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Re: Paying off home loan ? [Re: hrdtoflw] #7593200
05/28/22 08:34 AM
05/28/22 08:34 AM
Joined: Feb 2020
Posts: 8,859
Indiana
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Providence Farm Online content
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Indiana
I have a loan in my first mortgage. Got the loan young and was just happy to get it. It was a 30 year term I'm 20 years into it. It was as 7.% I would have re financed it for a lower rate but my credit went into toilet after all the medical bills from the wreck where the guy ran a red light and killed my son. I was mad at the banks decided not to worry about fixing my credit. If I don't have cash I don't need it. Did that for 10 years.

Looked int refinancing last year since I took a year and rebuilt my credit back up just under 800. I wanted to cut the remaining 10 years to 5. Well they didn't want to go under 15 years adding time not reducing it. They offered other loan options but the fees are up most of the interest savings and it was not worth th hassle. I had the Cas to pay it off 2 time and did not and regret it. Currently my inlawa are renting it and paying the payment. I don't make any money but none is going out. I did put a few hundred a month extra on principle when th loan was. New before it was sold and I could pay at the local bank.
I'm getting ready to start adding extra to it again and when it's paid off it still be an income producing asset with value I can sale after they pass.

I bought th farm cash no regrets. Sure with th low rates and the market preforming like it did the last 10 years I would have been ahead way ahead to hav got a loan and let that cash grow at a much higher rare than the interest I would pay. But my credit was not fixed when I bought the farm so I paid cash.

There is freedom and security in both having Cash making money for you and owning your place free and clear. Both would be nice to have but I could only have one. I chose paying thing off and do not regret it.

Re: Paying off home loan ? [Re: hrdtoflw] #7593258
05/28/22 09:47 AM
05/28/22 09:47 AM
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Posts: 10,787
Asheville, NC
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charles Offline
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Asheville, NC
I refinanced last year into a 10-year fixed rate of 1.875%. We pay about 50% more than our scheduled payment every month. Plan to move again in about two years. Sure wish I could take this loan with me. Maybe I can rent the current home to keep the low rate. It is the only debt we carry.

Re: Paying off home loan ? [Re: hrdtoflw] #7593269
05/28/22 10:00 AM
05/28/22 10:00 AM
Joined: Nov 2012
Posts: 4,820
Frazee, MN
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backroadsarcher Offline
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Frazee, MN
Pay it off. Interest is low now but why pay the extra money if you don't have to.

Re: Paying off home loan ? [Re: hrdtoflw] #7593289
05/28/22 10:41 AM
05/28/22 10:41 AM
Joined: Jan 2014
Posts: 474
Western pa
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frank1969 Offline
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Western pa
Hear is what I did I payed it of fast then to this day I make the same monthly payment to a separate account
I do the same with trucks iget the monthly payment pay it of at dealership and make that payment to my self to for when I need a new one
It's like this u make payments and get used to it so y not keep making them to yourself that is how I do it and still put money in savings monthly

Re: Paying off home loan ? [Re: charles] #7593292
05/28/22 10:54 AM
05/28/22 10:54 AM
Joined: Feb 2014
Posts: 13,056
Ky
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jbyrd63 Offline
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Ky
Originally Posted by charles
I refinanced last year into a 10-year fixed rate of 1.875%. We pay about 50% more than our scheduled payment every month. Plan to move again in about two years. Sure wish I could take this loan with me. Maybe I can rent the current home to keep the low rate. It is the only debt we carry.

If your not coming back just sell it before housing crash But do what’s best for you !

Re: Paying off home loan ? [Re: hrdtoflw] #7593298
05/28/22 11:14 AM
05/28/22 11:14 AM
Joined: Feb 2020
Posts: 303
Sandpoint Idaho/ Whitesboro TX
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cbat Offline
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Sandpoint Idaho/ Whitesboro TX
I am 56 and have not had a house payment for 10 years. Pay it off if you can. You can ride out a pretty bad storm if everything is paid.
But you have to maintain your credit rating. Lots of things based off your CR such as your insurance.


The real Wally
Re: Paying off home loan ? [Re: cbat] #7593330
05/28/22 12:37 PM
05/28/22 12:37 PM
Joined: Feb 2014
Posts: 13,056
Ky
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jbyrd63 Offline
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Ky
Originally Posted by cbat
I am 56 and have not had a house payment for 10 years. Pay it off if you can. You can ride out a pretty bad storm if everything is paid.
But you have to maintain your credit rating. Lots of things based off your CR such as your insurance.

