frenzal rhomb Posted November 14, 2011 Share Posted November 14, 2011 Well, on Dec 1 I plan on writing my final check to Chase Home Finance - I still owe about 4800.00 but plan on paying it off. Is there any thing I need to worry about missing? Ive been on line and Ive seen things like it requires a cashiers check, goes to a differentt address, exit fees etc.? Anyone in the business that can advise if I have to worry about something - I have worked hard to get there and want to enjoy the moment hassle free - or as little hassle as possible Thanks Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted November 14, 2011 Share Posted November 14, 2011 good for you. Quote Link to comment Share on other sites More sharing options...
nuke'em ttg Posted November 14, 2011 Share Posted November 14, 2011 Beware the female loan officer with hooters, clear desk and landing strip, try ta focus and read Quote Link to comment Share on other sites More sharing options...
frenzal rhomb Posted November 14, 2011 Author Share Posted November 14, 2011 Beware the female loan officer with hooters, clear desk and landing strip, try ta focus and read I prefer a hardwood floor Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted November 14, 2011 Share Posted November 14, 2011 Make sure you have all the details, including the exact final payoff amount, usually only available through a phone call. Don't let the bastards swindle you by omitting some obscure sum or coming up a day short, because they will if they can. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted November 14, 2011 Share Posted November 14, 2011 No advice, but congratulations! Quote Link to comment Share on other sites More sharing options...
frenzal rhomb Posted November 14, 2011 Author Share Posted November 14, 2011 No advice, but congratulations! Thanks - had a goal of 43 and beat it by six months Quote Link to comment Share on other sites More sharing options...
geeteebee Posted November 14, 2011 Share Posted November 14, 2011 Does your mortgage have a prepayment penalty? If not then you should be fine. As Ursa mentions, make sure you know the exact amount because it changes each day. You will need to FedEx the check for morning delivery so they can deposit it on a specific day. Also, find out what the lender's process is for providing you a release of lien or the deed. I'm curious to see how it goes as I am doing the same thing at the end of the year. Quote Link to comment Share on other sites More sharing options...
SayItAintSoJoe Posted November 14, 2011 Share Posted November 14, 2011 Congrats! It's a great feeling. We paid off our house about 3 years ago so here’s some post-payoff advice: Immediately set up some type savings mechanism to which you can apply the money that you were paying on your mortgage to. We failed to do this for the first 2 years after paying off our mortgage and instead we just basically pissed away the extra money every month. It’s not hard to do. So one day we stopped and realized that even though we had had a paid off house for the last 2 years we weren’t any wealthier because of it. We ended up re-directing that money each month to college saving plans for the kids. Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted November 14, 2011 Share Posted November 14, 2011 Immediately set up some type savings mechanism to which you can apply the money that you were paying on your mortgage to. We failed to do this for the first 2 years after paying off our mortgage and instead we just basically pissed away the extra money every month. It’s not hard to do. So one day we stopped and realized that even though we had had a paid off house for the last 2 years we weren’t any wealthier because of it. We ended up re-directing that money each month to college saving plans for the kids. Sound idea. We failed to do the same thing when we paid off both our cars a few years ago....we should have realized an additional $850 a month. But at the end of the month, it seemed we were always in the same spot in terms of cash-flow. Turned out we were eating dinners out a lot more, buying extra stuff, paying for sitters and date nights more often....which is all good for the mental well-being, but we should have seen our savings accounts grow by a lot more than they did. Now we have another car payment, and I am like "Whoa, we need to cut back on a ton of stuff!"....and the new payment is still $300 less than what we paid in total 5 years ago. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted November 14, 2011 Share Posted November 14, 2011 That's terrific. Kudos. Quote Link to comment Share on other sites More sharing options...
Big Country Posted November 14, 2011 Share Posted November 14, 2011 Call Chase Home Finance and work with a rep to make the arrangements so that, as others have noted, you know the exact amount needed and the proper process to go through to make sure it is processed properly. Quote Link to comment Share on other sites More sharing options...
frenzal rhomb Posted November 14, 2011 Author Share Posted November 14, 2011 Congrats! It's a great feeling. We paid off our house about 3 years ago so here’s some post-payoff advice: Immediately set up some type savings mechanism to which you can apply the money that you were paying on your mortgage to. We failed to do this for the first 2 years after paying off our mortgage and instead we just basically pissed away the extra money every month. It’s not hard to do. So one day we stopped and realized that even though we had had a paid off house for the last 2 years we weren’t any wealthier because of it. We ended up re-directing that money each month to college saving plans for the kids. thanks - next plan is to max roth iras Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted November 14, 2011 Share Posted November 14, 2011 yeah if you call or even go online (if you can access your account that way) you can request a payoff quote that is good for a stated amount of time. do that so there are no suprises and you should be good. congrats Quote Link to comment Share on other sites More sharing options...
