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'Bidness' news channel says the majority is now mortgage free.....

Cranky

Banned Henchman #27
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Who all is? I've been that way since 98 and glad of that. Been here since 84 and started on the trek to paying it off in 15 years even though I had a 30 year loan. My original mortgage company sold it to another and that one sold to another and another with all of them raising my monthly payment saying I was behind paying escrow etc etc etc. I threatened the last one with fraud when I found out they were not paying the taxes on time and passing the penalties to me when my credit union said 'you are next' and went with them when they said I could carry my own escrow and then told me how to pay off the mortgage faster by paying twice monthly....then I threw in another 100 bucks or so per payment. Then my dad loaned me enough to pay it off in 95 and then was paying him back and intended to pay him back so long as he was still living.....and then he decided to quit the earth in 98.....:( Hard to believe this place has survived two divorces! Been here 40 years this coming April and wish my dad was still around.
 
I’ll bet that it carries more importance since the tax write off for mortgage interest has been scaled back.
 
I still have a (very) small mortgage, about 1/5 of the latest assessed value.
I had to do some serious dancing to get that done a few years ago - all part of the
"Ed doesn't leave a mess when he goes" strategy.
Given the huge medical debts I've had to deal with, I'm happy to have gotten that done.
 
I’ll bet that it carries more importance since the tax write off for mortgage interest has been scaled back.
Never ever cared about the tax write off.....just never made much sense to me on a home mortgage. Yeah, it was nice until I did the math on it.
 
For the wife and I, the tax write off and the other deductions made the difference between a refund and a bill.
 
Yep I know the feelings, been mortgage-free since Oct 1997
When I did have mortgage, they were 15 year Mortgages
& (Like Cranky did) I'd pay a lil' more on each payment, $100 or more
to go to principal, not just interest (takes up most) paid everything off in 20 years...

1st place was in Antioch, $33k, damn near brand new house,
Under the 'peanut farmer', I was 18 in 1977
@ 14% interest rates, were a crime on humanity
2nd place was in my hometown Concord
$95k a fixer-upper/rancher, I org. bought to fix & flip
I ended up living in it for 5+ years
I sold them both for way, way over what I initially paid,
3 times for the place in Antioch
& 2 times as much for the place in Concord (Old ranch house 1951)
while renting the other 1 out, most of that time, for a couple hundred $$s
over my payment for both of them...

Bought a place in Turtle Creek an upscale part of Concord, $225K (IIRC)
like 1990 (?)
sold that for $455k in Aug. 1997 (it's worth like $1.8 Million now :realcrazy: )
I paid cash for my place/duplex in Rancho Murieta CC South
(Eastern Sac. County)
a 2bd 2 bath 2 car garage/attached & a 3 bed 2.5 bath 3 car garage,
with the profits from my House in Turtle Creek...
I rented out one side for 10 years, same people, an older couple always on time,
all the time I was living down there...
Paid for any expenses I incurred, to live there at the Country Club & golf...

I did well in my place/s in Concord, I bought in the right area at the right time
doubled or damn near ultimately 12+ times my original investments/values
from 1977-1997
Bought my place up here 2005, after selling dad's A-frame cabin upcountry
for $334k
(my granddad, dad's father financed/paid cash for him, dad paid him for $51k org. 1980)
I had to take another $150k out of the bank
& replaced that with the proceeds from my place/s, in RMCC sold in Nov. 2007...

I highly recommend it if you can pull it off today...
It's not easy, but getting ahead in later life never is, you have to have a plan...

Young people may not be able to afford real property now...
Trickle up economics under, well you know who...
Unless they work at McD's & get $20 an/hr for flipping burgers :realcrazy:
They may afford a lil' crack shack like I bought in Concord & fix it up...
It was my way to get ahead and sacrifice some of my youth,
for my future...
My 1st House I bought (Antioch $33k I had just turned 18) on $6.14 an hr,
went to JC, while working for PG&E & later as a Carpenter apprentice,
working for a shitty termite repair co. doing shitty work, under/in houses,
in Hayward/Oakland/Montclair Ca. area...
(Co. owner was an F/C racer, he understood my passion & gave me time off to pursue it)
It was tough at 1st but I managed & I still built cars & drag-raced a lot...

Then I went off to school, I had a bunch more debt, to have to pay later
while renting my places out...

Many places in between too, fixer uppers, to help feed my drag racing addiction...

Just didn't get to go out & party like most all my friends all did,
while still living at/in their parents' house/s...
I never had that option, my 18th BD or my graduation present,
I was still 17 until July 77' was Samsonite Luggage...

My parents were moving north, dad sold the ranch, bitch stepmother
became a School Psychologist, after years of my dad putting her thru school
they moved for her career, he sold his business & everything he owned...
(she left him 2 years later, :blah: for her old HS sweetheart, lived in the same area)
I didn't want to go anyway & still would have had to pay them for room & board...

Wally's :poke: $1.25

Wall of text -bob the builder-.jpg
 
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Well, having been late to the homeownership club...rented throughout my service days...I made the plunge back in 2015 and bought my place here in Reno NV. Less than 250,000 for it and haven't tapped any equity, or refi'd, and have a 2.25% interest rate. No plans to mess with it and I am now down below 199,000 balance. Insurance and escrow are done through the lender, Veterans United, and my monthly payment is 1217.00/month for the whole shebang. Plus I always pay an extra 1 month payment every year. Value since purchase is 412,000 but I do not plan to get that much when the time comes to sell. I plan on leaving it to Tunnels to Towers for a deserving family to have mortgage-free as I have no one to leave it to, and as a disabled Vet myself, it's the right thing to do...cr8crshr/Bill :usflag: :usflag: :usflag:
 
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Want to retire more then ever, Making 2 mortgages put my California home on a 15 year 9 years in, put my mortgage to 10k month be payed of this next year. Can’t wait Till payed off more money for MOPARS.
 
