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Poll: Should Engineer pay off his house with savings...

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Originally posted by: bernse
Japan is an emerging market? 😕
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No. Japan has just emerged from an extended period of deflation and had a stellar year on their stock markets (42% IIRC). Their GDP growth has been anemic at best (1.2% recently) but has shown signs of life. Whether I would invest in Japan after such a large run is suspect (but I guess if people can still invest in Google at this point...Japan could be invested in too! 😛 )
 
Originally posted by: Engineer
Well, I paid half of it off and didn't touch my savings. I'll pay it off next month or March with the tax refund that I should receive (already calculated! 😀 ). It was so very tempting, but my work situation (fear of telling them to piss up a rope! :shocked) and the idea of having NO liquid backup scared me.

My work situation may have improved a tad and a pretty good sized raise might also be in the works. The promise to change things so that I don't work my arse off is more important than the money, at this point.

Thanks for all the advise. Regardless of whether I followed (or even agreed) with everyone's advise, I still appreciate and respect it.

Thanks everyone!!!

🙂
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Anytime🙂 Sounds like you did the balanced, cautious yet gratifying thing.
I went for it, as promised. I have been logging into countrywide every day, till finally it happened: woohoo.gif
The balance is goose eggs🙂
 
Originally posted by: skyking
Originally posted by: Engineer
Well, I paid half of it off and didn't touch my savings. I'll pay it off next month or March with the tax refund that I should receive (already calculated! 😀 ). It was so very tempting, but my work situation (fear of telling them to piss up a rope! :shocked) and the idea of having NO liquid backup scared me.

My work situation may have improved a tad and a pretty good sized raise might also be in the works. The promise to change things so that I don't work my arse off is more important than the money, at this point.

Thanks for all the advise. Regardless of whether I followed (or even agreed) with everyone's advise, I still appreciate and respect it.

Thanks everyone!!!

🙂
Click to expand...


Anytime🙂 Sounds like you did the balanced, cautious yet gratifying thing.
I went for it, as promised. I have been logging into countrywide every day, till finally it happened: woohoo.gif
The balance is goose eggs🙂
Click to expand...


:beer::beer::beer::beer::beer: 😀😀😀😀😀

I also have Countrywide and love their online payment, especially the ease at which you can add extra money to the payment. However, I dislike their requiring "Certified funds" sent to them for final payoff. I thought about paying it down to $1.00 online and then asking them if I need to still send in certified funds! 😛
 
Originally posted by: Engineer
Originally posted by: skyking
Originally posted by: Engineer
Well, I paid half of it off and didn't touch my savings. I'll pay it off next month or March with the tax refund that I should receive (already calculated! 😀 ). It was so very tempting, but my work situation (fear of telling them to piss up a rope! :shocked) and the idea of having NO liquid backup scared me.

My work situation may have improved a tad and a pretty good sized raise might also be in the works. The promise to change things so that I don't work my arse off is more important than the money, at this point.

Thanks for all the advise. Regardless of whether I followed (or even agreed) with everyone's advise, I still appreciate and respect it.

Thanks everyone!!!

🙂
Click to expand...


Anytime🙂 Sounds like you did the balanced, cautious yet gratifying thing.
I went for it, as promised. I have been logging into countrywide every day, till finally it happened: woohoo.gif
The balance is goose eggs🙂
Click to expand...


:beer::beer::beer::beer::beer: 😀😀😀😀😀

I also have Countrywide and love their online payment, especially the ease at which you can add extra money to the payment. However, I dislike their requiring "Certified funds" sent to them for final payoff. I thought about paying it down to $1.00 online and then asking them if I need to still send in certified funds! 😛
Click to expand...


LOL, certified funds. I just kept paying till that bastige went away. I dare them to not take it🙂
 
Originally posted by: skyking
LOL, certified funds. I just kept paying till that bastige went away. I dare them to not take it🙂
Click to expand...

So you paid it off "online"? :shocked:


From their site...

