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03-01-2014, 08:44 PM
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Banned
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Join Date: Sep 2012
Posts: 2,052
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I paid off my house today
All told it took me 10 years and 11 months which is completely silly because when I attempted to get my first mortgage with my bank I was turned down and was told I could not afford it.I had to suffer through 3 years with Exceed
and a mortgage rate of 6.89%.In those 3 years I saved up enough to get CMHC out of the picture.My bank jumped at the paper when it was offered.I say offered as I went through a mortgage broker.For the next 7 years and 11 months and 1 mortgage renewal I changed up my ammortisation and doubled
up on my payments as well as hit the principal with some pretty hefty yearly over payments.
During that time I have completely renovated the place.New bathrooms with tile floors/tiled entryway/tiled fireplace/laminate floor in the basement and engineered hardwood upstairs.I gutted the kitchen and put in all new cabinets and had a tile floor/backsplash done.New roof with 35 year shingles in 2010.The only thing I have not replaced is the furnace which is next.
Pretty good for a guy who "could not afford it" 
I will now put my effort into retirement savings 
FTH
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03-01-2014, 08:48 PM
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Join Date: Jun 2008
Location: Ft. McMurray and Kingston
Posts: 1,764
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Good for you! You are to be commended.
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03-01-2014, 08:50 PM
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Banned
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Join Date: Nov 2010
Location: Rycroft
Posts: 21,548
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Congrat's !!!
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03-01-2014, 08:51 PM
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Join Date: Dec 2009
Posts: 8,499
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Awesome. Congrats.
I remember that feeling with great fondness and pride.
With less fondness was the feeling of losing that house in the divorce 5 years after paying it off.
__________________
You're only as good as your last haircut
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03-01-2014, 08:53 PM
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Join Date: Aug 2008
Location: CNP
Posts: 3,765
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Way to be Hip.
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03-01-2014, 08:54 PM
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Banned
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Join Date: Nov 2010
Location: Rycroft
Posts: 21,548
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Quote:
Originally Posted by omega50
Awesome. Congrats.
I remember that feeling with great fondness and pride.
With less fondness was the feeling of losing that house in the divorce 5 years after paying it off. |
Yup ... I paid mine off twice !!! 
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03-01-2014, 08:56 PM
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Join Date: Dec 2010
Location: Ontario Toronto
Posts: 116
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Can you ask the bank
Can you ask the bank for the release papers
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03-01-2014, 08:57 PM
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Join Date: Apr 2013
Location: Calgary
Posts: 1,629
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congrats!
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03-01-2014, 09:00 PM
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Join Date: Sep 2010
Posts: 3,269
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Right on!
Enjoy the savings!
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03-01-2014, 09:07 PM
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Join Date: Dec 2011
Location: On top of sphagetti
Posts: 3,565
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Great job!
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03-01-2014, 09:08 PM
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Join Date: Oct 2012
Posts: 4,032
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The day i paid mine off was pure bliss!
Still remember the day like it was
yesterday-June12/2002..
never again for me,debt is the devil!
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03-01-2014, 09:11 PM
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Join Date: Oct 2009
Location: WMU 108
Posts: 2,465
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Well if you feel like you are missing out come month end with no payment, shoot me a pm I got a house you can make some payments on if you feel inclined.
That must be a good feeling. Congrats
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03-01-2014, 09:14 PM
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Join Date: Dec 2013
Location: In your personal space.
Posts: 4,788
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Good job! Save whatever you used to pay on your house for your retirement.
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03-01-2014, 09:33 PM
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Banned
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Join Date: May 2009
Location: Communist state
Posts: 13,245
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I had that same feeling once. Only lasted a year or so but it was great!
Congrats man, enjoy the freedom!
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03-01-2014, 09:38 PM
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Join Date: May 2007
Location: Dreadful Valley
Posts: 14,644
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Feels good doesn't it!
__________________
There are no absolutes
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03-01-2014, 10:15 PM
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Join Date: May 2007
Location: flms
Posts: 3,911
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3 years or less and same for me. Congrats though, good job
__________________
the days we are at our best we can play with anybody, problem is those days are getting farther and farther apart
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03-01-2014, 10:26 PM
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Join Date: May 2012
Location: Edmonton,AB
Posts: 998
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Quote:
Originally Posted by From The Hip
All told it took me 10 years and 11 months which is completely silly because when I attempted to get my first mortgage with my bank I was turned down and was told I could not afford it.I had to suffer through 3 years with Exceed
and a mortgage rate of 6.89%.In those 3 years I saved up enough to get CMHC out of the picture.My bank jumped at the paper when it was offered.I say offered as I went through a mortgage broker.For the next 7 years and 11 months and 1 mortgage renewal I changed up my ammortisation and doubled
up on my payments as well as hit the principal with some pretty hefty yearly over payments.
