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Sounds like you got a real winner on the line. Find someone in the payoff department. If you can't get a live voice ask for a supervisor.
It's been awhile for me but last I knew, interest is always paid in arrears. I would call for a verbal payoff and then ask what the per diem (per day) interest amount is then add that on. There is usually a charge for a payoff demand and a re-conveyance fee to get the deed re-recorded in your name. Or you can contact an escrow/title company in your area and see if they will handle it for a fee.
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What I would do is to look at the principle amount and figure it out on your own. Then just cut a check and send it in with an extra $25. Overpaying a little will make sure they don't find a way to tack on more interest charges or escrow payments.
If one has $$ saved, and pretty much sitting on it, is it best to pay off the house mortgage, and have the deed ? I'm not talking too much, but another topic on cutting $ 500 / month has me convinced to invest fully, since CDs are not bringing much and the US $ is shifting...
Yes, mine is paid off and it's worth it, especially in these economic times. I cannot imagine having to have a mortgage. No one can take this away from me unless I do not pay my taxes. IOW, I always have a roof over my head no matter how tough times get. I do keep a crappy medical insurance policy around with a $10K deductible, which means I won't lose everything either. Call me risk averse. I just think I'm smart and I sleep well at night. What price does a person put on that?
Location: When things get hot they expand. Im not fat. Im hot.
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Ive been following your thread cause soon I will have the same dilema. My Mom passed away in March and I will be selling my house that she rented. Hopefully I will get$45- $50 thousand. I still owe around $52000 at 5.23%. I only have 5 yrs to go on my 10 yr mortgage but my P&I payments are $976 a month.
Im going to go public and admit I know absolute zilch about investing. Im retired and I cant afford to lose ANY thing so my investments are very conservative. My financial guy says I should invest the money and not pay off the house. But its really tempting to lose that $976 payment. Also just what do you invest in that wont keep you up nights. Decisions Decisions.
And the mortgage interest doesnt do me any good. I dont have enuf stuff to itemize so I end up doing standard deduction. All I owe is my house and my car.
I figure with the housing market the way it is I got some time before I actually get any money.
For the 100th time. There is no greater feeling and sense of secruity then having a home paid off. If you have no other full-proof plans for the money, pay off your home. You won't regret it. And remember, once it is paid off, if you ever need cash that badly, there is always the bank. Loans are easy against your house when you own it free and clear. My home is paid off years ago, it allowed me to save lots of money and that money has since grown. I sleep well at night knowing my home is mine, not the banks.
Location: When things get hot they expand. Im not fat. Im hot.
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Im leaning towards payoff but since I dont know what the Hell Im doing I figure I should keep an open mind and listen to what others have to say on the subject. Then Ill check out that info and make up my mind. Like I said I got a while. I dont think my house is gonna sell tomorrow.
Like I said Im a real novice So no yelling. This is some stuff Im wondering about. If I pay off the mortgage Im making 5.23 on that money? I figure I'll have an extra $976 that I could pay on my car $17 thousand at 6.9%.
But this is all short term. The house and the car only have 5 yrs to go. SO. Should I just suck it up and keep making the payments. And invest the money in something that pays a smaller amount but is long term. 5 years is not that long. What would a conservative investment pay on $50 thousand and over what time frame.
Im leaning towards payoff but since I dont know what the Hell Im doing I figure I should keep an open mind and listen to what others have to say on the subject. Then Ill check out that info and make up my mind. Like I said I got a while. I dont think my house is gonna sell tomorrow.
Like I said Im a real novice So no yelling. This is some stuff Im wondering about. If I pay off the mortgage Im making 5.23 on that money? I figure I'll have an extra $976 that I could pay on my car $17 thousand at 6.9%.
But this is all short term. The house and the car only have 5 yrs to go. SO. Should I just suck it up and keep making the payments. And invest the money in something that pays a smaller amount but is long term. 5 years is not that long. What would a conservative investment pay on $50 thousand and over what time frame.
Exactly what you said.
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What price does a person put on that?
