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Re: Paying off home loan ? [Re: HobbieTrapper] #7794325
02/09/23 08:18 AM
02/09/23 08:18 AM
Joined: Mar 2013
Posts: 2,159
chelsea,wi
keets Offline
trapper
keets  Offline
trapper

Joined: Mar 2013
Posts: 2,159
chelsea,wi
Originally Posted by HobbieTrapper
Is it easier for a home without a lien to be stolen?

I've been wondering this myself, I'm guessing not
If you did something illegal in a new vechile with 60 payments left on it, and .gov seizes it...what happens


2021 goals....make time to trap
PROUD MEMBER WTA NTA FTA GOA SPORTSMANS ALLIANCE
Re: Paying off home loan ? [Re: hrdtoflw] #7794327
02/09/23 08:23 AM
02/09/23 08:23 AM
Joined: Dec 2017
Posts: 6,190
Kansas
Pawnee Offline
trapper
Pawnee  Offline
trapper

Joined: Dec 2017
Posts: 6,190
Kansas
You made the right decision paying it off. Mine is payed for and my first 320 acres as of last month. It’s a great feeling!


Everything the left touches it destroys
Re: Paying off home loan ? [Re: hrdtoflw] #7794344
02/09/23 08:52 AM
02/09/23 08:52 AM
Joined: Nov 2012
Posts: 1,057
midland, michigan
M
midlander Offline
trapper
midlander  Offline
trapper
M

Joined: Nov 2012
Posts: 1,057
midland, michigan
Originally Posted by hrdtoflw
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!

You made a great decision to pay off. All these folks trying to compare interest rates in the market to their mortgage are gamblers. They are gambling that theyll never be in an accident that prevents them from working, they are gambling their company never downsizes and lets them go, theyre gambling the market doesnt crash causing their employer to go under, the list goes on and on. 100% of forclosures happen to people with mortgages . Pay your mortgage off and THEN start investing heavy. Your income is your most powerful wealth building tool, if its not all going into payments, youd be surprised how fast it accumulates. Sounds like you found a great piece of ground...enjoy!!

Re: Paying off home loan ? [Re: hrdtoflw] #7794352
02/09/23 09:09 AM
02/09/23 09:09 AM
Joined: Jan 2014
Posts: 2,081
NW MO
T
TurkeyTime Offline
trapper
TurkeyTime  Offline
trapper
T

Joined: Jan 2014
Posts: 2,081
NW MO
Pay it off. Trusts won't protect you unless you completely transfer all ownership to another person. Meaning your name is on nothing and you are at the mercy of them letting you live there/give you money/pay off items, etc.

Re: Paying off home loan ? [Re: keets] #7794353
02/09/23 09:11 AM
02/09/23 09:11 AM
Joined: Dec 2008
Posts: 28,715
Eastern Shore of Maryland
HobbieTrapper Offline
"Chippendale Trapper"
HobbieTrapper  Offline
"Chippendale Trapper"

Joined: Dec 2008
Posts: 28,715
Eastern Shore of Maryland
Originally Posted by keets
Originally Posted by HobbieTrapper
Is it easier for a home without a lien to be stolen?

I've been wondering this myself, I'm guessing not
If you did something illegal in a new vechile with 60 payments left on it, and .gov seizes it...what happens


I’m not talking government seizure, I’m referring to fraud/forgery.


-Goofy-
Re: Paying off home loan ? [Re: hrdtoflw] #7794507
02/09/23 12:54 PM
02/09/23 12:54 PM
Joined: Mar 2013
Posts: 400
Michigan
S
swamp Offline
trapper
swamp  Offline
trapper
S

Joined: Mar 2013
Posts: 400
Michigan
I'll never forget the day that we paid off our home. I walked into the Credit union puffed up like a banty rooster !! I fully thought balloons and confetti would fall from the ceiling ! I had been so busy working towards paying it off I hadn't really thought about the fact that it wasn't exactly a win for the bank. We signed all the paperwork and walked out. I said to my wife, " that was rather uneventful, she said, " What did you expect ? I said, " Balloons and confetti ? Later that day she gave me one of those little bitty balloons on a stick that said, Good job! It still brought a lot of pride to have it paid off and I have never regretted it. A sense of Pride that someone who has there debt forgiven will never feel.

