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Posted: 3/27/2006 10:33:54 PM EDT
[Last Edit: 3/27/2006 10:34:57 PM EDT by Master_Blaster]


Having finally sold the condo (which was previously paid off back in 2000), I just went down to the bank today to pay off the house. The balance goes into a managed mutual fund. Now, I have the rest of the year to save $$$ for the gun-goodies coming out next year.

Link Posted: 3/27/2006 10:40:29 PM EDT
Oh yeah? Well I just beat "Super Mario Kart" on my daughter's Gameboy.

Top that, mr. "I own my house free and clear" guy.
Link Posted: 3/27/2006 10:42:12 PM EDT
Good job MB. It'll take us about another year (just in time - I'm 60 next month).
Link Posted: 3/27/2006 10:43:52 PM EDT
I'm at the opposite end. Just got my first mortgage - first payment due June 1st.

Congratulations! That is awesome, and I hope to be right there with you in 10-12 years!

...........
Link Posted: 3/27/2006 10:49:51 PM EDT
Neener Neener Neener...

Paid ours off a few months ago. Third one for me now...
Link Posted: 3/28/2006 12:18:12 AM EDT
sinwgset - can I do MarioKart on the Xbox/Xbox360?

4get_No1 - if you mean by the start of next year, then you only have 9 mos! [James Brown]Do you see the light! Do you see the light![/James Brown]

Sagus - A 15 yr mortgage is smart move if you can afford it. My buddy has been doing the 15 year deal & is about halfway to the end of it. A few good investments (& some penny penching early on) made the difference over time for me/us. Paying a mortgage for something you own beats throwing it away on rent. They don't make any more real estate, so as long as you invest in an area w/ long-term market potential, you have a good thing (mortgage tax breaks are a plus also).

Noname - could've gotten it done a little sooner, but the condo was an interesting ride, to say the least. I had one deal go south at the 11th hour (papers were all signed & I was literally waiting for hte funds to role in when it comes out that the buyer's loan co. wasn't licensed to do biz in my state. My realtor said he'd never seen anything like it in his 17 years in the biz.) I upped the price & re-listed, got a 2nd buyer 3 days later who had had everything in line but his realtor was a nob (her 1st deal), & so she was over-scrutinizing every piece of paperwork. Took 5 weeks to secure the deal & another 10 days to get the $$$.
Link Posted: 3/28/2006 5:27:42 AM EDT
I'm about 6 years out paying mine off
Link Posted: 3/28/2006 5:31:04 AM EDT
Yay Master Blaster!

And Swingset...I so SUCK at mariocart...ask my 4 year old who kicks my ass EVERY race.

For those who are sad that their house is not paid off:

Paying the house off is only good if you don't need shelter from tax burdens...We do...so we won't be paying it off anytime soon.
The trick is to have a LOW interest rate and to have MORE equity and LESS owed on the property.


Link Posted: 3/28/2006 5:43:57 AM EDT
LOL, bastige!!
I JUST bought this house 2 weeks ago!
But I should pay it off within 6-8 years, me bank note is only 360 a month
The good news...... I got it for 15,000 UNDER loan value
Woot, profit already!
Link Posted: 3/28/2006 5:44:59 AM EDT
[Last Edit: 3/28/2006 5:45:53 AM EDT by Zaphod]
Not as big a deal, but I just paid off my truck!

.... and applied for a VA mortgage.


ETA: What is it they say: If you make one extra payment per year you pay the loan in half the time? Can someone clarify please?
Link Posted: 3/28/2006 5:47:26 AM EDT
Congratulations...I myself have only 348 mortgage payments left.


Link Posted: 3/28/2006 5:48:00 AM EDT

Originally Posted By Outsider_10fp:
LOL, bastige!!
I JUST bought this house 2 weeks ago!
But I should pay it off within 6-8 years, me bank note is only 360 a month
The good news...... I got it for 15,000 UNDER loan value
Woot, profit already!