For the wife and I, the tax write off and the other deductions made the difference between a refund and a bill.

One of the biggest fallacies is that you need a mortgage interest deduction otherwise you'll get killed in taxes. While it is true that you will pay more in taxes without a mortgage, but only a portion of your yearly mortgage interest deduction will make it into a tax refund. I guarantee that you paid more in mortgage interest per year than you received back in your yearly tax refund. The bottom line is that you will have more money in your pocket once your mortgage is paid for.
 
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bill free except for a kubota tractor for 0% interest 507.07 for 54 more months and she's all mine.
 
Yep I know the feelings, been mortgage-free since Oct 1997
When I did have mortgage, they were 15 year Mortgages
& (Like Cranky did) I'd pay a lil' more on each payment, $100 or more
to go to principal, not just interest (takes up most) paid everything off in 20 years...

1st place was in Antioch, $33k, damn near brand new house,
Under the 'peanut farmer', I was 18 in 1977
@ 14% interest rates, were a crime on humanity
2nd place was in my hometown Concord
$95k a fixer-upper/rancher, I org. bought to fix & flip
I ended up living in it for 5+ years
I sold them both for way, way over what I initially paid,
3 times for the place in Antioch
& 2 times as much for the place in Concord (Old ranch house 1951)
while renting the other 1 out, most of that time, for a couple hundred $$s
over my payment for both of them...

Bought a place in Turtle Creek an upscale part of Concord, $225K (IIRC)
like 1990 (?)
sold that for $455k in Aug. 1997 (it's worth like $1.8 Million now :realcrazy: )
I paid cash for my place/duplex in Rancho Murieta CC South
(Eastern Sac. County)
a 2bd 2 bath 2 car garage/attached & a 3 bed 2.5 bath 3 car garage,
with the profits from my House in Turtle Creek...
I rented out one side for 10 years, same people, an older couple always on time,
all the time I was living down there...
Paid for any expenses I incurred, to live there at the Country Club & golf...

I did well in my place/s in Concord, I bought in the right area at the right time
doubled or damn near ultimately 12+ times my original investments/values
from 1977-1997
Bought my place up here 2005, after selling dad's A-frame cabin upcountry
for $334k
(my granddad, dad's father financed/paid cash for him, dad paid him for $51k org. 1980)
I had to take another $150k out of the bank
& replaced that with the proceeds from my place/s, in RMCC sold in Nov. 2007...

I highly recommend it if you can pull it off today...
It's not easy, but getting ahead in later life never is, you have to have a plan...

Young people may not be able to afford real property now...
Trickle up economics under, well you know who...
Unless they work at McD's & get $20 an/hr for flipping burgers :realcrazy:
They may afford a lil' crack shack like I bought in Concord & fix it up...
It was my way to get ahead and sacrifice some of my youth,
for my future...
My 1st House I bought (Antioch $33k I had just turned 18) on $6.14 an hr,
went to JC, while working for PG&E & later as a Carpenter apprentice,
working for a shitty termite repair co. doing shitty work, under/in houses,
in Hayward/Oakland/Montclair Ca. area...
(Co. owner was an F/C racer, he understood my passion & gave me time off to pursue it)
It was tough at 1st but I managed & I still built cars & drag-raced a lot...

Then I went off to school, I had a bunch more debt, to have to pay later
while renting my places out...

Many places in between too, fixer uppers, to help feed my drag racing addiction...

Just didn't get to go out & party like most all my friends all did,
while still living at/in their parents' house/s...
I never had that option, my 18th BD or my graduation present,
I was still 17 until July 77' was Samsonite Luggage...

My parents were moving north, dad sold the ranch, bitch stepmother
became a School Psychologist, after years of my dad putting her thru school
they moved for her career, he sold his business & everything he owned...
(she left him 2 years later, :blah: for her old HS sweetheart, lived in the same area)
I didn't want to go anyway & still would have had to pay them for room & board...

Wally's :poke: $1.25

View attachment 1572479
Yup LOL
 
6 years left and hope I live to see the day!!!
 
no mortage is the only way once you get there, that payment stays in your pocket every month. escaping finacial slavery is a huge burdon off your shoulders
 
Paid mortgage off in Sept 2000 after 17 years. Now it's taxes that bite, $1,250 in 1983 now $5,900. New revaluation $372,000 from $245,000.
 
Paid mortgage off in Sept 2000 after 17 years. Now it's taxes that bite, $1,250 in 1983 now $5,900. New revaluation $372,000 from $245,000.
Hope your county or state has the 65 or over discount.....have that here and it reduced my taxes on the house nearly 50%!
 
Don’t use your house as a bank. Don’t carry a mortgage into retirement.
 
Paid mortgage off in Sept 2000 after 17 years. Now it's taxes that bite, $1,250 in 1983 now $5,900. New revaluation $372,000 from $245,000.


I wish my tax bills were only $5,900.00. You don't want to know what my26' X 36' lake house in NH was just re-assessed at.

1702423244785.png
 
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