Mortgage Pay on the Web cannot be used for the final payment on your loan, or to payoff your loan in full. Certified Funds are required for all final Payoffs. Any unauthorized payoff through Mortgage Pay on the Web will be reversed.
.
Click to expand...
 
Originally posted by: skyking
Indeed. the line item in transaction history is clearly marked "payoff". It was for 111.82
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I may try that. I'll lower it down to some smaller amount on the next payment and then wipe it out with a low ball payment in March. If they don't like it, I'll have a nice chat with the CSR (or supervisor) and let them know that "the customer is always right!" 😉

Congrats skyking....I'm next! 🙂

P.S. It says "unauthorized payoff"...I wonder if I can get it "authorized" for a small amount? hmmmm....might call them and ask! 🙂
 
I was using online banking to pay the mortage, so it would be the equivalent of a wire transfer. That is an acceptable method, according to the FAQ.
 
Originally posted by: skyking
I was using online banking to pay the mortage, so it would be the equivalent of a wire transfer. That is an acceptable method, according to the FAQ.
Click to expand...

Ah, so you didn't use Mortgage pay on the web, you used an online banking payment service. I might look into that too....but hell, if I spend too much time, I might as well drop by the bank and get a certified check for the darn thing. As long as it's paid for! 😀
 
Well, things have improved somewhat with the job and, as I was transferring some money from one online bank to another (passing through my checking account), I went down a few hours ago and wired the money (was not comfortable sending a check in the mail). Checked 1 hour later and PAID IN FULL!!!!!!

Engineer celebrates like hell! :evil:

😀😀😀😀😀😀😀

:beer: on me all around (even though I don't drink)!!!! 😀

(Used half of savings)! 😉
 
Originally posted by: FrustratedUser
That's really cool!! How long did it take you to pay off the loan? (Don't feel like reading 6 pages).
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6 years and 8 months on a 30 year loan! 😀
 
Originally posted by: Armitage
Congrats!
Now go out and get a nice fat HELOC - being debt-free is un-american 😀
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Nah, I owe on my two cars but will have them paid for by no later than August. Then it's time to pump up savings even more than I am currently! 😀

Originally posted by: FrustratedUser
Originally posted by: Engineer
Originally posted by: FrustratedUser
That's really cool!! How long did it take you to pay off the loan? (Don't feel like reading 6 pages).
Click to expand...

6 years and 8 months on a 30 year loan! 😀
Click to expand...

:Q:Q:Q:Q:Q:Q
That's some mad extra payments every month!!
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Working so many hours of OT does have one advantage! 😉
 
Originally posted by: HeroOfPellinor
How much did the house cost?


NM...you're in Kentucky.....that would put the house at somewhere between 12K and a handful of beans. 🙂
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Boooooooooooooooooooooooooo! 😛

$134,500 when purchased. Approximately $180,000 based on recent sellings around the area! 😛 (2000 sq/ft / 4 bedroom / 2.5 bath).
 
Originally posted by: Engineer
Originally posted by: Armitage
Congrats!
Now go out and get a nice fat HELOC - being debt-free is un-american 😀
Click to expand...

Nah, I owe on my two cars but will have them paid for by no later than August. Then it's time to pump up savings even more than I am currently! 😀

Originally posted by: FrustratedUser
Originally posted by: Engineer
Originally posted by: FrustratedUser
That's really cool!! How long did it take you to pay off the loan? (Don't feel like reading 6 pages).
Click to expand...

6 years and 8 months on a 30 year loan! 😀
Click to expand...

:Q:Q:Q:Q:Q:Q
That's some mad extra payments every month!!
Click to expand...


Working so many hours of OT does have one advantage! 😉
Click to expand...
I've been under the impression that given the tax benefits of a mortgage loan, ESPECIALLY when one is carrying other UNTAXSHELTERED loans such as credit card and automobbile would mean that one should pay off the CC/ auto's first and then the mortgage.
Did you consult a financial advisor on any tax breaks you might be losing by doing it in this fashion?
 
I'm an EE. Can you get me a job and house down there?! I'm thinking of getting out of Boston and into friendlier places next year after my wife finishes her masters. Although, I don't think the wife would go for Kentucky.