Re: Paying off home loan ? [Re: hrdtoflw] #7794521
02/09/23 01:34 PM
02/09/23 01:34 PM
Joined: Jan 2014
Posts: 803
Western New York
T
Tony1967 Offline
trapper
Tony1967  Offline
trapper
T

Joined: Jan 2014
Posts: 803
Western New York
I have about 1 year left. Can’t wait to feel that feeling myself!! Guess I will bring my own balloons……

Re: Paying off home loan ? [Re: hrdtoflw] #7794544
02/09/23 02:32 PM
02/09/23 02:32 PM
Joined: Aug 2010
Posts: 10,787
Asheville, NC
C
charles Offline
trapper
charles  Offline
trapper
C

Joined: Aug 2010
Posts: 10,787
Asheville, NC
I plan to move again in about three years. My current 10-yr rate is 1.875%. I sure do hate to give that up.

Re: Paying off home loan ? [Re: hrdtoflw] #7794558
02/09/23 03:05 PM
02/09/23 03:05 PM
Joined: Dec 2006
Posts: 9,655
ND
M
MJM Online content
trapper
MJM  Online Content
trapper
M

Joined: Dec 2006
Posts: 9,655
ND
When I got the loan for my place, it was a 15 year loan and I paid it off in seven years. I put extra to the principal ever payment including the first and last. If I got a $40 a month raise in wages I put $30 more on the house and kept $10 as a cost of living expense. It isn't hard with a little discipline.


"Not Really, Not Really"
Mark J Monti
"MJM you're a jerk."
Re: Paying off home loan ? [Re: hrdtoflw] #7794578
02/09/23 03:46 PM
02/09/23 03:46 PM
Joined: Dec 2014
Posts: 4,314
west virginia usa
R
randall brannon Offline
trapper
randall brannon  Offline
trapper
R

Joined: Dec 2014
Posts: 4,314
west virginia usa
We paid Cash for our Fatm back in 2005. It has been the best knowing it is ours and not the Banks!!!


God please keep they 19 fallen UBB miners out of trouble up there.
Re: Paying off home loan ? [Re: hrdtoflw] #7794584
02/09/23 03:59 PM
02/09/23 03:59 PM
Joined: Jan 2007
Posts: 150
SW Idaho
Y
yousowise Offline
trapper
yousowise  Offline
trapper
Y

Joined: Jan 2007
Posts: 150
SW Idaho
If you can be disciplined enough to not spend it, instead of paying extra on the mortgage each month save that money up until you have enough to pay it off all at once like the original poster. You’ll end up paying a little extra in interest, but it would be awful to pay extra every month for years and then lose a job and get foreclosed on.

Re: Paying off home loan ? [Re: hrdtoflw] #7794619
02/09/23 04:51 PM
02/09/23 04:51 PM
Joined: Dec 2013
Posts: 9,295
Northern MN
O
Osky Offline
trapper
Osky  Offline
trapper
O

Joined: Dec 2013
Posts: 9,295
Northern MN
Paid mine off. Invested on other things ever since with the savings. Getting along just fine these days.
I Also have the Heloc set up, unused. Makes the bank frustrated at times I think.

Osky


"A womans heart is the hardest rock the Almighty has put on this earth, and I can find no sign on it"

Jabless in Minnesota

www.SureDockusa.com
Re: Paying off home loan ? [Re: hrdtoflw] #7794644
02/09/23 05:39 PM
02/09/23 05:39 PM
Joined: Mar 2007
Posts: 8,879
Central MN, sort of old
MnMan Offline
trapper
MnMan  Offline
trapper

Joined: Mar 2007
Posts: 8,879
Central MN, sort of old
Better to make interest than pay it.


