I actually paid off my house yesterday morning, very anticlimactic. With various factors kicking in, it was 9.5 years early when using 30 years as a benchmark. Thank goodness for a then late 50 y.o. coworker in 2008, telling me if I were you, put any extra funds you may have towards the principal of your house--and she proceeded to explain in a real world sense. This is a woman who checks the cost of a replacement tire, before she buys a car--smart.
What I have learned as of late, was that those folks in the high $ markets like Boston and Fairfield CT, people like me, who are older, take longer to pay their house off. Specific example, my buddy who is 7 years older, has 4 more years in CT (my thought is apples to apples he should pay his home off 7 years sooner, he's older and started longer ago). So it would seem we're playing the 9/10 is possession deal because embarrassingly, according to realtor.com, my house isn't even 500k, when just the 2 I mentioned above are in the 1 point x range.
All I can say is, it is what it is, right? I've never sold a house, but I know myself, if I got more than asking, I'd be wondering if the realtor priced it too low, what if 10k over, was a bargain to the buyer who had 30k over in mind if he had to? Reminds me of my first job here in Phila. My first year, I got a 25% raise. I was elated. It was to bring me up to the median for my job hahahahahaha Dang recruiter brought me in too low
edit for anyone out there listening, what was instrumental to me was a first lien position home equity loan. Forced me into a 10 year amortization, last time in 2013.
It's a means of refinancing with ZERO costs. Why, it's not a mortgage, there is no title insurance. The catch is it's a 10 year amortization with a rate higher than a 15 and lower than a 30. But I did this 2012 and 2013 to get my rate down to 3.25%, when it was 5.75% prior, and with ZERO fees, other than the county recording fee to dispose of the lien.
In other words I didn't want to do a traditional refi which may have been a few thousand in closing costs.
I guess it still exists here's a description, and again, now is not the time. Only when your mortgage has a higher rate and you're looking to drop it, without a fee:
What is a First Lien Home Equity Loan?
A
First Lien Home Equity Loan (First Lien) is a mortgage product, meaning it’s a loan secured with real estate as collateral. However, First Liens are generally taken out when you’ve already purchased a home with a traditional mortgage. More specifically, Rich explains First Liens are “designed to provide a quicker and less expensive refinance option for members who owe less than $250,000 and have at least 20%
equity in their home.”
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