Oh well, congrats, I'll be thinking of you next time I see my mortgage deducted from my account and curse.
 
Originally posted by: AlienCraft
Originally posted by: Engineer
Originally posted by: Armitage
Congrats!
Now go out and get a nice fat HELOC - being debt-free is un-american 😀
Click to expand...

Nah, I owe on my two cars but will have them paid for by no later than August. Then it's time to pump up savings even more than I am currently! 😀

Originally posted by: FrustratedUser
Originally posted by: Engineer
Originally posted by: FrustratedUser
That's really cool!! How long did it take you to pay off the loan? (Don't feel like reading 6 pages).
Click to expand...

6 years and 8 months on a 30 year loan! 😀
Click to expand...

:Q:Q:Q:Q:Q:Q
That's some mad extra payments every month!!
Click to expand...


Working so many hours of OT does have one advantage! 😉
Click to expand...
I've been under the impression that given the tax benefits of a mortgage loan, ESPECIALLY when one is carrying other UNTAXSHELTERED loans such as credit card and automobbile would mean that one should pay off the CC/ auto's first and then the mortgage.
Did you consult a financial advisor on any tax breaks you might be losing by doing it in this fashion?
Click to expand...


I looked at the math and it was about even. Considering my income, the fact that the standard deduction is now $10k and the fact that I didn't refinance my mortgage because of the extreme rate that I was paying it off, it was about 50/50 on paying off the cars or the house. My cars have a 4.75% rate which is extremely nice. As a matter of fact, I might not pay them off early if the savings rates keep inching up.

Looking at my deductions for 2004, I technically didn't get to deduct all of my mortgage because if I subtract the standard deduction from my 2004 deductions, the remaining amount was smaller (much) than my mortgage interest.

Also, IMO, paying 100% interest to get a deduction (15%? 25%? etc) on taxes doesn't sound as good as bringing home 100% and paying 15%?25%,etc. to taxes 😉
 
Originally posted by: Engineer


I looked at the math and it was about even. Considering my income, the fact that the standard deduction is now $10k and the fact that I didn't refinance my mortgage because of the extreme rate that I was paying it off, it was about 50/50 on paying off the cars or the house. My cars have a 4.75% rate which is extremely nice. As a matter of fact, I might not pay them off early if the savings rates keep inching up.

Looking at my deductions for 2004, I technically didn't get to deduct all of my mortgage because if I subtract the standard deduction from my 2004 deductions, the remaining amount was smaller (much) than my mortgage interest.

Also, IMO, paying 100% interest to get a deduction (15%? 25%? etc) on taxes doesn't sound as good as bringing home 100% and paying 15%?25%,etc. to taxes 😉
Click to expand...

Ahh, that's kinda what I thought. when I read back and realized you had paid down substantially, I realized the amount of interest in that figure was practically nothing.
Either way :cookie: for you!
What are property taxes like around there?
 
Originally posted by: AlienCraft
Originally posted by: Engineer


I looked at the math and it was about even. Considering my income, the fact that the standard deduction is now $10k and the fact that I didn't refinance my mortgage because of the extreme rate that I was paying it off, it was about 50/50 on paying off the cars or the house. My cars have a 4.75% rate which is extremely nice. As a matter of fact, I might not pay them off early if the savings rates keep inching up.

Looking at my deductions for 2004, I technically didn't get to deduct all of my mortgage because if I subtract the standard deduction from my 2004 deductions, the remaining amount was smaller (much) than my mortgage interest.

Also, IMO, paying 100% interest to get a deduction (15%? 25%? etc) on taxes doesn't sound as good as bringing home 100% and paying 15%?25%,etc. to taxes 😉
Click to expand...

Ahh, that's kinda what I thought. when I read back and realized you had paid down substantially, I realized the amount of interest in that figure was practically nothing.
Either way :cookie: for you!
What are property taxes like around there?
Click to expand...


Property taxes are just under 1% per year. About $1450 per year for me. Insurance is about half of that.
 
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