Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I’m close to the end. Did you find the transition seamless or a hassle? I’m talking about suddenly having to pay real estate taxes and homeowners insurance separately; they are currently just wrapped in to my monthly mortgage payment.
More specifically I guess- were there any hiccups about escrow paid but not yet disbursed to the town or insurance company, things like that.
I’m glad to be in this position, but I wonder if I should be wary and prepare in any way. I’ve got about three months left, and might do it sooner, so any thoughts are appreciated.
Thanks.
All I know is when I paid off my mortgage my credit score took a massive dump.
So much for being responsible with my finances.
You get punished for not wanting to be in debt.
But, yeah it ended up being temporary, it went back up to almost, *almost* where it was before. System sucks.
All I know is when I paid off my mortgage my credit score took a massive dump.
So much for being responsible with my finances.
You get punished for not wanting to be in debt.
But, yeah it ended up being temporary, it went back up to almost, *almost* where it was before. System sucks.
Isn't it Dave Ramsey who calls your credit score an "I love debt score"?
Isn't it Dave Ramsey who calls your credit score an "I love debt score"?
Not sure but I do know people in Australia probably heard my scream when I found out about my score.
I could have made the domestic terrorism watch list for about 15 minutes if the government could actually read my mind. I totally flipped. My score dropped like 80 points for a few months. And I only got like 75 back.
What a goddam scam.
Once I paid off my homes a few years ago, I have no need for a credit score. I'll probably never need to borrow another dime from any institution, so who cares if it's 650 or 825?
Once I paid off my homes a few years ago, I have no need for a credit score. I'll probably never need to borrow another dime from any institution, so who cares if it's 650 or 825?
I tried to think that way, but you never know in the event of a financial catastrophe if you’ll need some extra dough. I guess if you’re in your 70’s and you have a few million in the bank you’re probably fine, most likely you won’t outlive your money. But I thought about it, the system is soooo rigged to keep you in debt. You need to have debt, to have credit to, to have more debt. And then the real BS stuff like insurance companies using credit history as part of how they base your rate. And other silly stuff like oil companies for example, they also do a credit check. “I plan to pay cash for my deliveries” “yes I’m sorry but we still need to run your credit”.
Suuuuck it you bastards!!!!
Oh, back to the OP, yes paying off the mortgage was an easy process. Just fork over your money and they send you a letter of satisfaction. Make sure your municipalities have been notified so that you get your tax bills.
Same with HO insurance.
All I know is when I paid off my mortgage my credit score took a massive dump.
So much for being responsible with my finances.
You get punished for not wanting to be in debt.
But, yeah it ended up being temporary, it went back up to almost, *almost* where it was before. System sucks.
This whole convey is built on debt.
I don’t really care for credit anymore. I got the house and that’s all I needed.
If you can’t afford to buy it flat out, you don’t need credit, you need to save money.
I tried to think that way, but you never know in the event of a financial catastrophe if you’ll need some extra dough. I guess if you’re in your 70’s and you have a few million in the bank you’re probably fine, most likely you won’t outlive your money. But I thought about it, the system is soooo rigged to keep you in debt. You need to have debt, to have credit to, to have more debt. And then the real BS stuff like insurance companies using credit history as part of how they base your rate. And other silly stuff like oil companies for example, they also do a credit check. “I plan to pay cash for my deliveries” “yes I’m sorry but we still need to run your credit”.
Suuuuck it you bastards!!!!
Oh, back to the OP, yes paying off the mortgage was an easy process. Just fork over your money and they send you a letter of satisfaction. Make sure your municipalities have been notified so that you get your tax bills.
Same with HO insurance.
I know how you feel, but in the event of catastrophe, I have health insurance, auto insurance, and a vacation house and main house that can be sold, plus some savings/stocks/bonds and other assorted accounts. In dire need, I can always play the Tom Selleck card and do a reverse mortgage.
In the meantime, I lock all my credit reports so if someone wants to check them, they have to notify me and ask that they be unlocked.
I don’t really care for credit anymore. I got the house and that’s all I needed.
If you can’t afford to buy it flat out, you don’t need credit, you need to save money.
Be smart Don’t play their game.
I play their game every month and win. I use my Fidelity card for everything and pay it off at the end of the month. Then they give me 2.5% back on purchases. Free money! No yearly charge for the card either.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
