House payoff

[Tommy Gun]

Getting close to paying off my house waaaay ahead of time. :yay:

I know I’ll have to figure out my insurance and real estate tax stuff since won’t have an escrow any longer.

Anything else I should be prepared for? :popcorn:

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[tekheavy]

Getting close to paying off my house waaaay ahead of time. :yay:

I know I’ll have to figure out my insurance and real estate tax stuff since won’t have an escrow any longer.

Anything else I should be prepared for? :popcorn:

.

I'm in the exact same boat. I probably could pay it off now, but I like having my real estate taxes and insurance taken out automatically. Also nice being able to deduct the interest on my income tax, not that there's much interest left to pay, it's almost all principal at this point.

[Tommy Gun]

Not much interest here either. The insurance part for me is easy enough through our agent. Just have to let the city know about the payoff for taxes. I also wonder how the charge that now. All due at once or a way to break it in payments like was done in escrow.

[twobjshelbys]

We never had a mortgage on our Nevada house. And we had no escrow for our Colorado house as when we refinanced with our Credit Union at the time they couldn't by law do escrow (something about not being legally able to hold money for others) so even when they changed the rules we just always kept them on our own control. So we've always had to pay both.

You'll be on your own for homeowners insurance payments. If you aren't already you should combine auto and homeowners with the same company. Now might be a good time to shop auto/home rates... Our daughter was on autopilot, just renewing because escrow made it easy but when she did shop she found cheaper places!

Your real estate taxes will go by whatever rules they have. Here in Vegas we can pay all at once or quarterly. In both Colorado and Nevada the county sends the tax notice to us in the mail with a cover letter that said if we had a mortgage it was a copy for our records and that they automatically sent it to the mortgage company and that we didn't need to forward. Your county's system may be different so you should contact them. They will send the canceled note ("the mortgage") and deed to you so you'll know when responsibilities change.

Most escrow systems are set up to have a balance that covers the entire amount due for taxes and insurance when they are due. Even if it can be split they typically won't due to the overhead of multiple payments. If you're short they adjust your payment to make up the deficit and also add so that there is a small cushion. Most states have a maximum amount of overage they are allowed to hold.

Congratulations on being debt free!

We are totally debt free. We have no mortgage, and pay off all of our credit cards monthly. Our credit rating is a very high number but we were recently denied a Lowes revolving line of credit for 30K for our kitchen cabinets because we have "no record of high balance credit". So I used Amex instead. I now have over 500K Amex points. Gotta start using them.

Oh yeah, sometimes they will escrow for your homeowners association esp. condos. So that would be another one that would switch to your responsibility.

In any case your annual escrow balance statement should show who they collect for and disbursements and balances...

[twobjshelbys]

I'm in the exact same boat. I probably could pay it off now, but I like having my real estate taxes and insurance taken out automatically. Also nice being able to deduct the interest on my income tax, not that there's much interest left to pay, it's almost all principal at this point.

With the standard deduction so high the mortgage deduction has gone away for alot of people. My daughter no longer benefits and in fact her taxes went down.

[tekheavy]

With the standard deduction so high the mortgage deduction has gone away for alot of people. My daughter no longer benefits and in fact her taxes went down.

I can't use the standard deduction in NY. My property tax alone is over 10 grand a year.

[68fastback]

Each jurisdiction bills county, local and school taxes differently. Here, school is all one shot and county/local are together as one shot. (In parts of NYC they bundle it all but let you pay in two installments) You can often break either (school and/or county/local) up into 4 payments but you'll pay a premium to do so (at least here), so we just have our CU automatically take a piece of my pension (+some SS) monthly and put it in a savings account and then just pay taxes from that annually when due. We have another account with money diverted monthly for all insurance which we also pay annually (house) and every 6 months (cars) -- the longest interval our insurance co permits (which is also the lowest payment). If you break it up shorter (e.g. quarterly) here you pay a premium so we always pay up front. If you switch insurance companies you'll get a refund quickly tho often just as easy to make such changes on the policy anniversary so you're not out anything on the switch.

[Alloy Dave]

Getting close to paying off my house waaaay ahead of time. :yay:

I know I’ll have to figure out my insurance and real estate tax stuff since won’t have an escrow any longer.

Anything else I should be prepared for? :popcorn:

.
You might (depending on your county/city tax rules) lose an exemption on your property taxes called the mortgage exemption. Probably not a big deal...it's a small exemption around here.

