Current Events > i paid off my mortgage

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g980
07/19/23 10:04:04 AM
#1:


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Ooooooranges
07/19/23 10:05:04 AM
#2:


How old you is

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HANGtheDJ_86
07/19/23 10:06:57 AM
#3:


I never like the word "mortgage"

Lets call it an opslum instead

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Will_VIIII
07/19/23 10:07:46 AM
#4:


Can you pay off mine next please

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DKBananaSlamma
07/19/23 10:08:01 AM
#5:


How good do you feel right now?

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Bass
07/19/23 10:08:10 AM
#6:


Congrats! How long did it take you?

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TaylorHeinicke
07/19/23 10:09:25 AM
#7:


Congrats blud. I just bought in April of this year, so I've got a ways to go. But god damn, it feels so much more satisfying making that monthly payment knowing it's going towards my asset health and not into the toilet.

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Euripides
07/19/23 10:09:55 AM
#8:


I only have around 6 or 7 years left on mine. Got a 30-year in 2008, but refinanced it down to 15 several years back. We're looking to downsize next year and I would love to just find a house we can just buy with cash based on how much equity we've earned.

For the record, our house is currently worth nearly double what we paid for it 15 years ago, so that's some sweet sweet equity

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g980
07/19/23 10:10:37 AM
#9:


DKBananaSlamma posted...
How good do you feel right now?


Amazing. There are good arguments for paying minimums on mortgages and investing the rest, but my goal is to minimze cash outflows

Bass posted...
Congrats! How long did it take you?


About 6 years

Will_VIIII posted...
Can you pay off mine next please


Dont you live in the middle of nowhere with like a $50k mortgage
Youll be fine

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g980
07/19/23 10:12:14 AM
#10:


Euripides posted...
I only have around 6 or 7 years left on mine. Got a 30-year in 2008, but refinanced it down to 15 several years back. We're looking to downsize next year and I would love to just find a house we can just buy with cash based on how much equity we've earned.

For the record, our house is currently worth nearly double what we paid for it 15 years ago, so that's some sweet sweet equity


Nice

And yea my house is theoretically worth like 60% more than we paid
I was incredibly lucky to buy when i did, market suuuucks now

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TheSuperSilver
07/19/23 10:13:02 AM
#11:


TaylorHeinicke posted...
Congrats blud. I just bought in April of this year, so I've got a ways to go. But god damn, it feels so much more satisfying making that monthly payment knowing it's going towards my asset health and not into the toilet.
Same here. Just bought last year and have quite a few years to go, but he mortgage paid every month is basically a savings account. I'm okay with that.

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Euripides
07/19/23 10:13:45 AM
#12:


g980 posted...
Nice

And yea my house is theoretically worth like 60% more than we paid
I was incredibly lucky to buy when i did, market suuuucks now

We bought ours in 2008, then the crash happened and it was worth 70% of what we paid overnight. Took like 4-5 years for it to regain its value back to what we paid, but then has exploded over the past 3 years.

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g980
07/19/23 10:16:05 AM
#13:


Euripides posted...


We bought ours in 2008, then the crash happened and it was worth 70% of what we paid overnight. Took like 4-5 years for it to regain its value back to what we paid, but then has exploded over the past 3 years.


The nice thing is, as long as it"s not a local housing crash and especially if you arent planning on moving, the market value of your house is pretty much inconsequential

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Solid_Sonic
07/19/23 10:19:30 AM
#14:


A worthwhile thing to celebrate.

Wish I did something when I paid off my student loans. Maybe when my car is paid off.

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The_Pansyman
07/19/23 10:28:54 AM
#15:


gratz brother

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vycebrand2
07/19/23 11:04:00 AM
#16:


Feels great doesnt it. I got mine done in 2012

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Solid_Sonic
07/19/23 11:05:59 AM
#17:


Did you get a significant windfall that made it possible or just diligence?

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Glob
07/19/23 11:42:02 AM
#18:


I am no longer eligible for a mortgage so my next purchase will have to be cash.
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Turbam
07/19/23 11:43:07 AM
#19:


Congratulations

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g980
07/19/23 11:48:10 AM
#20:


Solid_Sonic posted...
Did you get a significant windfall that made it possible or just diligence?


Kind of both?

Household income has roughly tripled since we bought the house
No specific windfall besides some promotions and a very strong decade for tech (until recently) and tech salaries

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bigblu89
07/19/23 12:01:42 PM
#21:


Im about 7 years away, February 2030 if I keep making the payments Im currently making.

I cant friggin wait.

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Alex1976
07/19/23 12:13:57 PM
#22:


Congratulations! Sure feels good to pay off a mortgage - I did it in 2018.

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g980
07/21/23 1:51:52 PM
#23:


just noticed my credit score dropped like 30pts after i paid off my mortgage

lol

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SaikyoStyle
07/21/23 1:53:19 PM
#24:


g980 posted...
just noticed my credit score dropped like 30pts after i paid off my mortgage

lol
Youre less profitable now

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g980
07/21/23 1:55:39 PM
#25:


SaikyoStyle posted...

Youre less profitable now


Eh i had a decently low rate
Banks are probably happy to have the principal back to loan at a higher rate

But also i dont really need to borrow money maybe ever again

I guess i might open a HELOC so i can get to big money quick/without selling investments

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SaikyoStyle
07/21/23 2:18:39 PM
#26:


g980 posted...
Eh i had a decently low rate
Banks are probably happy to have the principal back to loan at a higher rate

But also i dont really need to borrow money maybe ever again

I guess i might open a HELOC so i can get to big money quick/without selling investments
That was more of a dig at banks and credit card companies.

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