During that time I have completely renovated the place.New bathrooms with tile floors/tiled entryway/tiled fireplace/laminate floor in the basement and engineered hardwood upstairs.I gutted the kitchen and put in all new cabinets and had a tile floor/backsplash done.New roof with 35 year shingles in 2010.The only thing I have not replaced is the furnace which is next.
Pretty good for a guy who "could not afford it"
I will now put my effort into retirement savings
FTH |
Why don't you buy a truck for 80K now?Keep working and help our Banks to get reach,so they don't need to ask for bailing from government.
__________________
you know I prefer to shoot off hand
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03-01-2014, 10:29 PM
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Join Date: Nov 2009
Location: Southern Alberta
Posts: 1,777
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Congrats! Only 24 years and 3 months more to go and I'll be right with you!
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03-01-2014, 10:30 PM
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Join Date: May 2012
Location: Edmonton,AB
Posts: 998
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Quote:
Originally Posted by Kurt505
I had that same feeling once. Only lasted a year or so but it was great!
Congrats man, enjoy the freedom!
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have you spend your 10 millions on lotto max?
__________________
you know I prefer to shoot off hand
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03-01-2014, 10:32 PM
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Join Date: May 2012
Location: Edmonton,AB
Posts: 998
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Quote:
Originally Posted by MoFugger21
Congrats! Only 24 years and 3 months more to go and I'll be right with you! |
x1
__________________
you know I prefer to shoot off hand
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03-01-2014, 10:58 PM
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Join Date: May 2007
Location: Fort Sask, AB
Posts: 4,931
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Good for you.
Paid mine off about 10 yrs back, it feels good.
But you get drawn into other things.
For me it was a quarter sec, then another one, seems to never stop, ha.
TBark
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03-01-2014, 11:11 PM
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Join Date: Dec 2012
Posts: 682
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Congrats, that is awesome. I honestly can't imagine. Seems so hard to make extra payments with all the guns and trucks to spend money on… now I'm going to get into fly fishing finally…. ugh the hobbies are never ending. First came the knife collecting, then remote control cars and trucks, then more knives... The Mrs and I are DINKS so really it should be possible.
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03-01-2014, 11:48 PM
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Join Date: May 2007
Location: Calgary
Posts: 11,576
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Hard work pays off! 'Grats FTH. Very envious.
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03-02-2014, 02:29 AM
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Join Date: Sep 2010
Location: Camrose
Posts: 2,359
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I'm jealous! I still owe 196k on the new house, gonna be a long,long time till thats paid off!
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03-02-2014, 03:05 AM
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Join Date: Oct 2010
Location: central Alberta
Posts: 12,629
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A new phase of life is always nice. Congrats. Don't work to hard.
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03-02-2014, 04:42 AM
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Banned
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Join Date: Jan 2010
Location: Kimberley B.C.
Posts: 5,234
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Good for you !Paid mine off a few years back,great feeling ain`t it
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03-02-2014, 05:07 AM
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Banned
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Join Date: Feb 2009
Posts: 773
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Congrats! Nice work.
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03-02-2014, 05:23 AM
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Join Date: Mar 2013
Posts: 142
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I was luck enough that I did not have to borrow I built as I could afford it my labour was free but even thou I wouldn't want to do it again . Good for us that the day has come you can thell them they have picked your pocket long enough .
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03-02-2014, 07:15 AM
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Join Date: Jun 2009
Posts: 47
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Congratulations, one of the biggest burdens in life is gone.
Ensure the bank makes application to the Province - "Registar of Land Titles" to get the "Certificate of Title" that shows yuo now own the property free and clear. You will recieve this directly from the Province in a few weeks.
Also, provide a copy to your house insurance agent so the bank is removed from being a lein holder on your property.
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03-02-2014, 08:02 AM
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Join Date: May 2007
Location: West Of Leduc,AB
Posts: 1,386
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Way to go. It is nice having that matter out of your life isn't it>? We paid our house off in 11.5 years with some renovations as well. Thank God that is out of the way for all who have their house paid off.
__________________
"Shot through the heart, and Dune's to blame. His 308 kill's big game."---Dead Doevi
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