Exactly Cbat . That's why I suggested a HELOC (home equity line of credit. It shows up on your credit report but you aren't paying anything if you don't use it . Some banks charge 20 bucks a year to keep it active depending on what you have in other accounts.

Re: Paying off home loan ? [Re: hrdtoflw] #7593378
05/28/22 02:05 PM
05/28/22 02:05 PM
Joined: Dec 2006
Posts: 11,292
East-Central Wisconsin
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bblwi Offline
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East-Central Wisconsin
If you don't like debt, pay it off or save until you have the cash. Investing over the long haul has been a proven way to gain assets. For those that lost their home in 2008 those with the least cash in them came out the best as they could file and start over in life. The system has been created to figure out how to manage money and cash is becoming less a part of that every decade.

Bryce

Re: Paying off home loan ? [Re: hrdtoflw] #7593434
05/28/22 03:24 PM
05/28/22 03:24 PM
Joined: Sep 2013
Posts: 10,404
Northeast Oklahoma
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Mike in A-town Offline
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Northeast Oklahoma
We paid our home off shortly before the "pandemic." And I lived in a state that didn't go jackboot and force people to stay home...

But for folks still having to make payments and living in a dictatorship... It must have been a nightmare.

Point is, with the current state of affairs it might be a good idea to own your place free and clear.

Mike


One man with a gun may control 100 others who have none.

Vladimir Lenin
Re: Paying off home loan ? [Re: hrdtoflw] #7593475
05/28/22 05:03 PM
05/28/22 05:03 PM
Joined: Jan 2012
Posts: 1,622
Warren co Mo
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hrdtoflw Offline OP
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Warren co Mo
Thanks to all of you for the advice. I am going to pay it off, then save save save.


If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
Re: Paying off home loan ? [Re: hrdtoflw] #7593515
05/28/22 06:20 PM
05/28/22 06:20 PM
Joined: May 2010
Posts: 10,421
mn north of blakely
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Steven 49er Offline
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mn north of blakely


Originally Posted by jbyrd63
So bbw your saying instead of putting extra towards the principal to pay off early invest it somewhere? That’s crazy ! You want to get a retuning you money how’s this in 1996 we paid 84,000 fir our house interest was 7% ( no the world didn’t end) Paid 150 per month extra until we refinance at 4% anyway paid the house off in 12 years Now our house was appraised for 315,000 How’s that for an investment Plus no longer have a 800 bucks a month house payment Instead of putting money some where you hope is going to get 4 percent return why not pay off a loan that YOU KNOW is costing you interest Any interest you pay is wasted money When the crash hits and it’s coming those people that ran out a mortgage a paid for home and stuck it in a over inflated stock market or Bitcoin are going to be sorry 2008 all over again High fuel was the trigger then Now we have high everything


High fuel wasn't the trigger in 08.


How's that for an investment? Not all that good unless you didn't pay any RE taxes, insurance and upkeep. Looking at it from a strictly investment standpoint, you would have been far better off in an IRA in an IRA or incoming producing framland. From a strictly investment viewpoint BBW is correct. It's math pure and simple. No one can guarantee 4 percent but here is something to think about. If you have a loan for 4 percent today and inflation is 8 percent you are making 4 percent profit on that loan as long as inflation is 8 percent. I know it's hard to grasp yet simple math.

harttoflow, what to do is a personal decision. There is something to be said about owning your home free and clear and the sense of stability that comes with it. My recommendation is to take into consideration several factors and do what you think is best for your tolerance to risk.

One thing that was mentioned by Dana is if you pay it off and then have to borrow to build the shop, pay for the shop in cash and keep making the home payments. As he said your old loan will be at a lower interest than the new one will be.

Good luck to you.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: Paying off home loan ? [Re: hrdtoflw] #7593516
05/28/22 06:25 PM
05/28/22 06:25 PM
Joined: Dec 2010
Posts: 1,664
Wisconsin
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Wisconsin
I think that is a smart move.


Author of The Lure Hunter: A Guide to Finding Fishing Lures
Re: Paying off home loan ? [Re: hrdtoflw] #7593529
05/28/22 06:47 PM
05/28/22 06:47 PM
Joined: Nov 2012
Posts: 1,054
midland, michigan
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midlander Offline
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midland, michigan
Originally Posted by hrdtoflw
Thanks to all of you for the advice. I am going to pay it off, then save save save.