You might talk to your county/city recorder's office and see if you can get the original deed to the house when it's paid off. Sometimes you can...nice piece of documentation especially on older houses...but not required to have when you sell it.

Make sure you get a change in title showing you're the owner and no longer is the bank a lienholder...not sure what that document is called....maybe just a "clear deed"?

Congrats on paying it off...it's a great feeling.

[Tommy Gun]

You might (depending on your county/city tax rules) lose an exemption on your property taxes called the mortgage exemption. Probably not a big deal...it's a small exemption around here.

You might talk to your county/city recorder's office and see if you can get the original deed to the house when it's paid off. Sometimes you can...nice piece of documentation especially on older houses...but not required to have when you sell it.

Make sure you get a change in title showing you're the owner and no longer is the bank a lienholder...not sure what that document is called....maybe just a "clear deed"?

Congrats on paying it off...it's a great feeling.



Our city is an eminent domain city, I will never actually own the house...they can always take it for a new highway or whatever as far as I understand lol

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[Tommy Gun]

We never had a mortgage on our Nevada house. And we had no escrow for our Colorado house as when we refinanced with our Credit Union at the time they couldn't by law do escrow (something about not being legally able to hold money for others) so even when they changed the rules we just always kept them on our own control. So we've always had to pay both.

You'll be on your own for homeowners insurance payments. If you aren't already you should combine auto and homeowners with the same company. Now might be a good time to shop auto/home rates... Our daughter was on autopilot, just renewing because escrow made it easy but when she did shop she found cheaper places!

Your real estate taxes will go by whatever rules they have. Here in Vegas we can pay all at once or quarterly. In both Colorado and Nevada the county sends the tax notice to us in the mail with a cover letter that said if we had a mortgage it was a copy for our records and that they automatically sent it to the mortgage company and that we didn't need to forward. Your county's system may be different so you should contact them. They will send the canceled note ("the mortgage") and deed to you so you'll know when responsibilities change.

Most escrow systems are set up to have a balance that covers the entire amount due for taxes and insurance when they are due. Even if it can be split they typically won't due to the overhead of multiple payments. If you're short they adjust your payment to make up the deficit and also add so that there is a small cushion. Most states have a maximum amount of overage they are allowed to hold.

Congratulations on being debt free!

We are totally debt free. We have no mortgage, and pay off all of our credit cards monthly. Our credit rating is a very high number but we were recently denied a Lowes revolving line of credit for 30K for our kitchen cabinets because we have "no record of high balance credit". So I used Amex instead. I now have over 500K Amex points. Gotta start using them.

Oh yeah, sometimes they will escrow for your homeowners association esp. condos. So that would be another one that would switch to your responsibility.

In any case your annual escrow balance statement should show who they collect for and disbursements and balances...


Our home and auto is the same company.


I have tried over the years to find lower auto insurance but get the same story from every other company.... since we have had the same insurance carrier for 40 years we are grandfathered in to such a “supposed” low rate that no one can touch it. Other companies won’t even give me a quote, they just say they can’t touch what we have. :(



Also we have no homeowner dues here.


And not debt free yet, but close.

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[68fastback]

Our home and auto is the same company.


I have tried over the years to find lower auto insurance but get the same story from every other company.... since we have had the same insurance carrier for 40 years we are grandfathered in to such a “supposed” low rate that no one can touch it. Other companies won’t even give me a quote, they just say they can’t touch what we have. :(



Also we have no homeowner dues here.


And not debt free yet, but close.

.

:wtg: it's a good feeling!

[1 Alibi 2]

Paid my house off in 2009, only way I could make the " forced " co. buyout work.
Pay taxes each quarter, drop it off on the other side of town.
Ins. covered by a bundle with the vehicles, I shop ins. almost yearly because of the Shelby, there is a " new " policy discount for the 1st year with most Co.'s.
You will start to understand how little it costs to live as you reduce you monthly bills..

[onecrazydog]

I've paid my house off twice!! :rofl3:

[Tommy Gun]

Paid my house off in 2009, only way I could make the " forced " co. buyout work.
Pay taxes each quarter, drop it off on the other side of town.
Ins. covered by a bundle with the vehicles, I shop ins. almost yearly because of the Shelby, there is a " new " policy discount for the 1st year with most Co.'s.
You will start to understand how little it costs to live as you reduce you monthly bills..


