit my in-law's farm.

I got the title in the mail today. Some have stated it would have been financially smarter to invest the money as I could have made more than the interest I paid, but the knowledge that I'm no longer in debt in any way to anyone is worth every penny.

Housing values go up almost constantly, it's quite rare that owning a house isn't a good investment.

Housing values go up almost constantly, it's quite rare that owning a house isn't a good investment.

Its a bitch to get on the housing ladder though. At least in the UK

Congrats.

Congratulations! :)
I'm pretty sure I'm free in August. ;)
What the?! You sigged me, I don't even know I said that.:eek:

Congrats pal. I can only imagine the satisfaction you must feel.

I'm caught between trying to pay down the new mortgage and playing catch-up with my 401k. Paying for my retirement is winning, but any found money is going to the mortgage. Now and then, I try to sneak a little into the Death Tax fund so we can afford to inherit my in-law's farm.

The feeling is incredible. I feel a lot more relaxed and no longer dread Sundays (bill paying day).

I have upped my 401K and set up college fund accounts for the kids. By the time they're 18, they should have well over $100K each for school (assuming no worldwide economic collapse :) ).

Its a bitch to get on the housing ladder though. At least in the UK

We bought an acre of my In-laws land out in the country and had a house put on it. Connected about half the utilities myself. Nothing exploded. :)

For those interested, here's photos of the house and the work we're having done on it:

http://360.yahoo.com/daysofourtrailers

The feeling is incredible. I feel a lot more relaxed and no longer dread Sundays (bill paying day).

I have upped my 401K and set up college fund accounts for the kids. By the time they're 18, they should have well over $100K each for school (assuming no worldwide economic collapse :) ).

:eek::cool:

now, if my clients were so smart......I would be out of a job. (well, not really, I would still have one.....just not the annoying part where I explain to people how not to be an idiot with their money)

:eek::cool:

now, if my clients were so smart......I would be out of a job. (well, not really, I would still have one.....just not the annoying part where I explain to people how not to be an idiot with their money)

I went to a financial advisor at my bank. I don't know enough of the specifics to handle it myself. The mix of investments I went with is between "moderate" and "high" risk w/ an average interest of 11%. The Kids' money is at the same level but is in a fund that is tax free for educational use.

I went to a financial advisor at my bank. I don't know enough of the specifics to handle it myself. The mix of investments I went with is between "moderate" and "high" risk w/ an average interest of 11%. The Kids' money is at the same level but is in a fund that is tax free for educational use.

I am a financial planner *nod* we are good to have around.

We bought an acre of my In-laws land out in the country and had a house put on it. Connected about half the utilities myself. Nothing exploded. :)

For those interested, here's photos of the house and the work we're having done on it:

http://360.yahoo.com/daysofourtrailers

Yup I know a few people who have built their houses and they managed to do it for half the price the building contractor was quoting them. I'd still be very afraid of doing it myself. I don't think I have the smarts to manage something that mammoth

Yup I know a few people who have built their houses and they managed to do it for half the price the building contractor was quoting them. I'd still be very afraid of doing it myself. I don't think I have the smarts to manage something that mammoth

The house itself is manufactured. Not a bad deal but some of the materials are really cheap. It still was cheaper to replace those bits though. I ran and installed the main power for a cost of $1500. The power company would have charged me $3500. I ran the phone lines in the house, hooked up the drainage underneath, connected the water line and the propane. I contracted out the aeration system because it's a pain in the ass to deal w/ the regulations.

We bought an acre of my In-laws land out in the country and had a house put on it. Connected about half the utilities myself. Nothing exploded. :)

For those interested, here's photos of the house and the work we're having done on it:

http://360.yahoo.com/daysofourtrailers
Everything looks good. I'm jealous.

What the?! You sigged me, I don't even know I said that.:eek:

I am a puppet, posting by mistake.

just make sure that when you burn your mortgage you don't set your house on fire.

I got the title in the mail today. Some have stated it would have been financially smarter to invest the money as I could have made more than the interest I paid, but the knowledge that I'm no longer in debt in any way to anyone is worth every penny.

Congrats!! I paid mine off in April, and the feeling just set in this month when I didn't have to write any more checks to the bank. :)

(Yes, this is a de-lurk. I've not been on the forums in forever, but the topic caught my eye and I'm generally happy to see someone else pass such a milestone!)

Congrats! I'll Crash your party (in spirit).

@Smunkeeville: I have a fiver in my pocket now, should I invest it, or get me some o' them tasty cheese flavored cracker I've had my eye on... You'd probably charge me more than five dollars for the advice...

Conga rats on being out of debt completely. Enjoy not having a mortgage. And don't spend all the extra money on beer.

THis, of course, said by someone at the other end of the scale - I just bought my first home a little over a week ago, and I will probably be spending the next 30 years of my life paying it off. Still, even if it's a three-bedroom condo, I still actually own something.

Conga rats on being out of debt completely. Enjoy not having a mortgage. And don't spend all the extra money on beer.

THis, of course, said by someone at the other end of the scale - I just bought my first home a little over a week ago, and I will probably be spending the next 30 years of my life paying it off. Still, even if it's a three-bedroom condo, I still actually own something.

Funniest typo today.

Da da da da da CHEESE!

I have been casually glancing at the process of buying a house and it both confuses and frightens me. The more i learn the more it confuses and frightens me.
A couple of things to keep in mind if house buying are:
1. It's not an asset. It may be security, but it's not an asset. An asset is something that makes you money. Sure, you house will appreciate in value but it actually costs you money (rates, maintenance etc). The value from appreciation only becomes an asset if you sell. Until then, it's not an asset.
2. House prices always go up. No matter if there's a drop in the market, in the long term it's always up. So there's no point waiting for the house you want to fall in price - it won't happen. Only people who get burnt from a temporary drop in the market are the greedy ones who took on too much in the hope of making a quick buck.