No more mortgage
Next week it's going to happen; €52.000 will be transferred from our savings account into a checking account. Then, the same amount will be made payable to our mortgage lender and we'll be the full owners of our own place. The thought of that still makes me very excited
Congratulations America
Well done you!
Just 29 years to go here
I could have had class. I could have been a contender.
I could have been somebody. Instead of a bum
Which is what I am
I aim at the stars
But sometimes I hit London
Our first mortgage we paid of in 15 years, the second in under 7 years. Even though the second one was twice the amount of the first one
Congratulations America
Christ.
Having a monthly income that is mortgage-free is too delicious to contemplate.
Noice.
Originally Posted by Steely Glint
Mortgage-free does sound nice. Congrats, Hazir! Will you have a loan-burning party once you get the deed?
Also, kudos for deciding that you want to keep the property. No worries about selling it some day down the road, or if that would be a financial loss. Must be a great sense of ahhh in that.
Last edited by GGT; 10-10-2010 at 05:55 AM.
Christ.
Having a monthly income that is mortgage-free is too delicious to contemplate.
Noice.
It doesn't just sound nice, it is nice. The procedure doesn't quite work that way in Holland. We don't have physical deeds or something like that and we're already the owners of this place in the cadastre. Maybe we can burn the contract for the loan once the mortgage has been stricken from the cadastre.Mortgage-free does sound nice. Congrats, Hazir! Will you have a loan-burning party once you get the deed?
Also, kudos for deciding that you want to keep the property. No worries about selling it some day down the road, or if that would be a financial loss. Must be a great sense of ahhh in that.
Congratulations America
Step one initiated: €52.000 has been transferred out of savings.
Congratulations America
Massive congrats Hazir!
Grrrrr... the money still hasn't arrived at the checking account. ****
Congratulations America
Depending on the interest rate, it might have been wiser not to pay it off so quickly and instead invest that money in the booming stock mark- oh, wait....Our first mortgage we paid of in 15 years, the second in under 7 years. Even though the second one was twice the amount of the first one
The Rules
Copper- behave toward others to elicit treatment you would like (the manipulative rule)
Gold- treat others how you would like them to treat you (the self regard rule)
Platinum - treat others the way they would like to be treated (the PC rule)
Threading water we've done long enough, actually we would have done marginally better leaving the money in savings but this simply feels much better than the €120 a year we would have had extraDepending on the interest rate, it might have been wiser not to pay it off so quickly and instead invest that money in the booming stock mark- oh, wait....
Our prime consideration is not ROI, but the lowest fixed expenses possible.
P.S. money has appeared in checking account.
Congratulations America
Same dilemma I face. I could liquidate stocks to pay a sizable chunk of my mortgage, but it feels silly to walk away from the dividend income and potential capital appreciation. Then again it's not like said dividend/capital growth has been very high this past year.Depending on the interest rate, it might have been wiser not to pay it off so quickly and instead invest that money in the booming stock mark- oh, wait....
But congrats to Hazir, that's really wonderful.
Significantly of course; I already have a fairly reasonable pension ahead (combination of SS and company pension fun - which is less scary than in most countries). Now about 90% of our income becomes freely expendable, but the reality will be that we'll put above 25% of it in savings/investments. I am going for retirement at 55 and then would have to bridge about 11 years untill my pension starts. That seems within easy reach especially given the fact that we'll probably move to Istanbul for good at some point.
I agree it feels a bit silly (not very much though) but the overriding consideration is that by paying off early you reduce the need earn an income in order to have a roof over your head. Once you've reached that point, you free up a lot of money to start putting real money to the side AND changes in your jobsituation look a lot less scary.
Congratulations America
Just gave the order to pay the money into the account of my lender.
Congratulations America
I would hold onto your stocks. The US economy - hopefully - has a lot of upside in the next few years.Same dilemma I face. I could liquidate stocks to pay a sizable chunk of my mortgage, but it feels silly to walk away from the dividend income and potential capital appreciation. Then again it's not like said dividend/capital growth has been very high this past year.