Car insurance is one thing I wish I could reduce. :(


.

[Tommy Gun]

I've paid my house off twice!! :rofl3:



:haha:


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[68fastback]

:lol:

Some people I know from back in my Big Blue days would pay-off the house then a kid would reach college age and they'd re-fi, then pay off again, then next kid would get to college age, etc. The house was sort of just the equity buffer for the kids education. :rofl3:
God bless so many parents making the sacrifices they make to give their kids a leg-up.
All the more reason to hold colleges to account for the crap they're instilling in the kids heads today. Not enough "how to think" and too much "what to think" going on. :rant:

[Tommy Gun]

Yep :(


.

[1 Alibi 2]

:lol:

Some people I know from back in my Big Blue days would pay-off the house then a kid would reach college age and they'd re-fi, then pay off again, then next kid would get to college age, etc. The house was sort of just the equity buffer for the kids education. :rofl3:
God bless so many parents making the sacrifices they make to give their kids a leg-up.
All the more reason to hold colleges to account for the crap they're instilling in the kids heads today. Not enough "how to think" and too much "what to think" going on. :rant:
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.......................Isn't that what a HELOC is for ??

[68fastback]

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.......................Isn't that what a HELOC is for ??

Typically, yes. But most of this was during a period of mortgage rate decline (from 12-13% down to sub 8%) and using a corporate-affiliated (closed audience) credit union with very low and sometimes no fees. Home Equity loans were available but rates were higher.

[twobjshelbys]

.
.......................Isn't that what a HELOC is for ??

Well, sort of...

A true open ended secured line of credit second mortgage is a relatively new (say within 15 years) animal. Before the "line of credit" became available true second mortgages were paid out at full amount and 15 year payment schedule. Our credit union offered HELOC early on. They also have the attribute that the have a variable interest rate, typically Prime+2-3%. Our CU had a way that you could take a portion of the balance and convert it to a fixed loan, but only one outstanding at any one time.

[HSURB]

Car insurance is one thing I wish I could reduce. :(


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Trim the fleet back a little!!!!!!!!!!!!!

HSURB®

[Tommy Gun]

:haha:




Van …need for work.

Truck …need for camper and hauling stuff.

Spyder … need for sanity.

Mustang … need for sanity when too hot to ride the Spyder.

Mini Cooper …is cheap to run around town (groceries and restaurants) Insurance is the cheapest on it also.

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[Highwayman]

:haha:




Van …need for work.

Truck …need for camper and hauling stuff.

Spyder … need for sanity.

Mustang … need for sanity when too hot to ride the Spyder.

Mini Cooper …is cheap to run around town (groceries and restaurants) Insurance is the cheapest on it also.

.

Excuses Excuses Excuses

[Tommy Gun]

:rofl3:



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[Alloy Dave]

I need a yacht.

[68fastback]

I need a yacht.

:lol:

...a hole in the water you pour money into :giggle:

[Tommy Gun]

I need a yacht.



Nice, can I have a ride?


.

[HSURB]

I need a yacht.

Dave:

I found one for you. It is a 76' Nordhavn. And, you can get into it just under 3 million.

https://www.yachtworld.com/boats/2007/nordhavn-76-3747605/

HSURB®

[68fastback]

Wow! Sweet! ...except the price :rofl3:

[twobjshelbys]

Wow! Sweet! ...except the price :rofl3:

Yeah, sweet. I doubt you'd be able to replace it for that price.

[tekheavy]

Nice, can I have a ride?


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TG, have you ever owned a boat, living in Virginia Beach? :popcorn:

[Tommy Gun]

Dave:

I found one for you. It is a 76' Nordhavn. And, you can get into it just under 3 million.

https://www.yachtworld.com/boats/2007/nordhavn-76-3747605/

HSURB®


He would be use to the 400hp per engine feel also.













:tiptoe:



.

[Tommy Gun]

TG, have you ever owned a boat, living in Virginia Beach? :popcorn:



Lol


We’ve owned 3 boats and 5 jet skis.


I’ve worked on dozens of yachts also.

Biggest was a 72’er

Most expensive was around 9 million dollars ….about 10 years ago.


Love boats and would love to have another, but in reality you seriously need money you can afford to throw away. Lol


.

[68fastback]

Lol


We’ve owned 3 boats and 5 jet skis.


I’ve worked on dozens of yachts also.