Nobody buying a house now is buying it for under market value.
The market has been artificially inflated and it will crash soon.
Just my opinion
Link Posted: 3/28/2006 5:56:48 AM EDT

Originally Posted By TheTracker:

Originally Posted By Outsider_10fp:
LOL, bastige!!
I JUST bought this house 2 weeks ago!
But I should pay it off within 6-8 years, me bank note is only 360 a month
The good news...... I got it for 15,000 UNDER loan value
Woot, profit already!



Nobody buying a house now is buying it for under market value.
The market has been artificially inflated and it will crash soon.
Just my opinion



No really, I stole it from the guy......
It had been closed up for 5 or so years....
EVEN if it is NOT 15 G this time next year, I will still have equity.

BTW, this is in NC in BFE nontheless....
Link Posted: 3/28/2006 5:58:56 AM EDT

Originally Posted By Master_Blaster:


Having finally sold the condo (which was previously paid off back in 2000), I just went down to the bank today to pay off the house. The balance goes into a managed mutual fund. Now, I have the rest of the year to save $$$ for the gun-goodies coming out next year.



Now sell it, move to Oregon and buy Class 3 guns!

Just kidding, but congrats never the less!

Link Posted: 3/28/2006 5:59:14 AM EDT
Congratulations!
Link Posted: 3/28/2006 6:00:24 AM EDT
sweet!

I am looking forward to my "I have paid off all student loan and credit cards" post in about 8 months.
Link Posted: 3/28/2006 6:04:43 AM EDT

Originally Posted By Outsider_10fp:

Originally Posted By TheTracker:

Originally Posted By Outsider_10fp:
LOL, bastige!!
I JUST bought this house 2 weeks ago!
But I should pay it off within 6-8 years, me bank note is only 360 a month
The good news...... I got it for 15,000 UNDER loan value
Woot, profit already!



Nobody buying a house now is buying it for under market value.
The market has been artificially inflated and it will crash soon.
Just my opinion



No really, I stole it from the guy......
It had been closed up for 5 or so years....
EVEN if it is NOT 15 G this time next year, I will still have equity.

BTW, this is in NC in BFE nontheless....



congrats man I am just feeling negative this morning
Link Posted: 3/28/2006 6:19:48 AM EDT
[Last Edit: 3/28/2006 6:20:35 AM EDT by echo6]

Originally Posted By Zaphod:
Not as big a deal, but I just paid off my truck!

.... and applied for a VA mortgage.


ETA: What is it they say: If you make one extra payment per year you pay the loan in half the time? Can someone clarify please?



Zaphod, this is a pretty good amortization calculator that can show you how much time you can take off of a mortgage by adding extra payments.
www.bankrate.com/brm/mortgage-calculator.asp

echo6

edit to add the link
Link Posted: 3/28/2006 6:22:59 AM EDT
Congrats, Master_Blaster! That must be a great feeling.

If I stay on schedule, mine won't be paid off for another 12 years. I'll be 60.
Link Posted: 3/28/2006 6:24:06 AM EDT
Paid off my student loan and my wife's minivan last month
Link Posted: 3/28/2006 6:26:04 AM EDT

Originally Posted By mjohn3006:
sweet!

I am looking forward to my "I have paid off all student loan and credit cards" post in about 8 months.



I can say that now, and I'm in my last year of a 5 year degree in a private college (yes its 5 years not 4, DUMB). PLUS I havn't worked in 2 years.

I got pretty lucky with a bunch of investments in the stock market. (The last 3 stocks I bought, I sold for more than tripple what I paid only a few years earlier).
Link Posted: 3/28/2006 6:34:20 AM EDT

Originally Posted By Master_Blaster:


Having finally sold the condo (which was previously paid off back in 2000), I just went down to the bank today to pay off the house. The balance goes into a managed mutual fund. Now, I have the rest of the year to save $$$ for the gun-goodies coming out next year.




Debt free is the only way to live.
Link Posted: 3/28/2006 6:35:30 AM EDT

Originally Posted By Master_Blaster:


Having finally sold the condo (which was previously paid off back in 2000), I just went down to the bank today to pay off the house. The balance goes into a managed mutual fund. Now, I have the rest of the year to save $$$ for the gun-goodies coming out next year.




Congrats. That is a very good milestone to achieve for yourself!
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