I'm just happy to be here! Today I'm as young as I'll ever be and and older than I've ever been before!
Re: Paying off home loan ? [Re: hrdtoflw] #7794661
02/09/23 06:37 PM
02/09/23 06:37 PM
Joined: Apr 2022
Posts: 3,672
Wisconsin
G
Guss Offline
trapper
Guss  Offline
trapper
G

Joined: Apr 2022
Posts: 3,672
Wisconsin
I'm going to pay mine off when I retire and I'm going to tell home insurance to take a hike also.

Re: Paying off home loan ? [Re: hrdtoflw] #7794679
02/09/23 07:11 PM
02/09/23 07:11 PM
Joined: Jan 2009
Posts: 550
Tug Hills, NY
B
Bass1 Offline
trapper
Bass1  Offline
trapper
B

Joined: Jan 2009
Posts: 550
Tug Hills, NY
In preparing to retire we paid off our mortgage about 5 years ago. Cost us $40,000 but in the years we had left to left to pay it off we saved about $80,000 in interest. We have no regrets.

Re: Paying off home loan ? [Re: Guss] #7794689
02/09/23 07:33 PM
02/09/23 07:33 PM
Joined: Jan 2009
Posts: 550
Tug Hills, NY
B
Bass1 Offline
trapper
Bass1  Offline
trapper
B

Joined: Jan 2009
Posts: 550
Tug Hills, NY
Originally Posted by Guss
I'm going to pay mine off when I retire and I'm going to tell home insurance to take a hike also.


Dropping you homeowner insurance is a bad idea. If your house burns down, what do you do?? When we paid off our mortgage, we went to a different insurance co to insure our house for replacement value. It only cost us about $1100.00 a year. An acceptable price to pay. IMO

Re: Paying off home loan ? [Re: Bass1] #7794692
02/09/23 07:37 PM
02/09/23 07:37 PM
Joined: Jan 2012
Posts: 1,622
Warren co Mo
H
hrdtoflw Offline OP
trapper
hrdtoflw  Offline OP
trapper
H

Joined: Jan 2012
Posts: 1,622
Warren co Mo
Originally Posted by Bass1
Originally Posted by Guss
I'm going to pay mine off when I retire and I'm going to tell home insurance to take a hike also.


Dropping you homeowner insurance is a bad idea. If your house burns down, what do you do?? When we paid off our mortgage, we went to a different insurance co to insure our house for replacement value. It only cost us about $1100.00 a year. An acceptable price to pay. IMO




For sure.


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] #7794711
02/09/23 08:00 PM
02/09/23 08:00 PM
Joined: Dec 2008
Posts: 1,745
eastern washinghton
7
70sdiver Offline
trapper
70sdiver  Offline
trapper
7

Joined: Dec 2008
Posts: 1,745
eastern washinghton
I see a lot of people in lake Charles Louisiana where my brother lives dropped their insurance when their home was paid off. Their the ones that are living in a few rooms of the house that didn't get destroyed.



Re: Paying off home loan ? [Re: hrdtoflw] #7794727
02/09/23 08:30 PM
02/09/23 08:30 PM
Joined: Jan 2013
Posts: 557
WV
G
garymc Offline
trapper
garymc  Offline
trapper
G

Joined: Jan 2013
Posts: 557
WV
I buckled down and paid off a 30 year mortgage in 10 years when in my early 40’s and have been pretty disciplined to continue to invest and save, but it also gave me the financial freedom to enjoy myself while I still have my health as well.

Please don’t drop your homeowners insurance. I have had two coworkers bit by that over the years. One with major flood damage and the other lost their uninsured home to fire in which his wife was burned badly and latter died.

Re: Paying off home loan ? [Re: hrdtoflw] #7794773
02/09/23 09:20 PM
02/09/23 09:20 PM
Joined: Jan 2012
Posts: 1,622
Warren co Mo
H
hrdtoflw Offline OP
trapper
hrdtoflw  Offline OP
trapper
H

Joined: Jan 2012
Posts: 1,622
Warren co Mo
I will always have homeowners insurance. Heck, I don’t like to pay for insurance, but I don’t want to be without it.


If your mind draws a blank, turn off the sound, because ya can't learn a thing if you're doin all the talkin
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