Biggest was a 72’er

Most expensive was around 9 million dollars ….about 10 years ago.


Love boats and would love to have another, but in reality you seriously need money you can afford to throw away. Lol


.

Amen.

---

Use to work for a fellow whose father-in-law invented the photographic strobe. He owned a 98' Cheoi Lee teak motor-sailer. Simply beautiful! Dunno what it cost but it was VERY comfortable! Went out on it in Long Island Sound one weekend -- unforgettable. Trying to read the charts! :rofl3:

[twobjshelbys]

:lol:

...a hole in the water you pour money into :giggle:

Whats the old saying? If it floats or flies rent it. Some variations add ti*s.

[68fastback]

;-)

[Alloy Dave]

Dave:

I found one for you. It is a 76' Nordhavn. And, you can get into it just under 3 million.

https://www.yachtworld.com/boats/2007/nordhavn-76-3747605/

HSURB®looks a bit small.

[Tommy Gun]

In January we owed $56,000 on our home. I planned (hoped) to pay it off by the January 2022.

We have no other debt so I’ve been putting a lot toward it.

Today, 6 months later, I received a letter from our mortgage company that they received my final payment and my account is officially closed.

They will be sending me back any residual moneys from our escrow.


I’m beside myself , man that feels good!! :yay:



.

[twobjshelbys]

In January we owed $56,000 on our home. I planned (hoped) to pay it off by the January 2022.

We have no other debt so I’ve been putting a lot toward it.

Today, 6 months later, I received a letter from our mortgage company that they received my final payment and my account is officially closed.

They will be sending me back any residual moneys from our escrow.


I’m beside myself , man that feels good!! :yay:



.

Way cool! We liked having no mortgage on our Vegas house - entirely debt free except for the regular monthly credit card statements and utility bills.

Expecting our tax bill any day now. Depending on how much cash on hand we may pay it all at once or quarterly.

[68fastback]

Welcome to the club! Congrats!! It’s an awesome feeling :yay:

So when is the Bronco order going in? :biggrin:

[Tommy Gun]

The way pricing has gone on vehicles and some of the stuff they put into vehicles today I don’t see me buying a new vehicle again unless it’s for work, but we will see.


If anything in the future it will be a low miles used whatever to save the depreciation hit and sell it before it’s not worth anything. :look:


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[Tommy Gun]

Way cool! We liked having no mortgage on our Vegas house - entirely debt free except for the regular monthly credit card statements and utility bills.

Expecting our tax bill any day now. Depending on how much cash on hand we may pay it all at once or quarterly.


Yep, all we have for now is monthly credit card and utilities. :wtg:



.

[68fastback]

The way pricing has gone on vehicles and some of the stuff they put into vehicles today I don’t see me buying a new vehicle again unless it’s for work, but we will see.


If anything in the future it will be a low miles used whatever to save the depreciation hit and sell it before it’s not worth anything. :look:


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Makes sense! That's what we've been doing for a long time now.

---

I bought the Taurus wagon when it was 4 years old for $3,500. It had 95,000 miles on it and I put another 140,000 on it. Bought the Fusion three years old with 24K miles on it for $12K and have put 83K miles on it so far.

I'm really glad I've kept the Fusion well-maintained -- I've been beating the heck out of it in all sorts of weather lately. Normally I won't drive it in rain -lol- unless I have to but this winter I'll be doing a lot of long-distance driving :( Have put over 3K miles on it over just the last 7 weeks :faint: but it burns no oil, leaks no fluids and it wears tires dead even across the tread and side-to-side so I just rotate front to back one a year. Normally most of the miles are local twisty roads but lately it has been mostly 80mph highway driving. Total of three sets of tires since new with no alignment adjustment (I won't let them touch it! -lol). Fourth set of tires will go on next week -- still have over 4mm tread but winter is coming and I'll be driving to Boston (and Albany) a lot starting in late September (over the Taconics and Berkshires) so wanted to change them now. Then next spring it will be brakes. It just drives so nice and tracks so dead-true without even the slightest play in the rack, and is so comfy and reliable (knock on wood). The '09 Fusions were great little cars and have the best repair record of all Fusions made to date. The '09 was the last model year of the first version of the Fusion that they totally lifted from the Euro Ford Mondeo in 2006, which was bulletproof. That's why I searched for one. The '10-ups have more features but poorer repair record. Anyhow... :rofl3:

Only little gripe I have with it is the Mazda 4-banger is a little noisy (valves clatter but that's normal for it) and uses those stupid cartridge-in-canister filters and you have unscrew one round access port in the aero under-belly covering to drain the oil and another rectangular one to change the filter. In 2010 Ford gave the Mazda 2.3 4-banger an overall upgrade to Ford specs and changed to a conventional spin-on filter, and in a better location.