Good decision, you wont be sorry

Re: Paying off home loan ? [Re: hrdtoflw] #7593535
05/28/22 06:58 PM
05/28/22 06:58 PM
Joined: Apr 2017
Posts: 2,566
TN/OH
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RM trapper Offline
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TN/OH
I just turned 40 Wednesday and I have 5 years left on mortgage, and I can't wait to pay it off. I bought a second home in Ohio 8 years ago with cash that I could have put on the loan but don't regret it. I am self employed and don't have a retirement so my wife has been putting 20% of her pay into a 401k for awhile. If I can just keep her from divorcing me later in life hopefully I should be okay. I say pay it off

Re: Paying off home loan ? [Re: hrdtoflw] #7794155
02/08/23 10:10 PM
02/08/23 10:10 PM
Joined: Jan 2012
Posts: 1,622
Warren co Mo
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hrdtoflw Offline OP
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Warren co Mo
Its been a while since I made this post. We payed off our home a while back, and have since decided to sell, and buy a home on more property. We have moved since paying off our home, and will have it on the market in spring. I’d list it sooner, but we need to do some updates before putting it up for sale.
Now we have a small farm, lake, hunting and trapping ground, and two neighbors that are on large properties.
No more bs from hoa’s for us!


If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
Re: Paying off home loan ? [Re: hrdtoflw] #7794260
02/09/23 03:29 AM
02/09/23 03:29 AM
Joined: Dec 2022
Posts: 4,373
illinois
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jalstat Offline
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illinois
Originally Posted by hrdtoflw
I want to pay off my home 10 yrs early. The more I talk to people, the more confused I become.
Some say do it, and others say that a lien on your property can be useful if some type of lawsuit would happen.
Owing money on a loan, or anything else, seems to me to be foolish.
Those of you that have paid off your home early, are there any regrets?

I paid mine off in 10 years a 250k note my cpa said I would lose the deduction of interest and my quote to him is 7k interest gets me an extra 1500 bucks back on my tax refund all I see is a 5500 dollar deficit he didn't disagree , do what suits yourself I always had the philosophy it's not what you owe it's what you own that counts just my 2 cents ...Jon

Re: Paying off home loan ? [Re: walleye101] #7794269
02/09/23 04:24 AM
02/09/23 04:24 AM
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Posts: 4,373
illinois
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jalstat Offline
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illinois
Originally Posted by walleye101
If you think you own your home free and clear, try not paying your property taxes every year.

Property taxes have nothing to do with paying off a mortgage . Property taxes are just a rip off and the only parcel of ground you ever own is your cemetery plot

Re: Paying off home loan ? [Re: hrdtoflw] #7794281
02/09/23 06:51 AM
02/09/23 06:51 AM
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Posts: 2,665
PA
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w side rd 151 Offline
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We paid ours off about 10 years early My only regret is that I did not make a better attempt to pay it off even sooner .Job lay offs due to the Too Big to Fail Bank ;Crisis How about the irony of that . And health issue that impacted my ability to work If my mortgage had not been paid before those 2 problems happened I am not certain we would have been able to keep up the payments .If your everyday expenses are much more that your income it does not take long for a nice savings account which took years to save quickly disappears just by going to the gas station and grocery store . .Having my home mortgage paid was a game changer for me.

Last edited by w side rd 151; 02/09/23 08:09 AM.
Re: Paying off home loan ? [Re: w side rd 151] #7794296
02/09/23 07:28 AM
02/09/23 07:28 AM
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illinois
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jalstat Offline
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illinois
Originally Posted by w side rd 151
We paid ours off about 10 years early My only regret is that I did not make a better attempt to pay it off even sooner .Job lay offs due to the Too Big to Fail Bank ;Crisis How about the irony of that . And health issue that impacted my ability to work If my mortgage had not been paid before those 2 problems happened I am not certain we would have been able to keep up the payments .If your everyday expenses are much more that your income it does not take long for a nice savings account which took years to save quickly disappears just by going to the gas station and grocery store . .Having my lo mortgage paid was a game changer for me.

Yes sir a piece of mind is worth a lot of money

Re: Paying off home loan ? [Re: hrdtoflw] #7794300
02/09/23 07:38 AM
02/09/23 07:38 AM
Joined: Dec 2008
Posts: 28,715
Eastern Shore of Maryland
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Eastern Shore of Maryland
Is it easier for a home without a lien to be stolen?


-Goofy-
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