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How We Paid Off Our House in Five Years

9K views 14 replies 15 participants last post by  MaggieTru 
#1 ·
#10 ·
I have my goals set as well to pay ours off early! what an amazing feeling it must be!
lol, it was the opposite feeling for me! We paid it off, realized that our capital was now all tied up in house-equity - and immediately put a a full 30-year mortgage on it. That money provided the seed money for rental houses and for stock-index purchases. That seed money now accounts for millions of our Net Worth. So for us, NOT having a paid-off mortgage was one of our best decisions.
Sometimes when I see folks prepaying fixed 30yr 4% loans I wonder - what are they thinking, 4% FR capital is a valuable resource, I would never prepay it.
 
#12 ·
I really love your writing style, I enjoyed reading. Me and my wife also are having a house to pay off but unfortunately, she has lost her job. She is employed now but those 2 months, while she was looking for it were hard ones. I even had to take a little loan at missouri-cashadvance.com. We have no any relatives left and we were waiting for having kids for too long, so there was nobody to help us. But now it's fine. And I really want to say that you have the sweetest tiny little motivations that could ever be, God, bless them! And don't be sorry for the Violet Terror, you will have everything to be happy in the future, the important thing is - you are now happy house owners.
 
#13 ·
I'm so glad when people can pay off their debt and be free! We have mortgage debt and no matter what the bank says our interest rate is, once you see what they charge for your loan, it is close to 80% and not 3-4-5% like they say it is. It's not a linear equation.

When DH lost his job (many times), we went to the bank to lower our mortgage payments. We were never late on paying. The bank said NO. He didn't have a job, so NO to that...Does that make any sense?? And if he did have a job, they would say yes? As if..... I say that to pay debt off ASAP makes for a good sleeping pill! Rest easy at night! LOL
 
#14 ·
about 3 and a half years ago I made the unrealistic goal of having our mortgage paid off in 5 years. didn't tell my hubby just decided and tried to see if I could do it. fast forward to now. and I think we will be mortgage free in about 18 months. ( 5 years) It is amazing what you can do when you put your mind to it. (A favourite saying of mine but I do not know who said it is " if it important to you, you will make a way for it to happen. If it is not important to you, you will make an excuse." This goes for anything. want to quit smoking, want to pay off your debts, want to make more money, whatever. It does seem to work)
 
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