# Paided off our morgage today!!



## gardenshepherd (Dec 11, 2013)

Today we paid off all our debt, we have what is called in NZ, discharged our mortgage, which means the bank no longer owns our farm. 
This is a big thing for us, as we are prepping for the financial collapse, we can see coming.


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## Viking (Mar 16, 2009)

gardenshepherd said:


> Today we paid off all our debt, we have what is called in NZ, discharged our mortgage, which means the bank no longer owns our farm.
> This is a big thing for us, as we are prepping for the financial collapse, we can see coming.


I love hearing this, good for you. Coming out from under financial burdens certainly makes what money you have go so much further.


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## gardenshepherd (Dec 11, 2013)

It also means we can be a safe haven, for other family members, if the SHTF.


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## Moose33 (Jan 1, 2011)

Congratulations. Great feeling isn't it?


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## biobacon (Aug 20, 2012)

Good for you. Im very happy for you.


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## talob (Sep 16, 2009)

I'm envious but getting there.


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## faithmarie (Oct 18, 2008)

Congratulations!!!!!


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## HomegrownGal (Feb 11, 2013)

That is awesome news!!! I took a mortgage last year to purchase my homestead. It was bank owned and a fraction of the tax assessment! Lol! But now I'm in bondage to the system again! Congratulations on becoming debt free!! )


Sent from my iPhone using Survival Forum


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## LincTex (Apr 1, 2011)

Do you still have to pay annual property taxes there?


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## Alfred_E_Neuman (Dec 5, 2014)

Congratulations! Good to hear!


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## Jim1590 (Jul 11, 2012)

Time to do a equity loan to finance more preps?

LOL congrats on the debt free feeling.


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## TheLazyL (Jun 5, 2012)

Jim1590 said:


> Time to do a equity loan to finance more preps?...


My unemployed on disability SIL came up with that idea too. She figured a equity loan doesn't cost her anything because she's borrowing her own money :nuts:

She isn't interested in preping, just to have some money to add on to her house for a kitty litter box. :scratch


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## gardenshepherd (Dec 11, 2013)

LincTex said:


> Do you still have to pay annual property taxes there?


We pay local Government taxes on property, its pays for services like rubbish pick-up, water, rainwater disposal, we only use the rubbish pick-up, every thing else we do ourselves, so our rates are only about $1500 a year. That fee pays for lots of things, that the local government supply.


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## Country Living (Dec 15, 2009)

Many years ago, when I lived in the megacity, I paid off my mortgage and went downtown to the city clerk to have the release recorded. I had just come off a bad bout of the flu, was wearing clean but old and worn coveralls, and I'm sure I either looked like I fell off the truck or the truck ran over me as I was standing in line to "wait for the next available clerk". Two men on each side of me struck up a conversation about why they were in the line. 

They probably took pity on me since they were talking over and around me and asked why I was in line. I told them I paid off my mortgage and was having the release of lien recorded. Here's the sad part of the story. Neither one had ever met someone who paid off their mortgage. And, here I was... a ragtag pitiful looking thing who did just that.

We sold the house in the megacity when we retired and, combining that money with what we saved to buy land, allowed us to pay cash for the ranch.

Congratulations on your major achievement. You did good! :beercheer: Being debt-free gives you so many more options!!!


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## LincTex (Apr 1, 2011)

gardenshepherd said:


> its pays for services like ... rainwater disposal,.


How does one dispose of rainwater? :scratch

Was that supposed to be drainwater/sewer?



gardenshepherd said:


> about $1500 a year. That fee pays for lots of things, that the local government supply.


In the USA, we get an "agricultural exemption" (much lower taxes) for those with crops and livestock. 
Do you have similar?


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## tsrwivey (Dec 31, 2010)

Congratulations! Awesome feeling!


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## Toffee (Mar 13, 2012)

Congalrats! It's a great feeling to be debt free. We only have the car loan right now, but I can't wait to pay it off.


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## jeff47041 (Jan 5, 2013)

Congratulations! I love hearing when someone accomplishes this.


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## Jewel (Sep 6, 2014)

gardenshepherd said:


> Today we paid off all our debt, we have what is called in NZ, discharged our mortgage, which means the bank no longer owns our farm.
> This is a big thing for us, as we are prepping for the financial collapse, we can see coming.


Congratulations!!!! I'm so happy or you!!!!

That is, in my opinion, about the biggest step in a self sufficient life.


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## gardenshepherd (Dec 11, 2013)

LincTex said:


> How does one dispose of rainwater? :scratch
> 
> Was that supposed to be drainwater/sewer?
> 
> ...