[Tommy Gun]

Yeah, hopefully maintenance is my friend on what we have.



I am thinking about more power on the 15 Mustang to make it interesting again, but…. It sounds so good how it is I don’t what to make it sound worse. :haha:


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[68fastback]

Yeah, hopefully maintenance is my friend on what we have.



I am thinking about more power on the 15 Mustang to make it interesting again, but…. It sounds so good how it is I don’t what to make it sound worse. :haha:


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Lol. Heck, if it sounds good and you're still enjoying tossing it around on the track it's already a winner! :biggrin:

But 100 more HP makes it an even better winner :rofl3: :hiding: :chirp:

[Highwayman]

I'm still driving a 2004 Hyundai that was my wife's we moved down here almost 10 years ago when she got a new SUV. I never had any interest in it but since I don't really drive more than 2500 miles a year I found no reason to buy something new that will just sit in the garage so I am still driving it. So far I have replaced the window switch on the drivers door cheap, the sunroof when the glass exploded cheap and recently the drivers door actuator cheap.

[Tommy Gun]

Lol. Heck, if it sounds good and you're still enjoying tossing it around on the track it's already a winner! :biggrin:

But 100 more HP makes it an even better winner :rofl3: :hiding: :chirp:



I haven’t got the itch to go back to the track and sold my car trailer.


Maybe at some point in the future, but if I Whipple it it would be a handful at the track. :look:


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[Tommy Gun]

I'm still driving a 2004 Hyundai that was my wife's we moved down here almost 10 years ago when she got a new SUV. I never had any interest in it but since I don't really drive more than 2500 miles a year I found no reason to buy something new that will just sit in the garage so I am still driving it. So far I have replaced the window switch on the drivers door cheap, the sunroof when the glass exploded cheap and recently the drivers door actuator cheap.


That’s smart. We use our Mini Cooper that I bought cheap a few years ago to save miles on our other cars and the insurance is actually really cheap on it also.

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[68fastback]

I haven’t got the itch to go back to the track and sold my car trailer.


Maybe at some point in the future, but if I Whipple it it would be a handful at the track. :look:


.

:weg: I'm like the devil -lol ;-)

[Tommy Gun]

:look:

[68fastback]

:rofl3:

You should get whatever you like. You work hard and deserve it.

—-

Saw my first Spyder in the wild on Monday. He was flying!! Easily doing 100+. I was doing 80 and he blew by me like I was standing still.

[Tommy Gun]

:wasntme:

[Tommy Gun]

Instead of another vehicle I’d like to spend the money on traveling somewhere a few times a year, but that’s going to depend on this stupid forceful mask mandate on planes and such.

[68fastback]

Cool!

We'd love to do another cross country trip when I've recovered from all this. Hopefully masks will be history by then.

[Highwayman]

Instead of another vehicle I’d like to spend the money on traveling somewhere a few times a year, but that’s going to depend on this stupid forceful mask mandate on planes and such.

We flew to Pittsburgh yesterday, the way I dealt with it was I just went into my own little world and didn't look at anyone and dealt with it for the whole 4 hour ordeal. At this point Ride Sharing and airports are all that is left with mask requirements and the few times I have to use them I just put up with it to get where I am going. All of this sucks but complaining about it isn't going to make it go away.

[Tommy Gun]

Good point



But I’m a non conformist till I die :haha:



We had a couple people we met in Sanibel that flew in and they told us they just kept acting like they were drinking their bottled water so they didn’t have a mask covering and no one could say anything lol


.

[68fastback]

Lol. I do that too in hospital (mask off, sip water) when getting infusions and nursing is fine with that ;-).

Most stores around here aren’t requiring masks tho some people still wear them.

[1 Alibi 2]

G/F had to start wearing a mask again @ work, ( 08/04/2021 ),.................this makes it bearable..
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https://i.postimg.cc/g06DzCfT/Shear-face-mask-08-05-2021-006.jpg (https://postimages.org/)

[Tommy Gun]

:wtg:




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