But congrats to Hazir, that's really wonderful.
The Rules
Copper- behave toward others to elicit treatment you would like (the manipulative rule)
Gold- treat others how you would like them to treat you (the self regard rule)
Platinum - treat others the way they would like to be treated (the PC rule)
Not so clear on that, EK. PE ratios are running pretty high right now, which might indicate stocks are overvalued. Given that companies can't really cut costs much more, it's unclear they're in for significant growth in the near term. I'm bullish on the US economy long term, but that's not necessarily relevant in a 10-year time frame.
god - 10 year? shit
The Rules
Copper- behave toward others to elicit treatment you would like (the manipulative rule)
Gold- treat others how you would like them to treat you (the self regard rule)
Platinum - treat others the way they would like to be treated (the PC rule)
Congrats!
It won't feel real though untill I get the next statement from my lender, which should say the debt has been paid in full
Congratulations America
Congrats, Hazir! I'm sure that feels like a weight was lifted!
I don't have a problem with authority....I just don't like being told what to do!Remember, the toes you step on today may be attached to the ass you have to kiss tomorrow!RIP Fluffy! 01-07-09 I'm so sorry Fluffster! People who don't like cats were probably mice in an earlier life! My mind not only wanders, sometimes it leaves completely!The nice part about living in a small town: When you don't know what you're doing, someone else always does!
Atari bullshit refugee!!
Congratulations mate!
I'm 27 and only £400 away from paying off my student loan. Once that is done the £200 per month that goes into that will now go into the mortgage on an investment property I have. When that happens it'll reduce the length of the mortgage by 10 years!
All those moments lost in time... like tears in the rain
Smart move
Congratulations America
Finally got the confirmation of them recieving my money and notice that 'the interest due' will be recalculated at the first of november. Any excess will be re-imbursed.
They tried to sell me some crap about following the procedure for extra payments, I sent an angry email back that since there were no payments towards the principal stipulated there could be no 'extra' payments and that I considered their requests to follow their procedure a breach of our contractual agreement and in bad faith.
Congratulations America
I don't even understand their logic...don't they have to generate a final payoff quote before they get the money?
Congrats. Because of our ridiculous tax system, no one pays of their mortages here.
Not really, under the contract I am not obliged to pay off the principal as long as I pay the interest on it. But because the interest is adjusted monthly I also can pay towards the principal whatever amount I want whenever I want. What they are trying to do is make me behave like somebody who's got a deal with limits on extra down-payments towards the principal. The system overhere is a bit different than in the US; if you have a fixed interest rate you incur a 'fine' if you pay off towards your principal more than the agreed annual maximum.
Anyway, none of those rules apply to me. And they shouldn't try to enforce them in my case.
Congratulations America
I'm prevented from repaying more than 10% of my capital per annum in the fixed-rate period of the loan.
Given that the fixed-rate period of the loan is the first 2 years only, which is when we need to fully-furnish the house etc, I don't think I'll be repaying more than 20% extra of the capital off in the first 2 years. After the 2 years have passed we'll go onto a variable rate (1.49% above base, so currently 1.99% APR as base is 0.5%) which will have no limit on repayments. Of course I'd be delighted if in 2 years time base was still 0.5% and if it were we could repay a fair bit of the capital as the interest will be low. I'm budgeting for 5% base so 6.49% APR.
Wouldn't really count on it being 0.5% still in 2 years, 5% sounds excessively prudent to me though. Not that that will hurt you when you'll be sitting on some extra money.
Congratulations America
Hehe, just back from Istanbul and I find a letter from my lender. I made a small mistake and appearantly I still have a debt of €43,44 costing me €0,08 a month in interest. I guess the monthly statements are going to cost them more than that. I am a bit tempted to leave it like this untill they offer to cancel the debt
Congratulations America
Heh, though would they keep the title until you paid them? You should offer to pay the amount but with a lower rate.
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