The rain of the roofs of building go into the sewer, gets mixed up with what we will call dirty water, or poo. At our house said rainwater goes into 3 large holding tanks, that we pump into the house.


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## gardenshepherd (Dec 11, 2013)

We do not get any Exemptions for anything, ever.


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## Genevieve (Sep 21, 2009)

gardenshepherd said:


> Today we paid off all our debt, we have what is called in NZ, discharged our mortgage, which means the bank no longer owns our farm.
> This is a big thing for us, as we are prepping for the financial collapse, we can see coming.


lucky bucks 

we thought we only had one more year on our mortgage but hubby checked the paper work and it seems we have two years......*sigh*


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## gardenshepherd (Dec 11, 2013)

We have not told anyone. We even changed banks, the old one had refused to give us our mortgage papers back, even though we had paid back the loan, they keep saying, but what if you want to borrows money again, so we moved banks, the staff at the new bank congratulated us on paying it off, then asked about us about setting up some saving accounts.
I've had a good week, I'm on some med's that seem to be working, my All American Canner arrived, we paid off the mortgage.


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## LincTex (Apr 1, 2011)

gardenshepherd said:


> I've had a good week,....


I AGREE!!!

In the USA, a modern tradition is often a "mortgage burning party". It's more symbolic than anything. You don't burn any irreplaceable documents


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## gardenshepherd (Dec 11, 2013)

We went out for dinner, with our kids, that's our celebration. We are not going to tell anyone, family would just start asking for money, sad but true and we have plans.


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## Momturtle (Nov 2, 2009)

That's the best celebration of all. Good for you!


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## TheLazyL (Jun 5, 2012)

Some methods to pay off a mortgage early.

A payment goes towards the interest due first. The remainder of the payment reduces the principle. So the quicker you can reduce the principle, the less interest you pay.

For this post let's use $750 as the amount of the monthly mortgage payment due.

$750 x 12 (month) = $9,000 paid (interest & principle) in a year's time a average of $173.08 per week.

1. Pay $175 weekly.

Almost an additional $3,000 to whittle down the principle. 4 extra payments on a 30 year mortgage.

2. Pay $187.50 weekly. The results is one extra $750 payment a year. $9,000 / 48 weeks = $187.50

There are 4 weeks to every month. 4 weeks x 12 months = 48 weeks. Once a quarter there is an 5th week, for 52 weeks a year.

On a 30 year loan the result is paying off the mortgage at least 2 1/2 years early. Actually sooner because you will be applying more to the principle owed. 

3. If you have a variable interest rate. Don't reduce your payments when the interest rate is lowered. 

Do you REALLY need the latest iPhone, that 6th pair of dress shoes or that hole in the water that you pour money into (boat)?

I guessed correctly way back when I went with a variable interest rate. I continued to make the original payment plus #2 (above) payment method. I shaved off almost 6 YEARS from the original 30 year mortgage! 6 YEARS! Savings equaled thousands of dollars on interest and more money for preps.


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## LincTex (Apr 1, 2011)

TheLazyL said:


> On a 30 year loan the result is paying off the mortgage at least 2 1/2 years early. Actually sooner because you will be applying more to the principle owed.


30-year as well for me.

I pay as much down as I can on the principle every time - I NEVER pay less than an additional +$100 on the mortgage payment. I've been in the house just under 5 years and only have 16 years worth left on the mortgage (at the listed monthly payment rate - if I pay nothing more than what's required)


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## Country Living (Dec 15, 2009)

You just have to make sure the extra amount goes to principle. If you don't stay on top of it, you may find your mortgage company put it against the next payment.

Just a suggestion. IMHO.


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## tleeh1 (Mar 13, 2013)

We paid our 30yr mortgage off in less than 10yrs by doubling/tripling up on the principle payments each month. We'd also apply any windfalls (like tax returns) to the principle. It was a great feeling writing that last check. It was amazing how fast the savings account built up, too, when we started saving that house payment every month instead of writing a check. Congrats to you, Gardensheperd! :congrat:


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## Meerkat (May 31, 2011)

One of the best feelings in the world! CONGRATUALTIONS.!


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## Tweto (Nov 26, 2011)

I lived in my last house for 10 years with no mortgage. What a great feeling! After paying off the mortgage our savings accounts just shot up! Paying the mortgage off decreased the stress in our lives so much that life was a lot more enjoyable.

We have a mortgage again in this new house, but paying off the mortgage doesn't give us much stress relief. We have a 30 year mortgage at 3%. Paying off the mortgage would only decrease our monthly payments by half. Our taxes and insurance combined are as much as the mortgage payment.


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