Holy Mortgage Rate!!

[Dakota731]

Our first house mortgage rate was 18.25 adjustable that went to 21% in the 80s. So jealous but happy for my daughter!

 

[ruadisneyfan2]

Like my 0% paid off debt free mortgages.

This is our current goal. We have 8 years remaining but have been paying a LOT extra in the past month which has already shaved 2 years off. Using this calculator, and our typical monthly savings, we should be able to pay it off by the end of 2022.
I CAN'T WAIT!

I am on a mission and only buy what we really need. I just want it gone!

 

[Dakota731]

Can you do closing for refi online nowadays?

 

[mkb3]

Can you do closing for refi online nowadays?

About half of the closing docs can be esigned, the rest is still in person (depends on state too).

When we locked our rate a few weeks ago 15 year fixed was 2% and 20 year was 2.25%

 

[Theta]

About half of the closing docs can be esigned, the rest is still in person (depends on state too).

When we locked our rate a few weeks ago 15 year fixed was 2% and 20 year was 2.25%

Where did you get the 2% 15 year fixed?

 

[mkb3]

Where did you get the 2% 15 year fixed?

PrimeLending

 

[CarrieAP]

Paying my mortgage off tomorrow!!! Have a bit over 5 years left at 3.85% and was thinking of refinancing to give us more $ in our pocket for travel. Then realized I should use this crazy high stock market to my advantage, so did some juggling, pulled from retirement account and voila- the numbers worked! Been a rough 8 years for us health, job and finance wise, so this is particularly sweet.

 

[tinatark]

We haven't had a primary mortgage since 2011 - but we do finance investment properties. Closed Friday on 3 duplexes at 3.5% for 15 years fixed. Whoo hoo!

 

[Callie]

I just refinanced to 3.25. But I own a condo and it’s under 100k. Saved me $100 a month.

 

[dreamin_disney]

This is our current goal. We have 8 years remaining but have been paying a LOT extra in the past month which has already shaved 2 years off. Using this calculator, and our typical monthly savings, we should be able to pay it off by the end of 2022.
I CAN'T WAIT!

I am on a mission and only buy what we really need. I just want it gone!

I’m so ready to start throwing extra money at my mortgage lol! Hopefully by March or May I can start. Did you pay extra every month or one large chunk once a year? Any advice on starting?

 

[tvguy]

I’m so ready to start throwing extra money at my mortgage lol! Hopefully by March or May I can start. Did you pay extra every month or one large chunk once a year? Any advice on starting?

It can be as simple as adding $100 a month to your payment. Our first mortgage was 12.25% for a 30 year (we jumped to buy a house when mortgage rates PLUNGED to that level in 1983) and our payment was $1,000 a month so we paid $1,100 a month. We refinanced 4 years later at 9% on a 30 but kept paying the $1,100. We refinanced again 4 years after that to 6.25% on a 15 year but kept paying $1,100 a month. House was paid for in 17 years from the date we bought it.

 

[ruadisneyfan2]

I’m so ready to start throwing extra money at my mortgage lol! Hopefully by March or May I can start. Did you pay extra every month or one large chunk once a year? Any advice on starting?

Actually I pay extra every few days. Dh and I each get paid biweekly but on opposite weeks. Whatever is leftover, minus a small cushion & dh’s weekly $20 ATM visit, all goes to the mortgage.
Since my mom died last year we have my dad over for dinner twice per week (and twice to my sister’s). He insists on giving me $30 cash each time for my gas and grocery shopping costs. He gets upset when I tell him he doesn’t need to do this, we’re in good shape, etc. It genuinely makes him happy to do it so I gave up. I deposit it the next day and it goes straight to the mortgage.
Every little bit goes to the mortgage, even $5 leftover before payday.
I started paying extra on Aug 6 with a balance of $106,000. It is now $83,875.

