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Paid My House Off Today!

kmk1012

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Just did a large wire transfer at the bank today paying off my existing mortgage in preparation for our new house we will close on September 15th. I will outright own a house for at least three months before more payments start again, LOL. Our new place has elbow room, shop, and most importantly a better school district for my four kids.
 
Our house has 5 more years to go and it’s paid off.... I’ll NEVER leverage the equity that’s built up. If/when the time comes that we sell it (for a veritable fortune) I’ll use the free and clear proceeds to move to a free state and pay cash outright. ;)
 

arakboss

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Just did a large wire transfer at the bank today paying off my existing mortgage in preparation for our new house we will close on September 15th. I will outright own a house for at least three months before more payments start again, LOL. Our new place has elbow room, shop, and most importantly a better school district for my four kids.
Congrats, I am looking forward to the day I can say that about my $8000ish of consumer debt. Good job!
 

UnionMillsNW

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Congratulations! Paying off the house is a huge accomplishment and I'm sure a weight off your shoulders.

I truly believe that to be free is to have no debt (taxes are a whole other conversation)

I sold my home in Washington (leaving a substantial mortgage and crushing taxes) earlier this year. I now have no debt.
I'm currently staying with family while I get my ducks in a row in Oregon. My goal is to find a small house and have it paid off by 2025.
 

11Charlie

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Congratulations!! Even if just for a moment in time.

The house we currently own will more than likely never be paid off until the sale of it. We should make out really well on our current home since we bought it in the down economy and have done a ton of upgrades. Hopefully what we make will buy us a house in a free state and we can have it free and clear.
 
Congrats, put my current home on a 15 year note for that very reason.
 
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I paid mine off in 2012. At the ripe old age of 42 I was debt free, and then I did the stupidest thing ever: I moved and bought a bigger, more expensive house...

The sad part about all this is that NOBODY truly ever OWNS their home. Oh they may have paid off the mortgage, but miss just one never-ending property tax payment and see how long your home remains your home. There is no way that this is what the Founders envisioned for us...paying "rent" to the government in perpetuity. :mad:
I agree completely, and would love for Oregon to abandon the property and income tax systems and go to a sales tax-only revenue system. If done correctly (not likely with Ds in control), taxes to citizens could be reduced while still maintaining the same level of revenue through sales tax on tourism.

If it’s any consolation, once you stop paying property taxes to the county it takes 4-5 years before they actually take your house, at least in Lane County, so that’s quite a grace period!
 
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I paid mine off in 2012. At the ripe old age of 42 I was debt free, and then I did the stupidest thing ever: I moved and bought a bigger, more expensive house...
LOL.........We've all paid stupid tax my friend. Welcome to the club, entrance is the second door on the left.
 

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