gbpfan1231 Posted November 14, 2011 Share Posted November 14, 2011 Make sure you have all the details, including the exact final payoff amount, usually only available through a phone call. Don't let the bastards swindle you by omitting some obscure sum or coming up a day short, because they will if they can. Jesus - you are a bitter man. Is everyone evil? I thought libs were supposed to be the compassionate ones???? I hope it all goes well and you have no issues and if it does please report back to show that some places/corporations/people are not all out to get you. Also report back if it goes bad and hopefully they will get a tiny bit of bad word of mouth and lose some business because of it. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted November 14, 2011 Share Posted November 14, 2011 Jesus - you are a bitter man. Is everyone evil? I thought libs were supposed to be the compassionate ones???? Not bitter at all. All that is necessary is to read a little. Example from this weekend: There's a lady right here in town who has never missed a mortgage payment and never been late - her bank and the attorney general's office both support this, yet she is being foreclosed on in December because the mortgage company screwed up an internal function, generating late charges (because they took six weeks to move her properly provided check from one department to another). Those late fees are still compounding, despite repeated providing of evidence she's never been late and the support of the aforesaid bank and AGO. The mortgage company is proceeding with the foreclosure. If you trust them to do the right thing, yer an idiot is all I'm saying. Quote Link to comment Share on other sites More sharing options...
Brentastic Posted November 14, 2011 Share Posted November 14, 2011 Well, on Dec 1 I plan on writing my final check to Chase Home Finance - I still owe about 4800.00 but plan on paying it off. Is there any thing I need to worry about missing? Ive been on line and Ive seen things like it requires a cashiers check, goes to a differentt address, exit fees etc.? Anyone in the business that can advise if I have to worry about something - I have worked hard to get there and want to enjoy the moment hassle free - or as little hassle as possible Thanks Nice, that must be quite the relief. I paid off my student loans back in May and I can only imagine paying off your home mortgage is 100x more gratifying. Quote Link to comment Share on other sites More sharing options...
Sugar Magnolia Posted November 14, 2011 Share Posted November 14, 2011 Congratuatios! Make sure you have notification in writing that your mortgage balance is zero and put that paperwork in a safe place. We paid off our last home about 15 years ago and bought our current house for cash. A nice feeling to have, and one we were told by many, was not a wise financial move (incl. some Huddlers) a few years back during the boom times. Quote Link to comment Share on other sites More sharing options...
yo mama Posted November 15, 2011 Share Posted November 15, 2011 If the bank has a deed of trust (or other recorded security interest) on your property, make sure they prove that it's been removed. They're supposed to do that without you asking - just make sure they follow through. Quote Link to comment Share on other sites More sharing options...
frenzal rhomb Posted November 15, 2011 Author Share Posted November 15, 2011 thanks everyone for your insight - much appreciated Quote Link to comment Share on other sites More sharing options...
moneymakers Posted November 15, 2011 Share Posted November 15, 2011 go get the largest equity loan you can (line of credit) .Do your homework. pay cash for the best deal you can. buy a duplex for pennies on the dollor .do your homework. shampoo rinse repeat Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted November 16, 2011 Share Posted November 16, 2011 The first thing I would do is take out a new 15 year mortgage as rates are at historic lows... Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted November 16, 2011 Share Posted November 16, 2011 No advice just congrats! Quote Link to comment Share on other sites More sharing options...
matt770 Posted November 16, 2011 Share Posted November 16, 2011 The first thing I would do is take out a new 15 year mortgage as rates are at historic lows... That is horrible advice. Now is the time to walk away. With the backlog of foreclosures right now, you can live there for a good 12-18 months completely rent-free before the sheriff comes to evict you. Quote Link to comment Share on other sites More sharing options...
Big Country Posted November 16, 2011 Share Posted November 16, 2011 The first thing I would do is take out a new 15 year mortgage as rates are at historic lows... Why would you take on debt? Even if you get a 3.25% rate (let's call it 2.43% after writeoff assuming 25% tax bracket and that you have enough deductions to make it worth itemizing and not just take the standard deduction), where can you park the cash (cause you are advocating he cash out his equity I assume, not stretch $4k over 15 years) and get a risk free return greater than 2.43%? Quote Link to comment Share on other sites More sharing options...
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