 

[barkley]

I’m so ready to start throwing extra money at my mortgage lol! Hopefully by March or May I can start. Did you pay extra every month or one large chunk once a year? Any advice on starting?

we paid off our current home over 20 years early by throwing even a few extra dollars per month at the mortgage. if we got a little cost of living increase to our income of $10 or $20 a month-it got sent to it, when our balanced utility bill decreased at it's annual review by $20 a month that got added to it, if we got some random rebate check in the mail....it all adds up. yes-when we actually got tax refunds (always tried our best not to) those were nice chunks to throw at the mortgage once a year but those small amounts add up quickly and when you're knocking a hundred then a couple of hundred off of the the principle of that loan each month it shaves allot of it's lifespan off (loved looking at a mortgage calculator and seeing how many days/weeks/months some extra dollars shortened it's life).

despite the bad stuff that's happening these days i find it thrilling to read of how so many people have managed to dramatically reduce or pay off their student loans and or mortgages in 2020.

 

[ruadisneyfan2]

we paid off our current home over 20 years early by throwing even a few extra dollars per month at the mortgage. if we got a little cost of living increase to our income of $10 or $20 a month-it got sent to it, when our balanced utility bill decreased at it's annual review by $20 a month that got added to it, if we got some random rebate check in the mail....it all adds up. yes-when we actually got tax refunds (always tried our best not to) those were nice chunks to throw at the mortgage once a year but those small amounts add up quickly and when you're knocking a hundred then a couple of hundred off of the the principle of that loan each month it shaves allot of it's lifespan off (loved looking at a mortgage calculator and seeing how many days/weeks/months some extra dollars shortened it's life).

despite the bad stuff that's happening these days i find it thrilling to read of how so many people have managed to dramatically reduce or pay off their student loans and or mortgages in 2020.

^^^This.
We did just get an annual review of our gas/electric billing. Not only did our monthly bill decrease; but we have a credit so nothing to pay for 1.5 months. It all goes to the mortgage. We’ve also been lucky that dh has had quite a bit of overtime every month since July. That of course isn’t something we can count on.
The way you talk about every spare penny, that’s how we are.

 

[dreamin_disney]

It can be as simple as adding $100 a month to your payment. Our first mortgage was 12.25% for a 30 year (we jumped to buy a house when mortgage rates PLUNGED to that level in 1983) and our payment was $1,000 a month so we paid $1,100 a month. We refinanced 4 years later at 9% on a 30 but kept paying the $1,100. We refinanced again 4 years after that to 6.25% on a 15 year but kept paying $1,100 a month. House was paid for in 17 years from the date we bought it.

Congrats on paying off your mortgage

Actually I pay extra every few days. Dh and I each get paid biweekly but on opposite weeks. Whatever is leftover, minus a small cushion & dh’s weekly $20 ATM visit, all goes to the mortgage.
Since my mom died last year we have my dad over for dinner twice per week (and twice to my sister’s). He insists on giving me $30 cash each time for my gas and grocery shopping costs. He gets upset when I tell him he doesn’t need to do this, we’re in good shape, etc. It genuinely makes him happy to do it so I gave up. I deposit it the next day and it goes straight to the mortgage.
Every little bit goes to the mortgage, even $5 leftover before payday.
I started paying extra on Aug 6 with a balance of $106,000. It is now $83,875.

sorry for your loss.
its Awesome that you And your sister have your dad over twice a week each for dinner. I bet that makes him very happy.

 

[Sleepy425]

We have 11 years left on our 15 year 2.75% mortgage. Our local credit union in CT has advantage mortgages. 8 year is currently 2.375% ($750 closing fees). I’m hoping it goes down a bit more so we can refi and cut a few years off.

 

[AnnaS]

Those are some great rates!!!!

 

[tvguy]

The low interest rates are a double edged sword. After years of hearing about writing off mortgage interest on your taxes, my daughter has a house and has discovered the sum total of all her potential deductions including mortgage interest don't add up to enough to itemize. The standard deduction of $12,400 is greater. Of course, you have spend the money on interest and other deductible expenses, so she is money ahead this way.

 

[tvguy]

Congrats on paying off your mortgage

LOL. First generation in our family not to pay cash for a house. Also first generation to spend more than $15,000 for our first house.