This is a incorrect assumption.  I suggest you pick up Dave Ramsey's Total Money Makeover.  Tax deduction is far less than how much in interest that you give to the bank.

Congrats! I just entered into my first mortgage in April and I owe 185 large on it for 30 years. I rented for years trying to avoid the responsibility and the owing of money, I like to be completely debt free. I own both my cars and pay off my CC's in full.. well now I'm committed to this place and im here for the mid-term. So now its my responsibility to pay this thing off. Its a good feeling though.

Congrats

awesome!  

Great news!!! I'll be doing the same at the end of this month too.  

Congrats. I just refinanced my 30 year note down to at 15 year note with 4.5 interest. I'm hoping to have it paid off in about 7 years.

I wish we were somewhere close to paying ours off.



On another note, what's up with not taking a check for the last payment? A coworker told me her husband had to go get a cashiers check for the last payment. She called the bank and asked how in the hell they took 359 other checks from them without a single word, but the last one got refused when it arrived.

Congrats!!
We also are without a mortgage and have been for 5 years or so. The real American dream is actually OWNING your home, not just renting it from the bank.

I wondered the same thing.  It turns out, your regular payments go to the mortgage dept.  Your payoff check has to go to the Payoff dept.  If you send it in the regular way, you'll have a zero balance, but your mortgage won't be paid off.

Banks have their own rules and you agreed to play by them when you signed for the note.

Also, you should demand the original promissory note that you signed marked "paid and cancelled".  If the original lender has been bought out (maybe more than once) that can be a problem for the current bank, but you really need to have the original.  If someone elase has it, that little matter can bite you later.  You'll be able to prove you're paid off, but it might cost you some significant legal fees to do it.

Then you have to make sure you get a written release from the county land records office and make sure the property tax office and your insurance company knows to bill you.  

Details, details ...........

i startd in 2005 with $125k, and now I am down to $115k.  I need to start paying more,
but it always seems something else comes up.

Congrats,
Natron

Did the same couple of months ago.

Its nice to think you can have a place to sleep without losing it.

Although its a relief to be rid of the payment etc etc... the economy is bad enough to still give me heartburn.

Dram out

Congrats.