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Started By
Message
re: Paid off my house today.
Posted on 6/17/22 at 12:24 pm to Langland
Posted on 6/17/22 at 12:24 pm to Langland
quote:
He said it decreased his credit rating.
That is the number one "bad" thing on my credit. No home loan.
Seriously, am I a bigger credit risk because I OWN my house? Credit reporting is majorly flawed.
1
Posted on 6/17/22 at 12:26 pm to BabyTac
quote:
Paid off my house today.
Just in time to help afford higher home owner's insurance and property taxes.
Posted on 6/17/22 at 12:26 pm to BabyTac
You are no longer a slave. Most of us are.
Also who cares if the interest rate was 0%? Its about how you assess risk. There is no risk of foreclosure on a paid off house.
Congrats
Also who cares if the interest rate was 0%? Its about how you assess risk. There is no risk of foreclosure on a paid off house.
Congrats
Posted on 6/17/22 at 12:27 pm to BabyTac
When is the last argument you and John Brady got into?
Posted on 6/17/22 at 12:27 pm to BabyTac
Happy for you.
The math says if you had 300k in an account earning 8% avg for 20 years it would be worth $1.4mm. Take out 4% for inflation annual (conservative vs usual 2%) and you would have $660k.
BUT like you said, it feels damn good to have it paid off! I don’t blame you
The math says if you had 300k in an account earning 8% avg for 20 years it would be worth $1.4mm. Take out 4% for inflation annual (conservative vs usual 2%) and you would have $660k.
BUT like you said, it feels damn good to have it paid off! I don’t blame you
Posted on 6/17/22 at 12:28 pm to rattlebucket
unless of course you can’t pay property taxes each year.
Posted on 6/17/22 at 12:28 pm to BabyTac
Congrats 
Paid mine off about 5 years ago and it definitely takes a weight off.
Paid mine off about 5 years ago and it definitely takes a weight off.
Posted on 6/17/22 at 12:28 pm to Deactived
quote:
Im guessing not very long. Maybe this link was a sell for a house he was sitting on but this dudes threads are just all lies. Its usually him posting some random shite then logging for the day
Yeah, I'm always surprised so many people fall for this guy's threads. He lies almost as much as SS.
Posted on 6/17/22 at 12:28 pm to TigerintheNO
quote:
Now take what would have been your mortgage payment and send it to your Roth IRA account each month.
Just remember to save for property tax and insurance if those were escrowed. Because ya know, your obligation to the bank is now paid, but you'll continue paying the state for the piece of land you own for perpetuity.
Posted on 6/17/22 at 12:29 pm to theronswanson
This x100. Total financial wealth would be better if the money you used to pay the mortgage was placed in a well diversified set of assets. You win psychologically by paying your mortgage off but your net worth in the long term suffers
Posted on 6/17/22 at 12:31 pm to GeauxJeaux78
quote:
How far into your mortgage were you?
100%, apparently.
Posted on 6/17/22 at 12:33 pm to rockchlkjayhku11
quote:
this is way more valuable than like 2% on an investment. i truly cannot be convinced otherwise.
No shite, but the idea is to make more than 2% on your investments
Posted on 6/17/22 at 12:34 pm to BabyTac
I'd take that new found money and send it monthly into an investment account just like it was a required mortgage payment.
I was making extra mortgage payments each month and stopped doing it this month. I figured my 2.875% mortgage interest rate won't be hard to beat if I start buying into this Bear market.
I was making extra mortgage payments each month and stopped doing it this month. I figured my 2.875% mortgage interest rate won't be hard to beat if I start buying into this Bear market.
Posted on 6/17/22 at 12:34 pm to BabyTac
Congratulations! I’ve got some commercial land that has had some looks, if/ when it sales I’m paying mine off
Posted on 6/17/22 at 12:35 pm to BabyTac
Congrats and worth bragging about and it couldn't happen at a better time.
Posted on 6/17/22 at 12:35 pm to theronswanson
quote:
Congrats on paying off the mortgage but 3.5% is such a low amount it wasn’t the best move to pay off your mortgage early. Dollar would go a lot further in the market over a 30 year period.
People who spout this kind of stuff are too clever by half.
Posted on 6/17/22 at 12:35 pm to Langland
quote:
My brother recently did the same thing. He said it decreased his credit rating.
Ain't that some shite.
Mine went down when I paid off my car and a credit card.
Posted on 6/17/22 at 12:36 pm to armsdealer
quote:
Seriously, am I a bigger credit risk because I OWN my house? Credit reporting is majorly flawed.
It's not just about risk. Another component is the value of extending credit to you. Once a house is paid off your credit card debt is likely to disappear and any loans you may take out are likely to be limited to much lower dollar amounts for shorter periods of time.
Simply put, if I were lending $10000 to someone, the guy buying a house is a better investment for me than the guy buying a truck.
Posted on 6/17/22 at 12:36 pm to BabyTac
quote:
Sorry for the brag, but on cloud 9.
no apologies needed. you did something awesome and are feeling great about it. Good job, can't wait for the day mine is done with .
Posted on 6/17/22 at 12:37 pm to BabyTac
This is the OT man. You should be embarrassed that you didn’t pay for your house in cash.
But seriously, congrats. Must feel great and it’ll feel even better next month when the money that you would normally put into your mortgage gets to stay in your bank account.
But seriously, congrats. Must feel great and it’ll feel even better next month when the money that you would normally put into your mortgage gets to stay in your bank account.
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